State of Cardano Q4 2023

Key Insights:

• Cardano’s TVL increased 166% QoQ and 693% YoY. Cardano’s TVL ranking increased from 34th at the beginning of 2023 to 11th.

• Cardano’s stablecoin value increased 37% QoQ and 673% YoY. iUSD remained the market cap leader, but alternative solutions such as USDM are approaching mainnet.

• ADA’s price increased 127.2% QoQ, outpacing the overall crypto market’s increase of 53.8%.

• The specifications for Midnight were released, such as the use of Substrate. Midnight is a data-protection-focused partner chain/sidechain.

• Core infrastructure — such as SanchoNet, Hydra, and Mithril — continued development and testing.