State of Cardano Q2 2024

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Key Insights

Financial Analysis

ADA is the native asset of Cardano and is used as the primary medium of exchange when transacting on the network. It has four primary network-level use cases: (i) settling network transaction fees

ADA’s price decreased 39.7% to $0.39 in Q2. ADA’s market cap fell a similar 39.4% QoQ to $14 billion, with the slight discrepancy being due to a 0.5% increase in circulating supply. Due to the QoQ decrease in price, ADA’s circulating market cap rank fell from 9th

Cardano’s average daily transactions (txs) decreased by 27.5% QoQ to 51,400, while average daily active addresses (DAAs) fell 33.2% to 31,800. Cardano’s average transaction fee (USD) decreased 23.1% QoQ from $0.21 to $0.16. However, the average transaction fee (ADA) dipped just 0.6% QoQ to 0.34.

Average daily Dapp transactions on Cardano decreased 35.7% QoQ to 34,300, while average daily DEX volume (USD) fell 42.5% to $4.2 million. Overall Dapp activity is largely affected by Minswap, Cardano’s largest DEX. The next two largest contributors are jpg.store and Liqwid Finance.

After setting a then-all-time-high of $506 million in March 2024, TVL (USD) on Cardano decreased 41.2% QoQ to $219 million in Q2. This decline doesn’t appear to have been caused by Cardano-specific catalysts. Rather, the decrease was led by a downturn in overall crypto markets as asset prices across Cardano’s ecosystem decreased throughout the quarter.

Stablecoins are ideal for pairing in liquidity pools, borrowing and lending, creating leverage, and providing quick escapes from volatility. Stablecoin market cap on Cardano had a QoQ decrease for the first time since Cardano’s first stablecoins (iUSD and DJED) were launched in November 2022. Total stablecoin market cap decreased 12.4% QoQ to $19.6 million.

Average daily NFT sales on Cardano were down 57.4% QoQ to under 730 in Q2, while NFT trading volume (ADA) decreased 44.2% to 150,000. jpg.store

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