An analytical report from Messari has highlighted Cardano’s stellar performance in 2024, particularly in Q4, amid broader market bullishness. The blockchain network posted significant gains in price, on-chain activity, and DeFi adoption, reinforcing its position in the cryptocurrency landscape.
Price Surge Drives Key Metrics
Cardano (ADA) experienced a remarkable 126.2% surge in Q4 2024, climbing from $0.374 to a four-year high of $1.327 before stabilizing at $0.844. This surge effectively offset earlier quarterly losses and resulted in a 42.2% year-over-year (YoY) growth.
The uptick in price also fueled increased network activity. The average daily active addresses surged by 57.8% quarter-over-quarter (QoQ), reaching 42,900. Transaction volume followed suit, with an average of 71,500 daily transactions in Q4, the highest for the year.
The increase in transactions also boosted network fees. Cardano generated $1.79 million in fees in Q4, marking a 253.8% jump from Q3 and a 94.9% increase compared to the previous year.
DeFi and Staking on the Rise
The total value locked (TVL) in Cardano’s decentralized finance (DeFi) ecosystem also saw a major upswing. TVL grew 94% in Q4 to $448.9 million, marking a 19.8% YoY increase.
Staking also experienced substantial growth. The total staked assets in USD hit $18.4 billion, up 117.4% from Q3 and reflecting a 36.5% YoY increase. However, when measured in ADA, staking saw a 4% decline, suggesting that the USD rise was primarily driven by price appreciation rather than increased staking participation.
Milestone Achievements and Network Upgrades
Cardano achieved major milestones in 2024, including the implementation of the Chang Upgrade in September, which fully decentralized governance, allowing ADA holders to influence network decisions via Stake Pool Operators (SPOs) and Delegated Representatives (DReps).
Additionally, the highly anticipated Midnight sidechain launched on testnet, enabling multichain functionality and enhancing scalability. Another key upgrade, Ouroboros Peras, was introduced in October, significantly improving transaction speeds while maintaining decentralization, positioning Cardano as a competitor to Solana in terms of network efficiency.
Also Read: Cardano (ADA) Eyes $1 as ADX Signals Trend Shift, But Whales Stay on the Sidelines
Cardano’s Q4 2024 performance demonstrated strong momentum, driven by a surge in price, increased user activity, and pivotal network upgrades. With growing adoption and continued development, the blockchain remains a key contender in the evolving crypto space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
