A report published by Messari highlights the significant growth of Cardano during the quarter, which should not be disregarded. The report emphasizes the platform’s commitment to innovation and expansion in the blockchain industry, particularly in scalability, virtual machine compatibility, and programming language support.
The blockchain platform has experienced significant growth in its financial and ecosystem metrics, with its decentralized finance (DeFi) Total Value Locked (TVL) increasing almost threefold. This expansion is due to a rise in decentralized application (dApp) transactions and the acceptance of new stablecoins in the ecosystem.
However, the report emphasized that the Total Value Locked (TVL) in decentralized finance (DeFi) on the blockchain platform has increased by 172% quarter-over-quarter (QoQ) from $50.8 million to $138.3 million. This significant rise is attributed to well-established protocols like MinSwap and emerging protocols like Liqwid Finance.
A few key metrics were shared in the report, including the Q1 2022 – Q1 2023 overview.
Source: @Messari
According to the report, Cardano has made noteworthy technical advancements in scalability and virtual machine (VM) compatibility. The mainnet has witnessed the introduction of several Layer-2 scaling solutions, while sidechains, such as Milkomeda C1 and IOG’s EVM sidechain, are being developed to improve compatibility.
These sidechains assist in simplifying the process of integrating developers from other platforms by eliminating the need for them to learn Cardano’s eUTXO accounting model.
Related Reading: Cardano Foundation Unveils Aiken: A New Platform for Smart Contract Development
Cardano concentrates on sidechains and emphasizes its programming language to appeal to more developers and contribute to their advancement.
The substantial growth of Cardano in the first quarter indicates its strong commitment to innovation and expansion in the blockchain industry. By prioritizing scalability, VM compatibility, and diverse programming language support, Cardano is establishing itself as a formidable player in the constantly changing realm of decentralized finance and blockchain technology.
It is relevant to note that Cardano’s performance in the crypto market didn’t go unnoticed, as it increased by 14.5% within the last 7 days.
Cardano’s current trading value is $0.4157 at the moment of writing, reflecting a 5.79% decrease in the past 24 hours.
