The cardano ecosystem had impressive growth on all fronts last year, with considerable increases in prices, daily transactions and the total value locked in decentralized finances (Defi).
A report from the Messari market research platform shows that the network performed excellently in the midst of the broader market increases. The report emphasizes the strong performance of Cardano in the fourth quarter of 2024 and compares the figures with the previous year.
Price increase drives up important statistics
In the fourth quarter of 2024, the rate of ADA rose by no less than 126.2%. The price shot up from $ 0.374 to a four -year highlight of $ 1.327, before the quarter ended around $ 0.844. This price increase was awarded earlier quarterly losses in Q2 and Q3, which resulted in an impressive year-on-year growth of 42.2%.
In addition to the price development, the activity on the blockchain also showed significant growth. The number of daily active addresses on the network reached an average of 42,900 in Q4, an increase of 57.8% compared to the previous quarter.
With the increasing number of active addresses, the number of transactions also increased. In the fourth quarter, an average of 71,500 transactions were carried out daily, the highest number of the entire year.
The increase in transactions also translated into higher income from transaction costs. Cardano generated $ 1.79 million in fees in the last quarter, an increase of 253.8% compared to Q3. On an annual basis, this resulted in 94.9% more income from costs than at the end of 2023.
Strong growth in Defi and strike
The total value of Defi projects on the Cardano network also made a hefty jump. After a growth of 94% in Q4, the Total Value Locked (TVL) reached a value of $ 448.9 million, which amounts to an increase of 19.8% compared to 2023.
The total of stabbed assets in USD also increased considerably last year, with a year-on-year growth of 36.5%. In the fourth quarter there was about $ 18.4 billion stacked on the network, an increase of 117.4% compared to the previous quarter.
Nevertheless, the growth in ADA terms remained in the 2023 figures. A decrease of 4% suggests that the increase in USD was mainly due to the increase in the ADA price.
Important milestones for the ecosystem
Cardano reached some important milestones last year that further strengthened the network. In September 2024, the network with the Chang Upgrade made the step to full decentralization. With the new governance system, ADA holders now have a direct influence on the management of the ecosystem, where they can make their voices heard through Stake Pool Operators (SPOs) and Decentralized Representatives (Dreps).
Another major development was the launch of Cardano’s Sidechain ‘Midnight’ on the test network, after years of intensive development. Founder Charles Hoskinson emphasized that this Layer 2-scale solution will add multichain functionalities to the Cardano ecosystem, which opens new possibilities for users and developers.
In October the ‘Ouroboros Peras’ update followed, a crucial hard fork that significantly improved the transactions speeds on the network. Thanks to this upgrade, Cardano can now process transactions just as quickly as Solana, while retaining its strong focus on decentralization.
With this technological progress, the Cardano network shows that it continues to develop. The recent innovations form a solid basis for further growth and success in 2025.
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Source: https://newsbit.nl/cardano-boekt-indrukwekkende-groei-op-alle-fronten-in-2024-blijkt-uit-messari-rapport/
