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Cardano finishes 1st on this front, but what about ADA?

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Significant development progress was achieved on Cardano, marked by increased code commits

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  • Cardano’s development activity reached new heights as code commits grew.
  • Daily active addresses and transactions on the network fell considerably.

Cardano [ADA] witnessed a massive surge in terms of development activity over the last few weeks. As a result, Cardano outperformed other cryptocurrencies in this regard.

Coders “commit” to Cardano

New data revealed that Cardano achieved the highest number of code commits in the past 365 days, surpassing Ethereum, Polkadot, and the BNB network.

Code commits are essentially changes made to the source code, and having the highest count indicates an active and ongoing effort to improve the Cardano network.

The high number of code commits could be the result of the development team trying to hit the targets set for it in 2024. The technical director of Cardano recently took to Twitter to state the things the Cardano team has set out to achieve this year.

 

State of the network

At press time, things were looking bleak for the network. Daily active addresses on Cardano had plummeted in the last few days. Coupled with that, the daily transactions occurring on the network also fell.

Source: Artemis

Moreover, in the DeFi sector, it was seen that the TVL and DEX volumes of Cardano network took a plunge. A slowdown in the DeFi sector could potentially harm future prospects of the network.

Source: Artemis

In terms of the NFT sector, the volume at which Cardano NFTs were trading remained consistent over the last month.

On average, the daily trading volume of these NFTs was around $120,000. The OMEN and Ape Society collections were the most dominant in the space and accumulated a large market share.

Source: OpenCNFT


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Coming to the price of ADA, the outlook for the token looked bearish. Over the last month, the price of ADA showed multiple lower highs and lower lows. This signaled that the price exhibited a bearish trend.

Moreover, the velocity at which ADA was trading also dropped, suggesting that ADA wasn’t being traded at a high frequency.

Source: Santiment

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Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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