Cardano (ADA) has shown significant progress in its decentralized finance (DeFi) and stablecoin sectors despite facing challenges in the third quarter of 2024.
Cardano (ADA) encountered mixed fortunes in Q3 of 2024, facing challenges while also making strides in decentralized finance (DeFi) and stablecoin sectors, according to a report by Messari.
Cardano’s Total Value Locked (TVL) saw a notable 19% increase quarter-over-quarter, reaching $620 million. This growth was largely driven by DApps like Liqwid, whose TVL surged by 77.2%.
In terms of stablecoins, Cardano’s market expanded with a 5.4% growth in total stablecoin market cap, reaching $20.7 million. Newer stablecoins like USDM experienced a remarkable 145.5% surge in market cap.
Cardano’s DeFi landscape also saw the introduction of new applications like Rocket by JPG Store and Snek by Splash Protocol, both of which are similar to Pump.fun for launching and trading tokens.
However, Cardano faced some downturns during Q3, including a 54.2% decrease in average daily decentralized application (dApp) transactions and a 41.4% drop in daily DEX volume.
Despite these challenges, the Cardano community remained engaged with the platform’s development, notably with the completion of the first phase of the Chang Hard Fork in early September.
This technical bootstrapping phase was crucial for transitioning Cardano towards a fully decentralized governance model, where ADA holders gained more control over the network’s evolution.
Looking ahead, Cardano is preparing for major governance advancements with the recently announced Plan 529, also known as “Chang 2”, which will pave the way for the Plomin hard fork and further enhance governance and network capabilities.
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