Cardano's fourth quarter of 2023 was marked by significant growth across multiple metrics, including a surge in decentralized exchange (DEX) volume, a rise in transaction fees, and a notable increase in ADA's price and market capitalization. This period also witnessed expansion in the DeFi ecosystem and a rise in active users.
Cardano experienced a significant surge in activity during the fourth quarter of 2023. The average daily volume on decentralized exchanges ( DEX s) skyrocketed by 271% to reach $8.9 million, with Minswap, WingRiders, and SundaeSwap emerging as the leading platforms. This robust growth in DEX volume reflects a 40% year-on-year increase. Cardano 's native cryptocurrency, ADA , also demonstrated impressive gains, surging by 126% to hit highs of $0.84 in Q4.
Its market capitalization climbed by 127% to $30.3 billion. Despite a slight decrease in circulating supply by 2.2%, ADA's ranking in the market capitalization ladder jumped from 11th to 9th position during the quarter.Contributing to this upward trajectory were soaring transaction fees. Fees in USD jumped by 254% to reach $1.8 million, driven by a 65% surge in average daily transactions to 71,500. The total value locked (TVL) in decentralized finance (DeFi) protocols on Cardano saw a 94% increase, reaching $448.9 million. Liqwid and Minswap led this growth, with their TVLs increasing by 141% and 69% respectively. Stablecoin market capitalization surged by 66% to $23.2 million, with iUSD maintaining its position as the largest stablecoin with a value of $9.4 million. Cardano's average transaction cost in USD climbed by 80% to $0.23. However, the average transaction fee in ADA fell by 2% to 0.34, indicating the network's ability to handle increased transaction activity with minimal impact on native costs. The ratio of transactions to active addresses increased by 6% quarter-over-quarter to 1.7, implying a more evenly distributed activity among users. While the total stake in ADA and the ADA staking rate both decreased by 4%, the total stake in USD climbed by 117% to $18.4 billion due to the price appreciation of ADA.
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