Cardano’s Growth in Q4 2024

According to Messari’s recent “State of Cardano Q4 2024” report, Cardano had significant growth in the last quarter.

Cardano’s average daily DEX volume surged by 271% to $8.9 million in the fourth quarter. The top DEXes on the network were Minswap, WingRiders, and SundaeSwap. Year-on-year, DEX volume climbed by 40%.

ADA’s price surged 126% to highs of $0.84 in Q4, while its market capitalization increased by 127% to $30.3 billion, despite a slight 2.2% drop in circulating supply. As a result, ADA’s circulating market cap position jumped from 11th to 9th.

Fees in USD soared by 254% to $1.8 million, mainly due to a 65% increase in average daily transactions, which reached 71,500.

DeFi TVL in USD rose by 94%, hitting $448.9 million, led by Liqwid and Minswap with increases of 141% and 69%, respectively. The market capitalization of stablecoins surged 66% to $23.2 million, with iUSD remaining the largest stablecoin at $9.4 million.

Each Cardano transaction incurs a network charge for processing and storage. Fees combine a minimum cost with a variable fee based on transaction size. Fees in ADA decreased by 60% QoQ to $2.2 million, while fees in USD climbed 95% year on year, aligning with price growth and transaction activity.

Cardano Sees Transaction Boom

Cardano’s average daily transactions increased by 65% last quarter to 71,500, with average daily active addresses rising 58% to 42,900.

The average transaction cost in USD increased by 80% to $0.23, though the average transaction fee in ADA decreased by 2% to 0.34. This indicates that the network effectively managed a significant increase in transaction activity with minimal change in native costs.

The ratio of transactions to active addresses increased by 6% QoQ to 1.7, suggesting a more even distribution of activity among users.

Total ADA stakes and the ADA staking rate both dropped by 4%. However, the total stake in USD increased by 117% to $18.4 billion due to the rise in ADA’s price.

At the time of writing, ADA was down 2.76% in the last 24 hours to $0.789.