Cardano’s market grew substantially during the last quarter. However, it failed to attract new users as active addresses and daily transactions declined slightly.
Messari’s report mentioned that despite a massive uptick in market cap, the Cardano network failed to attract new users. New addresses and average daily transactions decreased QoQ by 71.5% and 10.6%, respectively.’s transaction fee increased in the last quarter but was still less than what it was in Q3 2022. The possible reasons behind the decrease in transaction fees could be due to network traffic being more consistent in Q1 than in Q3.
Messari’s report also mentioned that this massive boost in DeFi performance could be attributed to the adoption of Djed stablecoin in the network. The stablecoin debuted in Q1 2023 with day one’s minting amounting to $1.8 million.’s performance in the NFT space met with a few roadblocks. For instance, daily NFT transactions declined by 27% in the last quarter.
Additionally, daily unique buyers also followed a similar route and declined by 23%. Interestingly, the number of unique buyers in Q1 greatly exceeded the number of unique sellers. There was a total of 8,900 verified NFT projects on Cardano.Data from Santiment revealed that the total number of NFT trade counts declined since the beginning of the new quarter.
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