- Cardano’s DeFi TVL saw a remarkable 198 percent QoQ increase during the third quarter, elevating it to rank 15 from 34.
- On-chain data indicated renewed activity among dormant Cardano coins and ADA whales, signifying a resurgence of coins re-entering circulation.
Crypto analytics firm Messari has recently released a report showing the performance of the Cardano blockchain during the third quarter of 2023. During the last quarter, Cardano made some major improvements in terms of its core infrastructure and interoperability.
Cardano’s stablecoin value exhibited significant growth, surging by 16 percent in the last quarter (QoQ) and a remarkable 461 percent in the Year-to-Date (YTD) period. This stablecoin rally was initiated by iUSD and further bolstered by introducing bridged versions of USDT and USDC on protocols like Wanchain.
Additionally, Cardano experienced a substantial expansion in its Decentralized Finance (DeFi) Total Value Locked (TVL) during the third quarter, with a remarkable 198 percent increase in QoQ. This boost propelled Cardano from its prior rank of 34 to an impressive 15, marking one of the most ambitious growth periods this year.
The growth metrics of Cardano are further highlighted by an Average Daily Active Addresses count of 41,137 and an Average Daily Transaction volume of 60,356 for the quarter. Additional key metrics such as Average Daily DApp Transactions and Average Daily NFT Trading volume also showcased impressive numbers, with 49,388 and $0.6 million, respectively.
One noteworthy aspect of Cardano’s achievements in the third quarter is its active ecosystem activities. These include the completion of Project Catalyst Fund 10, which funded a total of 192 projects from a reserved pool of 50 million ADA. Moreover, the launch of Mithril during the quarter, coupled with ongoing performance enhancements released weekly by Input Output Global, has contributed to the ecosystem’s vibrancy.
ADA Price Eyes Rally to $0.40.
Cardano, a prominent altcoin, has recently witnessed a positive surge in line with the broader cryptocurrency market. Over the past 24 hours, the ADA price has seen a 2.47 percent increase, reaching a trading value of $0.300, accompanied by a market capitalization of $10.5 billion.
On-chain data analysis reveals a notable uptick in the activity of previously dormant Cardano coins, coinciding with renewed accumulation by ADA whales. Santiment’s data highlights a significant development in the realm of dormant coin activity within the Cardano network.
On Monday, there was a substantial increase in the movement of older wallets that have held ADA since April 2022, indicating a resurgence of these coins re-entering circulation. Furthermore, wallets containing 100,000 to 10 million ADA are again in the accumulation phase.
Courtesy: Santiment
Data from TradingView indicates that on a weekly time frame, ADA’s price exhibited a triple-bottom pattern. This pattern was accompanied by a bullish divergence observed on the Relative Strength Index (RSI), which remained above 50 as of Tuesday.
To maintain a positive near-term perspective, it is essential for ADA’s price to experience an upswing surpassing the 200-day Moving Average (MA) and maintaining this position. The ADA bulls have established their sights on the 45-cent mark as the pivotal next level to surpass, thereby confirming a broader bullish sentiment.
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