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How will Cardano fare in 2024?

2min Read

Cardano concludes 2023 on a positive note, but some challenges persist.

How will Cardano fare in 2024?

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  • Cardano ended 2023 on a high note despite market volatility.
  • DEX volumes played an important role in Cardano’s growth.

As 2023 drew to a close, Cardano [ADA] defied market uncertainties and concluded the year on a resounding high. Yet, as 2024 unfolds, questions linger about ADA’s future trajectory.

Numbers don’t lie

Cardano’s journey into 2024 is marked by impressive statistics, boasting 4.5 million accounts and 1.36 million staked addresses.

The network supported a formidable 3,064 staking pools, contributing to a staked amount of 22.76 billion ADA, representing 64.94% of the total supply.

Notably, ADA.D metrics for the start of 2024, at 1.33%, outshone previous years, illustrating a steady upward trend.

A significant catalyst behind Cardano’s achievements is the success of decentralized exchanges (DEXs). Miniswap, in particular, experienced remarkable growth, with a substantial 166.80% increase in trading volume, reaching 300 million USD.

Real yield rewards of 252,963 ADA are set to be distributed to MIN token stakers, marking a 2.5x increase from the previous month. To enhance sustainability, daily emissions for MIN were lowered by 5%.

DeFi markets

Despite these triumphs, Cardano faced stiff competition in the DEX arena compared to other Layer-1 blockchains. In terms of Total Value Locked (TVL) and DEX volumes, Cardano trailed behind platforms like Solana [SOL] and Avalanche [AVAX].

While Cardano’s TVL and DEX volumes experienced notable growth in recent months, achieving parity with other Layer-1 blockchains still remains a challenge.

Source: Artemis

However, Cardano’s humanitarian endeavors, exemplified by the With Refugees Stake Pool (WRFGS) in collaboration with Switzerland for UNHCR, could play a pivotal role in ADA’s future and sentiment around it.

Read Cardano’s [ADA] Price Prediction 2023-24

As part of Cardano’s Global Impact Challenge, the WRFGS pool launched with a stake delegation of 3.5 million ADA from the Cardano Foundation.

As per AMBCrypto’s analysis of ADA’s press time price movement, the token stood at $0.627144, reflecting a notable 4.61% growth in the last 24 hours.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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