Cardano ($ADA) ecosystem has witnessed significant growth and development in Q2 2023, according to Messari’s recent report. From the rise in stablecoin value to the expansion of decentralized finance (DeFi) and non-fungible tokens (NFTs), the network has seen remarkable progress.
Key insights from the report include a 34.9% QoQ growth in the total stablecoin market cap on Cardano, reaching $13.5 million, with Indigo Protocol leading the stablecoin and synthetic asset issuance.
Protocols created in the last ~6 months accounted for 47.4% TVL dominance in Q2. Cardano’s TVL (USD) was up 9.7% QoQ, moving from 34th to 21st in TVL ranking across all chains. Average daily dapp transactions were up 49% QoQ, with Minswap leading the growth.
In the DeFi sector, Minswap remained the liquidity king, ending Q2 with a TVL of $48.8 million. New protocols like VyFinance, Liqwid Finance, Djed, and Optim Finance also grew. Indigo and Djed emerged as…
