Cardano transaction fees increase by 254%
Cardano (ADA) saw a significant increase in activity and price during Q4 2024, with its price rising by 126%, bringing its market cap to $30.3 billion and moving from 11th to 9th among the largest cryptocurrencies.
This rise came in the context of the overall bullish momentum in the market, which coincided with the US elections in November.
The Messari report showed that USD transaction fees increased by 254% QoQ to $1.8 million, up 95% YoY, driven by higher ADA prices and increased transaction volume.
Surge in DeFi and DEX activity:
The average daily number of transactions on Cardano reached 71,500, up 65% QoQ, while the average daily active addresses increased by 58% to 42,900.
Despite the average transaction fee in USD increasing by 80% to $0.23, the fee in ADA decreased by 2% to 0.34 ADA, reflecting the network’s efficiency in managing the increased load.
In the DApp sector, the average daily transaction volume decreased by 8% to 14,300, but Minswap, Liqwid Finance, and jpg.store led the way.
Minswap emerged as the leading DEX, attracting over 200,000 traders and generating a total trading volume of $3.1 billion.
The average daily trading volume on DEX platforms also jumped by 271% to $8.9 million, with Minswap, WingRiders, and SundaeSwap dominating.
On the DeFi front, Cardano’s total value locked (TVL) increased by 13% to $231.6 million.
Liqwid saw phenomenal growth of 141% to $113.6 million, overtaking Minswap as the largest protocol by TVL.
Smaller protocols like Splash Protocol and Aada also saw sharp growth of 253% and 105%, respectively.
Cardano Stablecoin Growth:
Cardano’s stablecoin market cap surged by 66% during Q4, with iUSD and DJED seeing growth of 20% and 41%, respectively.
In contrast, MyUSD saw a more modest increase of 17%, while USDM declined by 5%.
These numbers reflect the continued expansion of the Cardano ecosystem, with growing interest in decentralized infrastructure and decentralized finance, strengthening its position in the market.
