The renowned market intelligence platform Santiment (@santimentfeed), recently shared an insightful analysis on Twitter regarding the cryptocurrency Cardano ($ADA). The tweet reads:
This analysis suggests that large holders of Cardano, often referred to as “whales” and “sharks”, have been steadily increasing their holdings to levels not seen since September 2022. Furthermore, on-chain transaction volume, a key indicator of network activity and usage, has been on an upward trend for the past six months. This could potentially indicate growing interest and activity in the Cardano network.
As a top-notch analyst, Santiment’s observations provide valuable insights into the current state of the Cardano market and its potential future movements.
In another report by crypto market intelligence platform Messari, there has been a notable rise in performance for Cardano in Q2.
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Show more +The “State of Cardano Q2 2023” report by Messari provides a comprehensive analysis of the Cardano ecosystem’s performance during the second quarter of 2023. Here are the key takeaways:
- Growth in Dapp Transactions and TVL: Cardano’s ecosystem saw a significant growth of 49% QoQ in dapp transactions and 10% QoQ in Total Value Locked (TVL) in USD. The ecosystem also diversified with newer protocols contributing significantly to various activity metrics.
- Development of Multichain Solutions: Multichain solutions like Hydra Head and the Milkomeda C1 sidechain continued to mature, aiming to support future activity increases, whether from DeFi or gaming.
- Increased Interoperability and New Use Cases: Teams like Milkomeda C1, Midnight, Wanchain, and IOG’s sidechains team are working towards increased interoperability and new use cases in the greater Cardano ecosystem.
- Performance Analysis: The average transaction fee increased 8.5% QoQ from $0.117 to $0.126. Despite the increase in back-to-back quarters, the average transaction fee (USD) is still down 50.8% YoY, due to lower YoY ADA prices.
- Financial Overview: ADA’s price and market cap pulled back after a 53.5% increase in Q1. Despite the 26.9% QoQ decline, ADA is still up 12.0% YTD.
- Ecosystem Overview: Average daily dapp transactions have increased for the third consecutive quarter. Dapp activity accelerated to a 49.0% QoQ increase in Q2, averaging 57,900 daily transactions.
- Staking and Decentralization Overview: The number of stake pools and delegators did not change significantly in Q2. Active stake decreased 7.7% QoQ to 22.7 billion ADA, its lowest level in a year. Similarly, engaged stake decreased to 64.8%, also a yearly low.
- Development: Notable development events and efforts in Q2 include continued development on Marlowe, Aiken, and other programming languages. Dynamic P2P is live and development on Ouroboros Genesis continued.
This report indicates that despite some challenges, Cardano continues to grow and evolve, with significant developments in its ecosystem and a steady increase in dapp transactions and TVL.
