Decoding Cardano’s weekly development report with Hydra in the fore
– Cardano’s development activity dropped sharply over the last 30 days.
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– Whales continue to accumulate ADA en masse.
Development activity is an important indicator to measure the health of a blockchain, with high values signaling a potential increase in adoption in the near term.
The Cardano [ADA] network’s development activity went downhill in the last 30 days, triggering concerns over the roll-out of upcoming features and enhancements on the proof-of-stake (PoS) chain.
However, in relative terms, Cardano stood out as it was the third-most actively developed network in the last 24 hours, as per Github data. Cardano’s development activity was significantly higher than that of the second-ranked crypto by market cap, Ethereum [ETH].
GitHub Daily Development Activity:
#1: 748 Polkadot / Kusama
#2: 520 Hedera
#3: 513 Cardano
#4: 507 Cosmos
#5: 506 Internet Computer
#6: 473 Status
#7: 449 Decentraland
#8: 410 Aptos
#9: 399 Ethereum
#10: 392 IOTA pic.twitter.com/Qv0rcqqdWl
— ProofofGitHub (@ProofofGitHub) April 14, 2023
Read Cardano’s [ADA] Price Prediction 2023-24
What’s the status of Hydra?
In the latest edition of its weekly development report, Cardano provided key updates regarding the network’s upcoming layer 2 scalability solution, Hydra.
According to the report, the Hydra development team came up with potential solutions for the rollback bug and planned to implement a short-term fix for the same.
Additionally, the team had a meeting with the community to address their queries about Hydra and discussed query API requests for the Hydra Voting project.
As part of the preparations for mainnet release, the team was planning to integrate the Hydra Head protocol specification into the repository.
Read all about the latest developments in core technology, wallets and services, smart contracts, and scaling and governance in the inimitable #EssentialCardano development update 📷 https://t.co/YXNXo5RvxO #Cardano
— Input Output (@InputOutputHK) April 14, 2023
Hydra is part of Cardano’s ambitious Basho roadmap, focused on improving the scalability and interoperability of the network.
The weekly report also highlighted vital statistics tied to network growth. A total of 124 projects have been launched on the network since its launch while the total number of transactions exceeded 64 million.
New projects attract whales
At press time, ADA was valued at $0.4471, logging monthly gains of over 36% as per CoinMarketCap data.
As per Santiment, whale transactions have grown considerably since February and the momentum hasn’t slowed down. The number of addresses holding between 10,000 t0 10 million tokens has increased in the same time period. This indicated that whales went on an accumulation spree.
The hype around Hydra and the recently-launched Lace Wallet enticed big addresses to populate their portfolios with ADA tokens.
How much are 1,10,100 ADAs worth today?
As far as ADA’s performance in the derivatives market was concerned, the Open Interest (OI) surged to $242.60 million, the highest since the FTX-induced crypto contagion. This was a bullish signal when looked at in conjunction with the price rise of ADA.
In ADA’s case, new money seems to be betting on price gains, as the funding rate was positive on most exchanges.