Cardano (ADA), a rival to Ethereum, has seen a dramatic increase in its total value locked (TVL) in the final quarter of 2023.
TVL Growth
According to crypto analytics firm Messari, Cardano’s TVL reached an all-time high of $449 million on December 14. This represents a 166% increase from the previous quarter and a staggering 693.4% year-on-year growth.
Stablecoin Surge
Cardano also experienced significant growth in its stablecoin market. The introduction of new stablecoins, iUSD and DJED, contributed to a 36.8% increase in stablecoin TVL to $21.5 million in Q4.
Year-End Ranking
Cardano’s strong performance helped it rise from 34th to 11th in TVL ranking among crypto projects.
ADA Price
At the time of writing, ADA is trading around $0.603, up over 4% in the past 24 hours.
