According to the latest Q4 report published by Messari, Cardano has seen a 673% growth in stablecoin value year-over-year.
According to the latest Q4 report published by Messari, Cardano has seen a 673% growth in stablecoin value year-over-year.
iUSD was the most dominant in terms of market capitalization. In a positive development, Mehen’s USDM fiat-backed stablecoin is expected to become available in March, adding another option to the existing iUSD, DJED and Wanchain bridge stablecoins.
By messariThe fourth quarter capped off a year of strong ecosystem growth for Cardano, impacting the TVL (USD) and stablecoin value locked. These metrics grew 166% and 37%, respectively, in the last quarter.
This increase in liquidity caused Cardano’s TVL ranking to rise from 34th to the current 16th, according to data from DefiLlama.
This increase was seen in both established protocols like Minswap, which had the most transaction activity, and recent entrants like Indigo, which emerged as the largest TVL protocol in Q4. At the same time, the development of Cardano infrastructure advanced.
Midnight specifications, including use of Substrate, were released in the fourth quarter. Midnight is a sidechain/partner chain that focuses on data protection.
In Q4, Hydra, a family of scaling protocols, was released in version V0.14.0. Hydra Head, the first solution in the Hydra Head family, is a mini off-chain ledger that operates among a small set of players, similar to other popular state channels like Lightning.
Cardano’s average daily transactions and daily addresses have seen growth, and the ratio of transactions to active addresses has continuously increased over the past year, indicating an increase in “power users.”
The higher average activity per user could be attributed to all the new protocols implemented and developed in 2023, particularly DeFi protocols.
At the time of writing, ADA was up 3.28% in the last 24 hours to $0.59, and also up 12.3% on a weekly basis. According to Messari, the price of ADA increased by 127.2% in the fourth quarter, outpacing the overall crypto market growth of 53.8%.
