Cardano Maintains Lead in Developer Activity

Cardano (ADA) continues to dominate the Layer 1 (L1) ecosystem as the blockchain network with the highest weekly development activity, on-chain data provider IntoTheBlock noted in a recent post on X.

Cardano is leading in developer activity amongst top L1s, consistently delivering the highest number of weekly commits. pic.twitter.com/gtYUIyeqRy

— IntoTheBlock (@intotheblock) March 18, 2024

Cardano’s development activity measures the number of unique contributors, the count of all events for a project, and the number of unique GitHub activity contributors on the blockchain. The metric offers insights into what is being done to upgrade the blockchain network, fix recurring issues, and add new features.

When a project records high development activity, it often reduces the possibility of the project being an exit scam.

Cardano Since the Beginning of March

A look at the Cardano ecosystem revealed a decline in user activity since March. Per Artemis’ data, the daily count of unique addresses completing transactions on Cardano rallied to a high of year-to-date (YTD) high of 71,300 on March 7 and has since plummeted. By March 16, Cardano’s daily active address count had dwindled by 32%.

Due to the fall in demand for the network, the number of unique on-chain interactions with Cardano has also fallen since March 7. As of March 16, Cardano recorded a daily transaction count of 65,000, representing a 31% decline from the YTD high of 95,000, which it recorded on March 7.

Further, the network’s total fees decreased correspondingly over the last week. Between March 11 and 17, this fell by 50%. 

Regarding the network’s native token ADA, it exchanged hands at $0.61 at press time, logging an 18% value decline in the past seven days, according to CoinMarketCap’s data. 

The recent general market pullback has resulted in a slight decline in ADA’s futures open interest. According to Coinglass, this has dropped by 15% since March 14, when the price per Bitcoin (BTC) slipped under $74,000.

Despite this slump, ADA funding rates across crypto exchanges remain significantly positive. This showed that futures traders who remain in the market continue to open positions in favor of a price rally.