Prominent layer-1 blockchain Cardano has seen an uptick in stablecoin adoption, climbing higher in the DeFi rankings, according to a new report.
The Cardano network had an impressive Q3 on several metrics, a recent report by data provider Messari shows. The latest statistics show that stablecoin usage on Cardano grew by 16% in the past quarter, bringing the total value of increased stablecoin adoption to 461% since the turn of the year.
The report attributes Cardano’s stablecoin revival to the activity of key players such as iUSD and DJED, which saw an uptick in user adoption within the timeline under consideration.
The stablecoins, launched in November 2022 and February 2023, respectively, helped push Cardano’s stablecoin market share from just above $50 million to over $200 million by the close of the third quarter.
According to Messari, blockchain bridge protocol Wanchain has also boosted stablecoin value on the network by enabling user access to mainstream stablecoins such as Tether (USDT) and Circle USD (USDC). Through the protocol, users can also use Wrapped Bitcoin (WBTC) to spice up their DeFi experience.
Stable TVL Enough to Push Cardano DeFi Ranking
Unlike the first quarter of the year, the total value locked (TVL) across Cardano-based DeFi protocols remained almost flat throughout the third quarter, moving from $150.7 million to $150.6 million. However, this stability was just enough for the project to further climb the rankings as one of the most valuable blockchains by TVL.
Cardano is now the 15th largest blockchain by TVL despite beginning the year in the 34th position. TVL growth on the network has been up 198% on the year-to-date chart, contributing to the massive climb up the rankings.
Messari’s latest data also highlights a mild increase in NFT trading volume on Cardano. In Q3, the project saw NFT trading activity across its marketplaces grow by 10% from $0.5 million to $0.6 million.
Meanwhile, the number of projects building on Cardano and receiving funding from the project treasury grew within the same timeline. Through its Project Catalyst Fund10, Cardano funded 192 projects with 50 million ADA (appr. $14.5 million), boosting its DeFi ecosystem to compete with other major blockchains.