- Cardano ended 2023 on a high note despite market volatility.
- DEX volumes played an important role in Cardano’s growth.
As 2023 drew to a close, Cardano [ADA] defied market uncertainties and concluded the year on a resounding high. Yet, as 2024 unfolds, questions linger about ADA’s future trajectory.
Numbers don’t lie
Cardano’s journey into 2024 is marked by impressive statistics, boasting 4.5 million accounts and 1.36 million staked addresses.
The network supported a formidable 3,064 staking pools, contributing to a staked amount of 22.76 billion ADA, representing 64.94% of the total supply.
Notably, ADA.D metrics for the start of 2024, at 1.33%, outshone previous years, illustrating a steady upward trend.
Cardano stats start of 2024:
accounts: 4.5 million
staked addr: 1.36 million
pools: 3064
staked: 22.76 B / 64.94%
reddit users: 689,378
2024 Ada.D 1.33%
2023 Ada.D 1.09%
2022 Ada.D 2.01%
2021 Ada.D 0.75%@RemindMe_OfThis in 1 year https://t.co/70cIhrvX7O— Rick McCracken DIGI (@RichardMcCrackn) January 1, 2024
A significant catalyst behind Cardano’s achievements is the success of decentralized exchanges (DEXs). Miniswap, in particular, experienced remarkable growth, with a substantial 166.80% increase in trading volume, reaching 300 million USD.
Real yield rewards of 252,963 ADA are set to be distributed to MIN token stakers, marking a 2.5x increase from the previous month. To enhance sustainability, daily emissions for MIN were lowered by 5%.
📊 Monthly stats are here!
Highlights👇
🔵 Trading Volume up BIG (+166.80%) to 300mn USD for the month, mostly from $SNEK and $FREN.
🔵 Real yield rewards of 252,963 $ADA to be distributed to $MIN stakers (2.5x times last month!).
🔵 $MIN daily Emissions were lowered 5%. pic.twitter.com/ji54mF3jNE
— Minswap Labs (@MinswapDEX) January 1, 2024
DeFi markets
Despite these triumphs, Cardano faced stiff competition in the DEX arena compared to other Layer-1 blockchains. In terms of Total Value Locked (TVL) and DEX volumes, Cardano trailed behind platforms like Solana [SOL] and Avalanche [AVAX].
While Cardano’s TVL and DEX volumes experienced notable growth in recent months, achieving parity with other Layer-1 blockchains still remains a challenge.
Source: Artemis
However, Cardano’s humanitarian endeavors, exemplified by the With Refugees Stake Pool (WRFGS) in collaboration with Switzerland for UNHCR, could play a pivotal role in ADA’s future and sentiment around it.
Read Cardano’s [ADA] Price Prediction 2023-24
As part of Cardano’s Global Impact Challenge, the WRFGS pool launched with a stake delegation of 3.5 million ADA from the Cardano Foundation.
As per AMBCrypto’s analysis of ADA’s press time price movement, the token stood at $0.627144, reflecting a notable 4.61% growth in the last 24 hours.
Source: Santiment
Source: https://ambcrypto.com/how-will-cardano-fare-in-2024/