Will Cardano’s development activity is helping ADA navigate crypto winter

  • Cardano ranks first in terms of development activity.
  • However, dApp activity declined, along with TVL and revenue.

Santiment, a leading cryptocurrency analytics company, announced on December 30th that Cardano [ADA] It outperformed other major cryptocurrencies in terms of development activity.

Read Cardanos [ADA] predict the price 2023-24

dominance in development

Cryptocurrencies like Polkadot [DOT] And ATOM, known for its growing ecosystem and development activity, couldn’t compete with Cardano this time around. This simply means that the developers on the Cardano team have made more substantive contributions to the network’s GitHub.

upgrades like Vasil Hardfork and developments in this field Daedalus wallet It may be a reason behind the increase in development activity measurement.

Source: feeling

Well, despite the increased development activity on the Cardano network, its ecosystem has failed to register growth.

Cardano is seeing a downturn in activity

According to data from DappRadar, many dApps on the Cardano network were unable to invite users to their platforms. Popular dApps like Miniswap and SundaeSwap saw decreases of 10.03% and 16.42% respectively in terms of unique active wallets.

In fact, Miniswap’s volume and number of transactions have also decreased. In the last month, Miniswap volume decreased by 27.06% and the number of transactions decreased by 12.32%.

Source: Dapp Radar

The drop in dApp activity affected Cardano’s TVL. Based on the data collected by DefiLlama, Cardano’s TVL has decreased significantly. In recent months, the total TVL generated by Cardano has dropped from $58 million to $50 million.

That ended up affecting fees made by Cardano, which fell 24.4% last week. According to Token Terminal, the total fees Cardano collected was $189,300.

Source: Defillama

This development negatively affected Cardano’s token, ADA. Based on data collected by Santiment, the number of daily active addresses on the network decreased.

It fell from 60,000 to 17,000 in the last month. Cardano’s speed also decreased over the same period. Thus, indicating that the frequency with which ADA traded has decreased.

Source: feeling

It is yet to be determined whether Cardano’s increased development activities will help it meet the challenges ahead. But oneAt the time of writing, ADA is trading at $0.240 and its price is down by 1.45% in the past 24 hours.

Leave a Reply

Your email address will not be published. Required fields are marked *