Messari: ADA Market Cap of $13.2 Billion in Q1 2023, Up 54% QoQ

Messari released Cardano's first quarter report for 2023, in which the market value of ADA was $13.2 billion, a quarter-on-quarter increase of 54%. TVL was $138.3 million, up 172% quarter-on-quarter, mainly driven by MinSwap and Liqwid Finance. In terms of stablecoins, IUSD and DJED drove stablecoin trading volume to $10 million, a 261% increase month-on-month. In addition, daily NFT transaction volume decreased by 27% month-on-month, daily unique buyers decreased by 23%, and daily independent sellers increased by 43%. Cardano sidechain Milkomeda C1’s average daily active addresses and daily transaction volume in Q1 are down 64% and 90%, respectively, from their all-time quarterly highs. Milkomeda is also running an instance called Milkomeda A1 on Algorand and plans to launch the Solana testnet in 2023. Cardano will also launch a data protection-focused sidechain, Midnight, built by IOG. At the same time, the Layer2 state channel expansion solution and Hydra Head, the first solution in the Hydra series, were launched on the mainnet in March.