Cardano’s development activity impresses despite price challenges

Cardano ranked as the top chain with the most development activity.
Cardano’s TVL and stablecoin market cap were also on the rise.

In 2023, Cardano [ADA] has consistently been ranked as the second-highest blockchain in development activity. However, it has overtaken the leading position in the past 30 days, becoming the blockchain with the most significant development activity.

Read Cardano’s [ADA] Price prediction 2023-24

Cardano leads in dev activity

Recent data from Santiment revealed that Cardano has successfully surpassed Polkadot [DOT] and Kusama, taking the lead as the blockchain with the highest development activity. Historically, Cardano had held the second position, but in the last 30 days, it showcased an impressive count of more than 500 development activities.

Polkadot and Kusama recorded around 493 combined during the same period.

🧑‍💻 Throughout 2023, #Polkadot & #Kusama shared the honors for most #github development in #crypto according to our calculations for notable activity. However, #Cardano has finally outpaced them. Read more about how @santimentfeed tracks dev. activity here: https://t.co/vWQCE4a1nv pic.twitter.com/6KBUNf0BIt

— Santiment (@santimentfeed) August 21, 2023

Moreover, as of this writing, the pace of development activity on Cardano has not shown signs of slowing down. According to Santiment’s data, the activity score exceeded 84 at press time, with a noticeable upward trend on the chart.

While there was a decline in development activity during the previous week, it rebounded and regained momentum by the time of this report.

Source: Santiment

Other Cardano metrics worth noting

Cardano’s positive momentum was not confined to its development activity; its Total Value Locked (TVL) and stablecoin market cap also demonstrated growth, as evidenced by DefiLlama.

After reaching its peak in 2022, the TVL experienced a gradual decline throughout that year. However, the current year presented a different picture, as the chain’s TVL was on an upward trajectory. As of this writing, the TVL had surpassed $161 million.

Source: DefiLlama

In addition to the TVL increase, the stablecoin market cap on the Cardano chain has been experiencing noteworthy growth. The DefiLlama chart indicated that the stablecoin market cap’s uptrend had been more pronounced than the TVL.

As of this writing, the stablecoin market cap has exceeded $15 million. This growth in the stablecoin market cap indicated the organic expansion that the Cardano chain was undergoing.

ADA yet to catch up on-chain positives

Examining ADA on a daily timeframe revealed a disparity between its on-chain activities and its price performance. As of this writing, ADA’s price had retreated to the $0.2 range, following an earlier surge to the $0.4 range earlier in the year.

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Trading at approximately $0.26 at press time, it experienced a decline of over 1%. Also, the price trend appeared lackluster, as evident from its position below its long and short Moving Averages (blue and yellow lines).

Source: TradingView

Furthermore, ADA’s price trajectory had positioned it near the oversold zone, a consequence of its trend, as indicated by the Relative Strength Index (RSI). This confluence of factors suggested a less-than-favorable outlook for ADA’s price movement.