Cardano: Assessing the state of ADA after its November plunge
The post Cardano: Assessing the state of ADA after its November plunge appeared on BitcoinEthereumNews.com. Cardano ended November with the highest development activity ADA started December with the highest staked ratio amongst all Layer 1 tokens Leading layer 1...
- Cardano ended November with the highest development activity
- ADA started December with the highest staked ratio amongst all Layer 1 tokens
Leading layer 1 blockchain Cardano [ADA] closed November with a development activity count of 572.67, putting it 18% ahead of the next highest-ranked asset, data from Santiment revealed. Polkadot [DOT] and Kusama [KSM] were in second place as they ended the trading month with a development activity count of 486.13 each.
👨💻 #Cardano is head and shoulders above all other #crypto assets on development activity. Our #github tracking data filters out routine updates like #Slack updates.
For more on @santimentfeed‘s methodology for tracking development activity, read here: https://t.co/vWQCE4a1nv pic.twitter.com/4KQaCUi1ts
— Santiment (@santimentfeed) December 1, 2022
Read Cardano’s [ADA] Price Prediction 2023-2024
Cardano notably experienced a surge in development activity following 21 November’s announcement about launching the network’ algorithmic stablecoin, Djed, in 2023. As a result, the development activity count index went up by 22% between 21 – 30 November. This showcased the determination of GitHub developers towards meeting the launch date.
Furthermore, ADA’s growth in development activity, as of 1 December, led other layer 1 native tokens to remain the asset with the highest staked ratio. According to Staking Rewards, ADA had a staked ratio of 71.17%.
However, even though its staked ratio remained the highest, staking rewards were low. It was just 3.43% as of 1 December. On the other hand, tokens like Cosmos [ATOM] offered rewards as high as 19.25%, even with a lesser staked ratio.
STAKING RATIO BETWEEN LAYER 1 NATIVE ASSET
With 71.17% staking ratio, Cardano became the layer 1 that remained the highest staked ratio among layer 1 native tokens. The reward is only 3.73% but who cares?
#cardano #layer #asset pic.twitter.com/Y3CWSRUwRs
— Cardano Daily (@cardano_daily) December 1, 2022
Not all positives for Cardano
While Cardano’s development activity and the quantum of staked ADA rallied, the crypto asset’s market capitalization declined. ADA closed November with a market capitalization of $10.7 billion per data from CoinMarketCap. This represented a 23% drop from the $13.9 billion market capitalization it recorded at the end of October.
The reason for the decline in market capitalization was not far-fetched. This was due to the unexpected collapse of cryptocurrency exchange FTX, which wiped off massive liquidity from the market in just a few days.
On a year-to-date basis, ADA’s market capitalization declined by 69%.
ADA, like many crypto assets, struggled to keep their prices up during the FTX debacle. Additionally, CoinMarketCap revealed that ADA’s price dropped by 24% in November.
Further, TVL held on the Cardano network also fell within the 30-day period under consideration. At $58.8 million as of 30 November, data from DefiLlama showed that the quantum of Cardano’s TVL fell by 16%. At press time, the network’s TVL stood at $59.69 million.
Source: https://ambcrypto.com/cardano-assessing-the-state-of-ada-after-its-november-plunge/
Post navigation
SNEKbot by DexHunter on CARDANO
Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!