Cardano: Assessing the state of the ADA after its fall in November

  • Cardano ended November with the highest development activity
  • The ADA started December with the highest participation rate among all Tier 1 tokens

The first layer of the Cardano blockchain [ADA] It ended November with a performance of 572.67, putting it 18% ahead of the next highest-rated asset, data from Santiment showed. Polka dot [DOT] and Kusama [KSM] In second place as they ended the trading month actively developing 486.13 each.

Read Cardanos [ADA] Price forecast 2023-2024

Cardano in particular saw a surge in development activity after November 21st message About the launch of the network’s algorithmic stablecoin, Jed, in 2023. As a result, the development activity index increased by 22% between November 21-30. This showed GitHub developers’ determination to meet the launch date.

Additionally, ADA’s growth in development activity, as of December 1st, has resulted in other top-tier tokens remaining in the asset with the highest participation. according to Betting bonusesAnd the ADA contribution rate was 71.17%.

However, although the stake percentage remained the highest, the rewards for the stakes were low. It was only 3.43% on December 1st. On the other hand, tokens like Cosmos [ATOM] It offered bonuses of up to 19.25%, even with a lower percentage stake.

Not everything is positive for Cardano

While Cardano development activity and the amount of ADA investment have increased, the market cap of the crypto asset has decreased. ADA ended November with a market capitalization of $10.7 billion, according to data from CoinMarketCap. This represents a decrease of 23% from the $13.9 billion market capitalization it recorded at the end of October.

The reason for the decline in market value was not far from being understood. This was due to the unexpected crash of the cryptocurrency exchange FTX, which wiped out massive liquidity from the market in just a few days.

On a year-over-year basis, ADA’s market cap is down 69%.

Source: Cardano Daily

ADA, like many crypto assets, has struggled to maintain its prices during the FTX debacle. In addition, CoinMarketCap revealed that the price of ADA fell by 24% in November.

In addition, TVL held on the Cardano network also falls within the 30-day period under review. at $58.8 million as of November 30, data from devilama It showed that the amount of TVL for Cardano decreased by 16%. At the time of publication, the network’s TVL affiliate is valued at $59.69 million.

Source: Defillama

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