Cardano Experiences Significant Growth Across Key Metrics in Q1 2024
In a recent report titled “State of Cardano Q1 2024,” prominent crypto analytic firm Messari revealed that Cardano witnessed substantial growth in various aspects in the first quarter of 2024 compared to the previous quarter, Q4 2023.
ADA Price and Market Cap
According to Messari’s data, Cardano’s native token, ADA, closed Q1 2024 at $0.64, showing a 7% increase from its value at the end of Q4 2023. Despite a remarkable 137.2% surge in Q4 2023 to $0.60, ADA did not replicate the same performance in Q1 2024, although there was a general upward trend in the quarter.
Additionally, ADA’s circulating market cap also experienced growth in Q1 2024, reaching $22.7 billion as of March 31, 2024, reflecting a 7.5% rise from the Q4 2023 figure. The disparity in the growth rates of price and circulating market supply was attributed to a 0.4% increase in ADA’s circulating supply.
Cardano Revenue
The increase in ADA’s price in Q1 resulted in a significant surge in Cardano’s revenue in USD, which spiked 44% QoQ to $1.32 million. Conversely, Cardano’s revenue in ADA only saw a 3% increase QoQ to 2.23 million, as ADA’s price experienced significant fluctuations during the quarter.
Average Daily Active Addresses and Transactions
While Cardano’s daily active addresses increased by 13.8% QoQ to 47,500 in Q1 2024, daily transactions only rose by 5.9% to 70,900 during the same period. This marked the first decline in the ratio of transactions to active addresses in the past five quarters, indicating a more balanced user activity.
The Cardano ecosystem also saw growth in NFT volume in the previous quarter, with NFT transactions dropping by 34.9% to 1,700 in Q1 2024, but overall volume increasing by 6.6% to $430,000.
Cardano Lags in DeFi Metrics
Despite the positive performance in key metrics, Cardano lagged behind in decentralized finance (DeFi) aspects. Messari highlighted that average daily dApp transactions decreased by 6.5% to 45,800 in Q1 2024 compared to Q4 2023, with Minswap’s performance being a contributing factor. This decline also impacted Cardano’s total value locked (TVL) in Q1 2024, which dropped by 2.2% QoQ to $394 million.
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