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The Cardano ecosystem expanded on all fronts last year with major boosts in prices, average daily transactions, and DeFi total value locked.
An analytical report from market intelligence platform Messari shows that the network posted an impressive outing last year amid broader market bullishness. The piece highlighted the asset’s dazzling showing in Q4 2024 and overall performance compared to the previous year.
Price Upsurge Boosts Key Metrics
ADA recorded an impressive 126.2% surge in Q4 2024 following its surge from $0.374 to a four-year high of $1.327 before retracing to close at around $0.844. The price upswing canceled earlier quarterly losses in Q2 and Q3, taking its year-over-year growth to 42.2%.
Meanwhile, on-chain activities in the Cardano ecosystem also appreciated substantially, signaling growing traction. The average daily active addresses on the network in Q4 reached 42,900, a staggering 57.8% quarter-over-quarter uptick.
With the growing number of active addresses, users have transacted more on Cardano. Average daily transactions trended at 71,500 in the last quarter, its largest throughout the year.
Consequently, the growing transactions also boosted fees generated on the network. Particularly, Cardano generated $1.79 million in fees in the last quarter, up 253.8% from Q3. This ensured that the ecosystem realized 94.9% more on charges than it did by December 31, 2023.
Cardano Metrics
TVL and Staking Boosts
Meanwhile, the total value of decentralized finance (DeFi) locked in on the Cardano network saw a considerable upside last year. After a 94% boost in Q4 to $448.9 million, the ecosystem recorded an uptick year-over-year, outdoing its 2023 value by 19.8%.
Total staked assets in USD also surged last year, with a 36.5% growth YoY. About $18.4 billion was staked on the network in Q4, up 117.4% from the previous quarter.
However, when domiciled in ADA, the metrics fared poorly compared to 2023. A 4% decline means that the uptick in USD came about due to an increase in the asset’s price.
Other Key Achievements
The Cardano ecosystem also recorded impressive milestones last year. For context, the network switched to complete decentralization with the Chang Upgrade in September 2024. The new governance system gave ADA holders full consent to manage the ecosystem’s affairs through SPOs and DReps.
Cardano’s sidechain Midnight also launched on testnet after years of development. Founder Charles Hoskinson noted that the L2 scaling solution will introduce multichain functionalities to the ecosystem.
In addition, the Cardano ecosystem saw the Ouroboros Peras update in October. The significant fork would shorten transaction fulfillment time on the network, making it as fast as Solana while maintaining decentralization.
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