In the first quarter of 2023, Cardano's (ADA) market capitalization surged by an impressive 53%, resulting in the asset rising from ninth to seventh position in the list of the top 10 largest crypto assets. This finding was revealed in the "State of Cardano" publication from the crypto market intelligence provider, Messari. Additionally, the report showed that the Cardano network went through a substantial growth in its adoption, as the number of addresses increased by up to 49,000 in March and 79,000 in the first three months of the year as a whole.

The market improvement was bolstered by the networks own native sharpcoins, iUSD and DJED, which went live in November 2022 and January 2023 respectively. Per the report, the total value locked in USD on Cardano grew by 172% from $50.8 million to $138.2 million throughout Q1, primarily driven by protocols such as Minswap and Liqwid Finance, as well as stablecoins. Furthermore, Cardano’s TVL in ADA also hit a reported all-time high of 360.55 million ADA at the end of the quarter.

On the price front, ADA's value closed Q1 with a 54% increase, going from $0.2464 on January 1 to $0.3816 on March 31. Since then, the asset's value has continued to surge, climbing to a 71% higher value of $0.4228 today. It is likely that these impressive numbers are only just the beginning of Cardano’s growth, as the potential and possibilities continue to expand for one of the world’s leading smart contract platforms.



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