Crypto News– Cardano (ADA) has faced challenges in the latter half of 2023, grappling with regulatory disputes and stiff competition from layer-2 networks like Base, Arbitrum, and Optimism. While each of these Layer-2 networks has surged to record highs in daily throughput and user adoption rates, Cardano has appeared to stagnate.
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In a bid to regain its status as an ‘Ethereum killer,’ recent on-chain data compiled by Santiment reveals a significant increase in developer activity on the Cardano network. As depicted in the chart below, the Cardano Development Activity score has risen from 454 to 559 between July 19 and September 24. Interestingly, while developer activity has been on the rise since July 20, ADA’s price has experienced a 25% drop from $0.32 to $0.24. This suggests a strong determination on the part of the Cardano team to persevere despite the lackluster price performance.
Rather than conceding ground, the Cardano development team has spent the majority of H2 2023 focusing on project development and enhancing existing features to position themselves favorably for the next bull market. After dedicating over two months to intensive ‘BUIDLing,’ Cardano has now claimed the top spot globally in crypto development activity. The snapshot below highlights the top 5 projects actively in development.
As illustrated, Cardano leads the pack, surpassing Polkadot (DOT) and Kusama (KSM) in the top 3. Meanwhile, Chainlink (LINK) and Hedera (HBAR) are intensifying their development efforts to meet the growing demand for Real World Assets (RWA) and Micropayments, respectively.
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Development activity serves as a barometer for gauging the level of attention, resources, and expertise directed toward enhancing a blockchain network. When a blockchain network continues to roll out new features and expand its capabilities, even during a period of price decline, it reinforces investor confidence in its long-term sustainability.
Throughout the year 2023, the Cardano team has introduced several notable projects, including Hydra Pay and the native Djed stablecoin. It’s worth noting that historical data often reveals that ADA’s price trends have not consistently mirrored fluctuations in development activity. Nonetheless, the substantial contributions from smart contract developers have played a pivotal role in the remarkable 250% growth in Cardano’s total value locked (TVL) during 2023.