Cardano builder Input Output Global (IOG) expresses its enthusiasm for the recently published quarterly report by on-chain analytics firm Messari. The “State of Cardano Q2 2023” report, released earlier this month, sheds light on the blockchain’s latest accomplishments and enhancements.
Input Output Global responded to the report by expressing their anticipation for Cardano’s future developments. The Q2, 2023 report not only showcases Cardano’s growth and potential but also demonstrates their continuous commitment to innovation in the blockchain space.
Input Output Global has expressed gratitude towards the ADA community and ecosystem partners for their remarkable efforts and has hinted at exciting updates that will be unveiled as Cardano embarks on its ongoing journey.
Cardano Sees Impressive Growth In Q2, 2023
ADA experienced a significant network boom in the second quarter of 2023, as indicated by Messari’s data. Average daily dApp transactions saw a remarkable 49% increase compared to the previous quarter.
MinswapDEX spearheaded this progress while also witnessing notable expansion from various other dApps contributing to its growing adoption. Moreover, there was an astounding surge of 198.6% in Total Value Locked (TVL) in USD, both year-to-date and quarterly, with a rise of 9.7%.
ADA climbed up the TVL leaderboard across all blockchain networks, elevating its position from 34th to 21st. DefiLlama data further demonstrates that ADA achieved a new record-breaking high with its total value locked (TVL) measured in ADA terms reaching an impressive milestone of 763.62 million ADA.
It is important to note that the broader ADA community is benefiting greatly from collaborative efforts focused on promoting interoperability and exploring innovative use cases led by Milkomeda, Midnight, Wanchain, and IOG’s sidechains team.
Cardano Reports Notable Developments This Week
The latest IOG weekly report discusses the recent developments in the ADA ecosystem. One notable update was made by the Hydra team, who upgraded the Hydra node to support Cardano node v.8.1.2, ensuring compatibility with the latest version of the mainnet.
Additionally, participatory governance took a significant step forward with the launch of SanchoNet’s initial phase this week. SanchoNet serves as an ongoing technical testbed for on-chain governance actions according to CIP-1694, offering the ADA community a controlled environment to test out its functionalities.
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