According to a recent report by data intelligence firm Messari, Cardano and its native token, ADA, experienced a notable decline in the second quarter (Q2) of 2024, reflecting the broader downturn affecting the cryptocurrency market.
ADA’s price plummeted 39.7% to $0.39, while its market capitalization fell by 39.4% quarter-over-quarter (QoQ) to $14 billion. The platform's transaction fees also suffered, with revenue in USD decreasing by 44.3% QoQ to $0.74 million.
The average daily transactions decreased by 27.5% QoQ to approximately 51,400, and the number of daily active addresses (DAAs) fell by 33.2% to 31,800. The total value of staked ADA in USD decreased significantly by 39.6% to $8.9 billion.
Cardano’s treasury balance, measured in ADA, rose 5.8% QoQ to 1.57 billion, although its dollar value decreased by 36.7% to $604.7 million. Additionally, average daily DApp transactions fell 35.7% QoQ to 34,300, and average daily DEX volume in USD decreased by 42.5% to $4.2 million.
Total value locked (TVL) on Cardano dropped 41.2% QoQ to $219 million. Moreover, the stablecoin market cap on the platform decreased by 12.4% QoQ to $19.6 million, and average daily NFT sales plummeted 57.4% QoQ to under 730 transactions. Despite these challenges, the emergence of new stablecoins like USDM and MyUSD and upcoming upgrades such as the Chang Hard Fork indicate ongoing developments within Cardano’s ecosystem.
