- Cardano saw impressive growth in its total value locked in Q2, 2023.
- That growth has raised the blockchain project's stature and comes at a time when it is transitioning to the Voltaire age.
A recent BanklessTimes.com data analysis reveals that Cardano (ADA) had a stellar first half of 2023. The site reports that the decentralized finance (DeFi) platform’s total value locked (TVL) grew to $151.69M by 30th June 2023. That was after a 209.8% leap in the metric in YTD terms.
Per BanklessTimes crypto expert Alice Leetham, that leap underscores the network’s significance in the blockchain space. She explained:
Cardano’s meteoric TVL rise speaks of its growing influence in the blockchain landscape. It’s not only a resounding endorsement of the network’s capabilities, but also reflects its growing adoption. This surge underlines the power of innovation in propelling crypto projects forward.
Other positives from the quarter included a 49% QoQ spike in its daily dApp activities and another 8.5% rise in its transaction fees.
Cardano’s TVL Growth Shored Up its Stock
That impressive leap in Cardano’s TVL improved its stature among other blockchains. Per a Messari report, the platform had leapfrogged 13 others to the 21st position.
Again, the jump affirmed the centrality of ADA’s stablecoin market to the project’s health. That segment appreciated by 35% to $13.5M from its Q1 value of $10M and has since grown to $15.66M.
“It’s clear from the data that Cardano’s burgeoning stablecoin market provided the impetus for that growth,” said Alice. “That market was on a tear in Q2, 2023 and it’s no wonder it surpassed the $13M mark.”
These impressive returns have seen Cardano’s stablecoin market outcompete 17 others. Again quoting the Messari report, BanklessTimes can report that the project’s stablecoin market cap now ranks 34th from an earlier 54th position.
Cardano Challenges Despite the Gains
Notwithstanding Cardano’s H1 ’23 outstanding performances, the platform grappled with several issues. Chief among these was the nearly 27% QoQ pullback in its native currency ADA’s price. The SEC instituted legal action on Coinbase and Binance US, triggering a series of DeFi liquidations hence the dip.
Additionally, the blockchain registered yearly lows in its active and engaged stakes level. Whereas the former shrunk by some 8% QoQ, the latter did so by roughly 65%. Besides, its daily active addresses contracted by 2,400 to 57,800.
Regardless of these setbacks, Cardano will take positives in its H1 ’23 results. And these couldn’t have come at a better time. The project is on the cusp of the Voltaire age, which promises to make it a self-sustaining entity. Its Q2 results incentivise its development team to fast-tracking that shift.
