Cardano had a stellar year in 2024 as it saw its most important metrics print double-digit growth. This is also evident in the ADA price rally over the past quarter
A recent report from market intelligence platform Messari confirms that the Cardano (ADA) ecosystem experienced all-around growth in 2024. The major gains were seen in its price, average daily transactions, and Decentralized Finance (DeFi) Total Value Locked (TVL). Cardano made such progress amid the broader crypto market bull run.
Cardano Daily Active Addresses Sees IncreaseÂ
In Q4 2024, ADA surged 126.2% after its price jumped from $0.374 to a four-year high of $1.327.Â
Noteworthy, the coin later retraced to close at around $0.844. As a result of the initial rally, the coin effectively canceled earlier quarterly losses from Q2 and Q3. By the end of the year, it had registered a year-over-year growth of 42.2%.Â
There was also a massive surge in Cardano on-chain activities, reflecting the growing traction in the ecosystem. The average daily active addresses on the network registered a notable uptick of 57.8% quarter-over-quarter in Q4, reaching a high of 42,900.Â
This growth suggests that more users are using the Cardano blockchain for transactions.
In the last quarter of the same year, the average daily transactions reached as high as 71,500, marking the largest the network had seen all year round. These outlooks led to a boost in the fees generated on the Cardano network.Â
Up to $1.79 million in fees were generated in the last quarter, a 253.8% surge from the levels seen in Q3. At this pace, the ecosystem successfully secured 94.9% more on charges, way more than it did the previous year.
Cardano TVL Registers Uptick
Cardano’s Total Value Locked (TVL) recorded a 94% boost in Q4 to hit $448.9 million.
Overall, the ecosystem saw an uptick year over year, further outdoing its 2023 value by 19.8%. The new year, which has been almost two months, also looks good for Cardano. Crypto analysts are optimistic that the growth in the ADA price may extend to the point of hitting $20.Â
The coin trades at $0.7978, corresponding with a 0.2% increase in the last 24 hours. This suggests that these analysts expect more than a 2000% increase from ADA.
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