Messari\u2019s \u201cState of Cardano Q2 2023\u201d report, authored by Protocol Research Analyst Red Sheehan and released on 4 August 2023, provides a detailed look at the status of the Cardano network and ecosystem as of the end of Q2 2023.<\/p>\n
Network Overview<\/strong><\/p>\n The report notes that the average transaction fee on the Cardano network increased by 8.5% QoQ, but it\u2019s still down by 50.8% YoY due to lower ADA prices. Interestingly, while daily active addresses saw a slight decline, the average daily transactions increased by 1.9% QoQ, indicating that existing users are becoming more active.<\/p>\n Cardano\u2019s blockchain load also saw a significant increase, reaching over 50% in Q2. This is a positive sign as it indicates increased network usage. The report also mentions the launch of a UTXO Selection Benchmarking tool by dcSpark, which could help increase Cardano\u2019s transactions per second (TPS) and bandwidth.<\/p>\n Financial Overview<\/strong><\/p>\n Despite a 26.9% QoQ decline, ADA\u2019s price is still up 12.0% YTD. The report highlights ADA\u2019s use cases, including settling network fees, participating in network consensus, and staking to secure the network and earn token rewards. Additionally, ADA is used to reward voters and fund projects in Project Catalyst, Cardano\u2019s decentralized innovation engine.<\/p>\n The report also mentions the SEC\u2019s allegations against ADA, which led to a significant drop in ADA\u2019s price. However, it points out that a recent court ruling in the SEC\u2019s case against XRP could provide some insight into ADA\u2019s legal status.<\/p>\n