Crypto analytics firm Messari says that Ethereum (ETH) competitor Cardano (ADA) showed contradictory trends in Q2 2023.

In a new analysis, the analysis firm grades that Cardano recorded an average of 57,881 daily decentralized application (DApp) transactions, an increase of 49% compared to Q1.

The Cardano blockchain also recorded $151.7 million in total value locked (TVL) at the end of Q2, an increase of nearly 10% from the end of Q1. Cardano now ranks 21st among all networks in terms of TVL, up from 34th at the start of the year, according to Messari.

The TVL of a blockchain represents the total capital contained in its smart contracts. TVL is calculated by multiplying the amount of collateral locked up in the network by the current value of the assets.

Despite increases in DApp and TVL transactions, Cardano also witnessed a decline in non-fungible token (NFT) activity.

The project recorded an average of 2,945 daily NFT transactions in the second quarter, a 35.7% decrease on a quarter-over-quarter basis. Total Cardano quarterly NFT transaction volume was $46.2 million, a 41.9% decrease compared to Q1.

Messari says these NFT downtrends are “in line with the broader market.”

Source: Mesari

ADA is trading at $0.292 at the time of writing. The ninth-ranked crypto asset by market capitalization is down more than 1.5% in the past 24 hours.

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