Cardano's Struggles Continue: Low Fees and TVL Plunge

Cardano, once considered a top player in the crypto industry, has experienced a significant decline in activity and revenue in recent quarters. The network's quarterly fees plummeted to $238,588 in Q1 2023, marking its worst performance since 2020.

The total value locked (TVL) in the Cardano network has also declined significantly, indicating a lack of user engagement and developer interest. In contrast, other top layer-1 chains such as Ethereum and Solana continue to generate millions of dollars in fees each quarter.