According to a report released by data analysis firm Messari, Cardano blockchain has shown growth in both TVL and trading indicators in the second quarter, due to technical upgrades and increased developer interest. The TVL (measured in USD) increased by 9.7% on a quarterly basis and by 198.6% since the beginning of the year. By 2023, Cardano is projected to rise from the 34th to the 21st position in terms of TVL among all chains.



Messari points out that the average daily Dapp transactions increased by 49% compared to the first quarter. While the decentralized exchange Minswap displayed the largest growth, several new Dapps also contributed to this growth.



The report, commissioned by Cardano development company Input Output, compares the second quarter with the first quarter data. Despite the increase in transaction activity, the number of daily active users decreased by 4%.



The report states, "Over the past five quarters, the ratio of transactions to active addresses has steadily increased, indicating that ordinary users are now more active than before. In Q2, the transaction/active address ratio was 1.19, a 6.1% increase compared to the previous quarter and a 13.2% increase year-on-year."



Blockchain load is a metric that measures the amount of data included in blocks over a certain period of time. It increased from less than 40% in the previous three months to 50% and reached a peak of 81% in May.



According to DefiLlama data, as of Monday, Cardano TVL exceeded $175 million, reaching its highest level this year, but still 50% lower than the historical high of $340 million set in May 2022.