Cardano Surges from ‘Dead Project’ to Thriving Success, Latest Report Shows

By Ben Knight February 15, 2024 In Bitcoin, Cardano, Cryptocurrency
  • Cardano has faced some heavy opposition of late, but has broken free of negativity to post positive quarterly results in key metrics.
  • Messari data contradicts previous “zombie chain” claims, with a report revealing rising user activity in certain ecosystem apps.
  • A big sign of improved engagement has been the increase in TVL, up 700% YoY.

Cardano is one of the more controversial projects in the crypto industry. It has an extremely engaged and active community, yet often draws the ire of Bitcoin and Ethereum fans in particular. It doesn’t help that the project’s kingpin, Charles Hoskinson, regularly goes on the attack at the first sign of criticism…which can be a little distracting. But despite the polarising nature of Cardano, its numbers don’t lie – the DeFi network is starting to gain some serious momentum.

Messari Report Shows Key Metrics Up Across the Board

Cardano holders probably saw the release a few weeks ago from research analysts K33 that stated its blockchain was better described as a “zombie chain”. The damning report suggested that Cardano wasn’t a real DeFi network, and user activity was mostly just “bagholders fabricating blockchain activity”. 

However, upon closer analysis of the report, it becomes fairly clear that several key metrics aren’t addressed. In fact, some of the language used suggests it was more of a hit piece than a fully transparent analytical article. Regardless, Messari’s analysis – focussed almost exclusively on data – proves that Cardano is actually performing just fine

Source: Messari

The graphic above shows just how impressive Cardano’s performance has been over the past three or so months. In particular, several key indicators of ecosystem health have surged of late:

  • The ecosystem’s Total Value Locked (TVL) has increased by 700% over the past 12 months, with much of that coming in the last quarter of 2023. This suggests that investors are engaging with DeFi applications on the blockchain.
  • Cardano’s stablecoin value pumped 673% YoY. Remember, a key criticism of the network from the K33 report being a lack of stablecoin activity – something that Messari’s stats contradict.

It is worth noting that the network statistics are down over the past year, so there is some merit in suggesting declining user activity. However, the numbers are marginal, and the increased engagement with ecosystem apps is likely a better indicator of progress.


Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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