Cardano Updates

State of Cardano Q1 2023

Messari has just released a report covering the Cardano Ecosystem with some very positive statistics:

  • ADA’s market cap rose by 54% QoQ from $8.6 billion to $13.2 billion. This increase moved Cardano from the 9th to the 7th largest network by market cap.
  • TVL increased 172% QoQ from $50.8 million to $138.3 million. This increase is driven by both established protocols, such as MinSwap, and newer protocols, such as Liqwid Finance.
  • Indigo’s IUSD and Djed’s DJED stablecoins drove total stablecoin value up 261% QoQ. These stablecoins and their adoption were also a catalyst for the overall TVL increase.
  • The first Hydra Head was opened on mainnet. The Layer-2 state channel scaling solution and first solution of the Hydra series was first used on mainnet in March, although in a limited fashion.
  • Milkomeda C1, IOG’s EVM proof-of-concept sidechain, Wanchain, and Midnight continue to work towards increased interoperability and new use cases in the greater Cardano ecosystem.

Starting to see some real DeFi growth now, across the exchanges running on Cardano, with a good blend of stable coins, tokens, and even meme coins! We’ve got some favourites in the mix such as Djed/Shen and WMT where we see significant long term potential. But it’s fair to say there are many worth a look, and is a great place to start researching.