JAKARTA - In the second quarter of this year, the cryptocurrency Cardano (ADA) has proven its attractive growth potential despite market conditions that tend to be sluggish.
According to a recent report from Messari, blockchain intelligence platform, it was revealed that the Cardano ecosystem has successfully experienced significant diversification, characterized by a number of emerging innovations, such as stablecoins, programming languages, and wallets.
Laporan berjudul 'State of Cardano' untuk Q2 mengungkapkan bahwa meskipun harga dan modalasi pasar ADA mengalami penurunan selama periode ini, aktivitas di ekosistem Cardano tetap semangat. Transaksi rata-rata mengalami kenaikan sebesar 8.5 persen, melonjak dari 0,117 dolar AS (Rp1,780-an) menjadi 0,126 dolar AS (Rp1,918) dibandingkan dengan kuarting sebelumnya.
Interestingly, the average transaction fee in USD remains 50.8 percent lower than year-on-year, most of which was due to the decline in ADA prices compared to the previous year.
Not only that, the volume of transactions has also increased. The average daily transactions increased by about 2 percent from 67,500 to 68,800 in the second quarter. Although the relationship between transaction movements and active addresses is usually correlated, this growth is recognized by Messari as an interesting change, as in recent quarters there have been slight deviations from this trend.
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One aspect that has attracted attention is the ratio of transactions to active addresses which has continued to increase consistently over the past five quarters. This increase indicates the increasingly high user involvement in the Cardano ecosystem. In the second quarter, the Transaction/Active Address ratio reached 1.19, experienced a 6.1 percent increase in sequence, and a 13.2 percent jump from the previous year.
Meanwhile, the use of decentralized applications (Dapp) on Cardano has also experienced significant growth. In the last three quarters, Dapp's use jumped 49.0 percent from the previous quarter, maintaining an average of 57,900 daily transactions.
The importance of growth is also reflected in Cardano's ever-increasing locked value (TVL). TVL experienced an increase of 9.7 percent from quarter to quarter, reaching a total of $151.7 million. This factor is very important given the decline in ADA prices. More interestingly, TVL on the smart contract layer-1 platform also recorded a striking spike, up by 198.6 percent in USD from the beginning of the year until now. This has pushed Cardano up from its 34th position to its 21st position among blockchain networks in 2023.
Important contributions also came from Minswap, as an automated market maker (AMM), who managed to maintain its dominance in the realm of Cardano DeFi liquidity. In the second quarter, Minswap recorded a TVL of nearly $50 million with a dominance of more than 32%.
Not only transaction growth and TVL, Messari's report also highlights the positive impact of stablecoin infrastructure on the Cardano ecosystem. The data disclosed shows that Cardano's stablecoin market capitalization jumped from 54 to 37 in 2023.
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