Cardano’s Q1 2023 Report Highlights Significant Market Value Growth and TVL Increase

04/19/2023 06:36 • Metaverse Matters • 127 views

On April 19th, Messari released Cardano’s first quarter 2023 report, which stated that ADA’s market value was $13.2 billion, a 54% increase compared to the previous month. The TVL was $138.3 million, an increase of 172% month on month, mainly driven by MinSwap and LiqwidFinance. In terms of stable currency, IUSD and DJED drove the trading volume of stable currency to $10 million, a month on month increase of 261%. In addition, daily NFT trading volume decreased by 27% month on month, daily independent buyers decreased by 23%, and daily independent sellers increased by 43%.

Messari: The market value of ADA in the first quarter of 2023 was $13.2 billion, an increase of 54% month on month

Cardano, a decentralized blockchain platform, has made a significant growth announcement on April 19th with its first quarter 2023 report. Reportedly, the market value of Cardano’s native token, ADA, surged to $13.2 billion, marking a 54% increase compared to the previous month. The Total Value Locked (TVL) of the platform also recorded an increase, reaching $138.3 million, with a 172% growth month over month. This impressive growth was primarily driven by two platforms – MinSwap and LiqwidFinance.

Key Highlights of Cardano’s Q1 2023 Report

The Q1 2023 report by Messari announced several significant indicators that demonstrate Cardano’s continued growth as a leading blockchain platform. Some of the essential highlights of the report include:

ADA Market Value Growth:

The report revealed that Cardano’s native token, ADA, experienced a whopping 54% increase in the market value globally, with its market cap surging to a total of $13.2 billion. The value surge reflects the continued adoption of the platform in the crypto market, more specifically, its ability to provide faster and affordable transactions with a sustainable model.

Total Value Locked (TVL) Increase:

The Q1 report also highlighted a massive increase in Cardano’s Total Value Locked (TVL), which increased to $138.3 million month over month. This growth was driven particularly by two platforms – MinSwap and LiqwidFinance. MinSwap is a decentralized exchange built on the Cardano blockchain that enables users to swap tokens with low fees, whilst LiqwidFinance specializes in automated digital currency lending tool revolving around user-centric design.

Stable Currency Trading Volume:

The Q1 report stated that the trading volume of stable currency was led by the IUSD and DJED stable coins, as they recorded $10 million, an impressive month over month growth of 261%. The increase in the trading volume of stable coins highlights Cardano’s growing presence in the DeFi sector, particularly in the stable currency niche.

NFT Trading Volume and Independent Buyers/Sellers:

Despite experiencing a decrease in NFT trading volume by 27% month over month, the Cardano community continues to ramp up its efforts in the NFT space to drive engagement and create value. However, the Q1 report recorded an increase in daily independent sellers by 43%, with a decrease of 23% in daily independent buyers.

Conclusion

Cardano’s first quarter 2023 report is a testament to the system’s growth and adoption in the last few months. The platform’s TVL growth, increase in stable coin trading volume, and significant rise in market value for ADA showcase the progress Cardano has made. The Messari report is a positive reinforcement for investors and the crypto community following Cardano’s continued growth in the industry.

FAQs

Q1. Who created Cardano?

Cardano was founded by Charles Hoskinson, co-founder of Ethereum.

Q2. How does Cardano differ from other blockchains?

Cardano differentiates itself through its use of proof-of-stake consensus, ensuring energy efficiency and a more equitable system compared to proof-of-work models.

Q3. What are the benefits of using Cardano?

Cardano’s robust ecosystem provides fast and affordable transactions whilst maintaining a sustainable model, making it an attractive option for businesses and investors alike.

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