Messari Report: Cardano's Q4 TVL increased by 693% year-on-year, with ADA rising by 127.2%

The Q4 2023 report released by Messari shows that Cardano has made significant progress in various indicators. The report states that the total value locked (TVL) of Cardano increased by 166% quarter-on-quarter and 693% year-on-year, rising from 34th to 14th place on DefiLlama. Overall, Cardano's DeFi ecosystem is steadily growing with a total of 33 protocols and a cumulative TVL exceeding $330 million. The report also highlighted the latest developments in ensuring network stability, providing scalability, and high throughput for Cardano, especially after introducing Hydra (a family of expansion protocols).

 

In addition, core infrastructure projects such as SanchoNet and Mithril have made further progress in development and testing, laying the foundation for future innovation and scalability of the network. According to Messari data, ADA grew by 127.2% in the fourth quarter becoming the fastest-growing asset at the end of 2023. Moreover, Cardano's daily trading volume and active addresses are steadily increasing reflecting an increase in user activity within its ecosystem. As of press time, ADA's transaction price was $0.6 with a significant increase in trading volume to $740 million up by 33.25% within just twenty-four hours.