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Cardano growth stagnates in Q3 – Here’s a rundown on what went wrong

Press Releases Crypto News AMB-Crypto Cardano growth stagnates in Q3 – Here’s a rundown on what went wrong

Cardano experienced a decline in network activity and revenue between July and September.
In the last month, the blockchain network saw the most development activity.

Proof-of-Stake (PoS) Layer-1 network Cardano [ADA] experienced a period of stagnant growth in the third quarter of the year. Most key metrics either declined or remained flat during the three-month period, Messari found in a new report.

Read Cardano’s [ADA] Price Prediction 2023-24

According to the data provider, the network witnessed a decline in network usage in Q3.

Between July and September, the average count of daily active addresses on the blockchain totaled 41,137. This represented a 29% decline from the 58,000 recorded during the year’s second quarter.

The decline in the user count on Cardano caused its transactions count to fall in Q3. The Layer-1 network recorded a daily average count of 60,356 in transactions during the quarter, marking a 12% drop from the 69,000 recorded between April and June.

Further, the average transaction fee paid by Cardano users to complete transactions on the network fell. According to Messari, the network’s average transaction fee denominated in US Dollars decreased by 21% from $0.13 to $0.10 during the quarter.

Likewise, fees denominated in the network’s native token ADA also fell by 3% quarter-over-quarter (QoQ).

As a result of the drop in transaction fees, Cardano’s revenue plummeted. Messari found that in Q3, the network’s revenue fell by 30%.

Source: Messari

Regarding the network’s decentralized finance (DeFi) vertical, its total value

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Author: Abiodun Oladokun

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