Cardano [ADA] logs high development activity, but it's not all good news for investors
Cardano witnessed a spike in terms of development activity over the last month. Overall interest in the protocol and its dApps increased, but ADA remained unaffected. Data from Santiment indicated that there...
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- Cardano witnessed a spike in terms of development activity over the last month.
- Overall interest in the protocol and its dApps increased, but ADA remained unaffected.
Data from Santiment indicated that there has been a significant surge in development activity for Cardano [ADA] over the past 30 days. This finding suggested an increased effort to improve the project’s technological infrastructure and potentially enhance its market competitiveness.
🧑💻 Top 3 #crypto asset development activity: notable #github commits, past 30 days:
T1) #Polkadot $DOT
T1) #Kusama $KSM
3) #Cardano $ADARead our insight on the top 20 as we explore why notable #github activity tracking can be such a great aid. 👇https://t.co/gZHahGsIcb pic.twitter.com/vq0clhjALw
— Santiment (@santimentfeed) April 27, 2023
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Additionally, the data also indicated that developers were working on implementing new features and improvements to the Cardano blockchain.
Coupled with a spike in development, the daily active addresses on the network also increased. According to Tap Tools’ data, in the last 24 hours, the activity on the network surged by 90.79%.
One of the reasons for the high activity on the Cardano network could be the performance of the dApps on the network.
According to DappRadar, dApps such as Miniswap, Wingriders, and SundaeSwap, observed a surge in unique active addresses on their respective protocols over the last month
Miniswap, one of the most popular DEX’s on the protocol, also witnessed a hike of 9.27% in terms of transactions being made on the network over the past week. At press time, the number of transactions being made was 134,730 with a volume of $59.56M.
Source: Dapp Radar
The high activity and interest resulted in the rise of Cardano’s TVL. Based on DefiLlama’s data, Cardano’s TVL surged from $128 million to $155.88 million during the past month.
It’s not all good news!
Despite the positive developments on the protocol, the number of stakers on the Cardano network declined.
This decline could be attributed to the decreasing revenue generated by the stakers. Over the last seven days, the revenue generated by Cardano stakers fell by 12.24%.
Source: Staking Rewards
Realistic or not, here’s ADA’s market cap in BTC terms
Cardano’s native cryptocurrency ADA wasn’t having a positive time either. With a slump in prices, the token also witnessed a decline in velocity, implying that the number of ADA transfers fell as well.
Subsequently, ADA’s volume was impacted and it dropped from 770 million to 525.66 million in the last few weeks.
Source: Santiment
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