Cardano’s Q4 2024 Surge: A Comprehensive Overview
During the final quarter of 2024, Cardano (ADA) saw substantial positive movement. The price of the cryptocurrency increased significantly, driving its market capitalization to a noteworthy $30.3 billion. Concurrently, its circulating market rank improved, climbing from 11th to 9th. This upward trajectory aligned with both the U.S. elections in November and a general positive trend observed throughout the cryptocurrency market.
The enhanced value of ADA directly influenced network fees. Measured in USD, transaction fees experienced a considerable rise of 254% compared to the previous quarter, totaling around $1.8 million. This significant increase, representing a 95% rise year-over-year, is attributable to both the elevated token prices and a surge in transaction volume.
Cardano’s Network Activity and DeFi Advancements
Recent data indicates a significant increase in Cardano’s daily network utilization. The average daily transaction count rose by 65%, reaching approximately 71,500, while the average number of daily active addresses increased by 58%, totaling around 42,900. Simultaneously, the average fee per transaction in USD increased by 80%, demonstrating the network’s capacity to handle the increased activity without major changes to its fundamental cost structure.
While the total daily transactions on decentralized applications (DApps) on Cardano experienced a slight decrease of 8%, with around 14,300 transactions recorded, key platforms maintained strong performance. Specifically, Minswap remained a dominant presence within the ecosystem, highlighting its crucial role in driving DApp interactions on the network.
As Cardano’s leading decentralized exchange (DEX), Minswap attracted over 200,000 traders and achieved a cumulative trading volume of $3.1 billion by the end of the quarter. Furthermore, the average daily volume on DEX platforms showed a dramatic increase of 271% compared to the previous quarter, reaching about $8.9 million. Other platforms, including WingRiders and SundaeSwap, also contributed to this positive trend, and overall DEX trading volume saw a respectable 40% increase compared to the previous year.
Transformations in Cardano’s DeFi Environment
Cardano’s decentralized finance (DeFi) sector experienced consistent expansion. The total value locked (TVL) in DeFi protocols increased by 13% quarter-over-quarter, reaching $231.6 million. Furthermore, the network’s DeFi diversity score—reflecting the distribution of value among various protocols—increased by 13% to reach 9%.
Liqwid Finance saw an exceptional surge, with its TVL growing by 141% to reach $113.6 million, surpassing Minswap as the protocol with the highest TVL. Minswap itself experienced a solid 69% rise in TVL, reaching approximately $98.9 million. Smaller platforms such as Splash Protocol and Aada also showed impressive growth, with TVL figures reaching $59.6 million and $30.2 million, respectively.
Growth of Stablecoins on the Network
Stablecoins operating on the Cardano blockchain also saw significant growth. The overall market capitalization of stablecoins rose by 66% quarter-over-quarter. Within this category, individual tokens like iUSD and DJED recorded significant gains, with growth rates of 20% and 41% respectively. MyUSD also sustained positive momentum, growing by 17% during the same period.
The substantial developments across various elements of the network emphasize Cardano’s evolving ecosystem and its increasing significance in both the decentralized exchange and decentralized finance realms. These dynamics suggest a vibrant and active community that continues to propel the platform towards new achievements.
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