Key Points:
- Cardano’s DApp transactions surged by 49% in Q2, reaching 57,881 daily transactions.
- The blockchain’s total value locked (TVL) rose by almost 10% to $151.7 million.
- Despite DApp growth, Cardano experienced a 35.7% decline in NFT activity, with 2,945 average daily transactions.
Cardano (ADA), a notable Ethereum (ETH) competitor, exhibited contrasting trends in Q2 2023, as reported by crypto analytics firm Messari.
In its recent analysis, Messari highlighted Cardano’s impressive increase of 49% in daily decentralized application (DApp) transactions, averaging 57,881 transactions per day compared to Q1.
Additionally, Cardano’s blockchain demonstrated growth in total value locked (TVL), reaching $151.7 million by Q2’s end—a remarkable 10% rise from the first quarter’s conclusion. This enhancement propelled Cardano’s TVL ranking from 34th to 21st among all blockchain networks.
However, amid these positive developments, Cardano’s faced a decline in non-fungible token (NFT) activity. The platform witnessed a quarter-over-quarter drop of 35.7% in daily NFT transactions, recording 2,945 average transactions in Q2. Moreover, Cardano’s total NFT trading volume for the quarter fell by 41.9% to $46.2 million compared to Q1.
Messari attributed these downward NFT trends to prevailing market conditions.
As of the writing, ADA was trading at $0.292, experiencing a decline of more than 1.5% within the past 24 hours.
