From Strength to Strength: Cardano’s DApp Transaction Surge in Q2

• Cardano’s ADA sees a 49% surge in daily DApp transactions in Q2 2023.
• Despite DApp growth, ADA’s NFT activity declines by 35.7% quarter-over-quarter.
• Cardano’s total value locked (TVL) rises, indicating increased trust in its smart contracts.

Cardano, in the second quarter of 2023, showcased a blend of promising growth and challenging downturns. According to a recent analysis by crypto analytics firm Messari, Cardano recorded an impressive 49% increase in daily DApp transactions, averaging 57,881. 

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Source: Messari

This growth was complemented by a nearly 10% rise in its total value locked (TVL), reaching $151.7 million by the end of Q2. Additionally, the metric, representing the capital within its smart contracts, propelled Cardano from 34th to 21st rank among all chains in terms of TVL.

However, it wasn’t all sunshine for ADA. The quarter also marked a decline in its non-fungible token (NFT) activity. With an average of 2,945 daily NFT transactions, there was a 35.7% decrease quarter-over-quarter. Furthermore, Cardano’s NFT quarterly trading volume dipped by 41.9%, settling at $46.2 million. Messari attributes this NFT downturn to broader market trends.

Looking ahead, Cardano and its cryptocurrency ADA have a promising trajectory in the crypto realm. With its robust infrastructure and commitment to innovation, ADA is poised to overcome challenges and solidify its position as a leading crypto player.

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