Cardano (ADA) maintains its position as one of the best-performing cryptos in terms of development activities, overtaking Ethereum and aiming to reclaim the top spot.
The Cardano’s Plutus Scripts including Version 1 and Version 2 records a significant increase of 171.45% since the beginning of the year.
Cardano’s ecosystem has experienced incredible growth on all fronts with developer activities greatly surpassing industry giants and targeting to dominate with a huge gap at the top. Having overtaken Ethereum in terms of average daily developer activity on GitHub throughout December 2023, Cardano maintained the pace, ranking ahead again in terms of Core Commits between March 11 and March 17.
According to a Crypto News Flash publication, ADA recorded 978,780 Core Commits, more than doubling Ethereum’s 407,170 within the same time frame. Interestingly, not much of a difference has been recorded as Santiment data reviewed by Crypto News Flash discloses that Optimism (OP), Cardano (ADA), and Hedera (HBAR) rounded up by Polkadot (DOT) and Kusama (KSM) make up the top five list of most active cryptos in terms average daily activities over the last 30 days. Ethereum (ETH) is positioned 8th with Chainlink and ETHStatus occupying the 6th and the 7th positions respectively.
Santiment explained:
Our platform pulls notable GitHub activity from project repositories via a back-tested process to ensure only a team’s significant efforts to innovate and improve are included.
Cardano (ADA) Records Major Growth in Network Activities
Earlier this year, Cardano topped the development activity ranking leaving behind Polkadot (DOT) and Kusama (KSM) in the second and third positions while Ethereum placed tenth. As captured in official reports, the progressiveness of the Cardano’s ecosystem transcends this category to other areas such as the daily active wallets which have equally leaped to 600K. Its Decentralized Finance (DeFi) ecosystem also peaked nearly at $600M, indicating an increasing user engagement and growing confidence within the Cardano ecosystem.
The network has also, witnessed a significant increase in the number of Plutus Scripts including versions 1 and 2, garnering a 171.45% surge since the beginning of the year. Interestingly, this has resulted in the addition of 500 new smart contracts daily, underscoring its commitment to improving blockchain functionality and user experience.
Unexpectedly, these incredible milestones have failed to impact the price of ADA which has taken a U-turn on the price curve to decline by 6% in the last 24 hours. ADA’s current price of $0.47 sits right above a support zone in which its failure to sustain its level could be fatal.
However, analyst Ali Martinez has observed that the asset made an explosive run of 75% the last time its MVRV Ratio dipped below 22%. This was confirmed by crypto analyst Dan Gambardello who used the ADA-BTC chart to analyze its future movement. According to him, ADA is usually the last to take off, and once it does, it rallies to a new all-time high.
Just like last cycle as we head into Bitcoin halving and parabolic altcoin season, Cardano is an underdog. Even though I’ve been talking about this non-stop, people are once again sleeping on this chart. When ADA takes off, it will be epic!
