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HomeCrypto NewsMarketReport Shows Cardano Price Outperforms Market with 127% YoY Gain, TVL Explodes 645%

Report Shows Cardano Price Outperforms Market with 127% YoY Gain, TVL Explodes 645%


A new report from leading data analytics platform Messari shows Cardano (ADA) beats the overall market with a 127% gain in late 2023, with explosive TVL growth of 645%.

Messari recently published a comprehensive report outlining the status of Cardano by the conclusion of the final quarter of 2023. The report highlights positive metrics across various domains for Cardano, including ADA’s price, total value locked, and stablecoin valuation.

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Messari first noted that Cardano is a seven-year standing proof-of-stake blockchain featuring smart contract capabilities, providing dApps with scalability, security, and sustainability.

ADA Price Gained 145.2% YoY

Per the report, Cardano registered a quarter-over-quarter (QoQ) growth of 127.2%, which surpassed the overall market’s 53.8% increase. This fourth-quarter rise elevated ADA’s year-over-year (YoY) change to 145.2%.

Moreover, the report highlighted that network revenue in dollars experienced a 66.7% QoQ increase.

However, it pointed out that this growth was not solely attributable to ADA’s price movement, as revenue in ADA tokens also saw a 10.6% QoQ increase.

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Cardano price and network revenue chart Messari
Cardano price and network revenue chart Messari

Notably, Cardano’s Treasury balance expanded by 2.6% from the previous quarter to reach 1.43 billion ADA. The report observed that the 40 million ADA increment generally aligned with growth trends from preceding quarters. 

Additionally, it highlighted that 20% of all transaction fees are allocated to the treasury.

Meanwhile, Messari disclosed that the average transaction fee in dollars surged by 50.4% from the preceding quarter, rising from $0.10 to $0.15. Conversely, the average transaction fee in ADA remained unchanged QoQ. 

The report suggested that the discrepancy indicates ADA’s price movement was largely accountable for the upsurge denominated in USD.

Cardano Total Value Locked Up 645%

On the other hand, Messari emphasized that Cardano experienced explosive growth within its ecosystem during Q4 2023.

In particular, it cited that total value locked (TVL) in USD surged by 166% quarter-over-quarter and 693% year-over-year. During the fourth quarter activities, Indigo surpassed Minswap to become the leading protocol by TVL.

Moreover, the report revealed that stablecoin TVL surged by 37% compared to the previous quarter and soared by 673% since Q4 of 2022. 

Additionally, Messari highlighted the ongoing development of scaling infrastructure such as Mithril and Hydra. Meanwhile, tools like Paima Engine, live on the mainnet, witnessed sustained adoption among developers.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

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