Cardano (ADA) Q4 2024 Market Report: Price Surged 126%, TVL Increased 13%

The fourth quarter of 2024 was no less than a success for Cardano (ADA) with the price going as high as 126% and the market cap reaching $30.3 billion.

Q4 2024 saw Cardano (ADA) continue its impressive rally, reaching new heights in terms of price and market capitalization. According to a recent report by Messari, the token's price surged by 126% during the quarter, reaching a high of $0.44 on December 31st. This helped ADA move up the ranks among the largest cryptocurrencies by circulating market cap, rising from 11th to 9th place.

The rally in ADA's price also coincided with a strong surge in the overall cryptocurrency market, which was largely driven by the U.S. presidential election and the anticipation of a new stimulus package.

As a result of the increased activity on the Cardano network, the rate of transaction fees also rose significantly. According to the report, total transaction fees on the network surged by 254% quarter-over-quarter (QoQ) to $1.8 million. This was also 95% higher compared to the same period the previous year.

Despite the growth in transaction fees, the average transaction fee in ADA actually fell slightly by 2% to 0.34 ADA. This indicates that the network was able to handle the extra activity efficiently, without causing any major congestion.

In addition to the surge in transaction fees, daily volumes on the Cardano network also saw a substantial increase. According to the report, average daily volumes rose by 65% to 71,500, while active addresses increased by 58% to 42,900. At the same time, average USD transaction fees also went up by 80% to $0.23, as ADA's price surged.

Furthermore, the total value locked (TVL) in decentralized finance (DeFi) on Cardano also continued to grow throughout Q4 2024. According to the report, the total TVL increased by 13% from the last quarter to reach $231.6 million.

Out of the various DeFi protocols on Cardano, Liquid Finance managed to secure the top position once again. The protocol saw a massive growth of 141% in its TVL, which reached $113.6 million by the end of the quarter, overtaking Minswap.

Meanwhile, Minswap also saw a strong growth of 69% in its TVL, reaching $98.9 million. Interestingly, smaller protocols like Splash Protocol and Aada also had massive growth, rising by 253% and 105% QoQ, respectively.

Finally, decentralized exchanges (DEXs) on Cardano also showed a good performance during Q4 2024. According to the report, daily trading volume on DEXs rose by 271% QoQ, reaching $8.9 million.

Out of the various DEXs on Cardano, Minswap led the sector with over 200,000 traders and managed to secure a total trading volume of $3.1 billion. WingRiders plus SundaeSwap also contributed significantly to the overall DEX trading volume, increasing by 40% year-over-year (YoY).

Lastly, the report also highlighted the performance of stablecoins on Cardano, which saw a 66% increase in their combined market cap QoQ. Among the stablecoins on the network, iUSD and DJED led the way with growth of 20% and 41%, respectively, while MyUSD increased by 17%. However, USDM was the only stablecoin to experience a decline, falling by 5%.