Cardano’s progress in the fourth quarter (Q4) of 2023 was nothing short of impressive, according to a Messari report. The report highlights that ADA’s revenue in USD increased significantly, driven by both price action and a rise in revenue denominated in ADA. The revenue in USD experienced a whopping 66.7% quarter-over-quarter (QoQ) growth. Additionally, Cardano’s Treasury balance expanded by 2.6% QoQ, reaching 1.43 billion ADA. This upward trend in revenue and Treasury balance demonstrates the project’s growth and potential for further development.
Cardano’s average daily transactions experienced a growth of 10.9% QoQ, outpacing the growth in daily active addresses, which was only 1.6% QoQ. This growth indicates an increase in power users and highlights the effectiveness of Cardano’s protocols. The ratio of transactions to active addresses has steadily increased over the past year, reflecting higher average activity per user. In Q4, this ratio witnessed a 9.2% sequential growth and a substantial 45.0% year-over-year (YoY) increase. The introduction and development of various protocols throughout 2023 contributed to this positive trend.
While active stake experienced a slight decline of 0.5% QoQ for the second consecutive quarter, the total stake decreased by 10.2% YoY. Despite this decrease, Cardano’s ecosystem saw a significant surge in Total Value Locked (TVL) in USD. The TVL skyrocketed by 166% QoQ and an astonishing 693% YoY. Indigo emerged as the largest protocol by TVL, surpassing Minswap. Stablecoins also played a crucial role in Cardano’s TVL growth, with a 37% QoQ increase and a 673% YoY increase. The addition of Mehen’s USDM fiat-backed stablecoin further contributed to this growth.
Stablecoins remained a vital indicator of decentralized finance (DeFi) health. The total value locked in stable assets on Cardano rose by 36.8% to $21.5 million, improving Cardano’s stablecoin market cap ranking from 54th to 32nd among other networks. However, non-fungible token (NFT) activity experienced a decline in Q4. The number of NFT transactions decreased by 8.0% QoQ, while the trading volume decreased by 33.8% QoQ. The decline was even more significant when compared to the previous year, with transactions and trading volume decreasing by 58.3% and 68.3% respectively. The only positive metric in the NFT space was the number of unique sellers, which increased by an impressive 213.2% YoY.
ADA’s price surged by 127.2% QoQ, outperforming the overall crypto market’s increase of 53.8%. This Q4 surge contributed to ADA’s remarkable YoY change of 145.2%. As of now, ADA continues to show significant gains, trading at $0.5724. Over the past 24 hours, the token’s price has increased by 5.5%, while over the past 30 days, it has seen an 8% increase. These figures solidify ADA’s bullish momentum as the market enters the middle of the first quarter of 2024.
Cardano’s performance in Q4 2023 showcases its remarkable progress and growth. The project has surpassed its competitors and demonstrated improvement in key metrics such as revenue, Treasury balance, transactions, and TVL. While stake and NFT activity experienced some decline, the overall momentum of Cardano remains strong. ADA’s price surge further solidifies its position as a promising investment option. As always, it is important for individuals to conduct their own research and exercise caution in making investment decisions in the crypto market.
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