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Will Cardano’s development activity be ADA’s saving grace?

2min Read

Cardano’s development activity has surged, outpacing competitors like Hedera and Chainlink. This signals potential enhancements for the network’s capabilities.

Will Cardano's development activity be ADA's saving grace?

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  • Cardano stood out from the market with its robust development activity.
  • While ADA’s development surged, declining fees presented challenges for the protocol’s sustainability.

Amidst the resurgence triggered by Grayscale’s recent legal triumph, Cardano [ADA], along with several altcoins, found itself lagging behind the broader market upswing.

Realistic or not, here’s ADA’s market cap in BTC’s terms

Development on the rise

However, a noteworthy shift was underway in Cardano’s development landscape, as it outpaced notable cryptocurrencies like Hedera [HBAR], Chainlink [LINK], and Cosmos [ATOM].

This heightened activity suggested a commitment to innovation and potential enhancements in the network’s capabilities.

In terms of recent activity on the Cardano network, a notable spike was witnessed in daily interactions and transaction volumes. This spike indicated growing user engagement and interest in the protocol.

Source: Artemis

Despite the overall positive trend, the decentralized exchange (DEX) volumes on Cardano have shown a decline over the past month. However, the total value locked (TVL) within the DEX ecosystem has continued to grow, indicating ongoing interest in Cardano’s DeFi sector.

Source: Artemis

While development and activity thrived, there’s been a noteworthy decrease in the fees generated on the protocol. Over the last month, fee earnings saw a 33% decline, according to Token Terminal.

A lot at stake

In the realm of staking, Cardano has been witnessing a steady increase in the number of ADA holders participating as stakers. However, it’s crucial to note that the reward ratio for ADA stakers has experienced a decline.

This adjustment could influence staking behavior and the overall staking landscape.

Source: Staking Rewards

Is your portfolio green? Check out the ADA Profit Calculator

Shifting our focus to price and trading dynamics, Cardano’s price experienced a dip, settling at $0.263. Simultaneously, the trading volume exhibited a significant spike, reaching a substantial 237.35 million.

Source: Santiment

Delving into trader sentiment, a remarkable trend emerges. Short positions have surged to 52.13%, signifying a prevailing bearish sentiment among traders. This sentiment could be driven by a multitude of factors, including market developments and technical analysis.

Source: Coinglass


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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