Cardano Beats Polkadot and Kusama in Dev Activity; Reached at Top
The popular smart contract platform Cardano is making buzz for maintaining the top position in terms of development activity by beating Polkadot ($DOT) and Kusama ($KSM).
As per the data of on-chain analytics firm Santiment which describes that Avalanche ($AVAX) claimed the fourth position and Optimism ($OP) secured its place in the top 10 cryptocurrencies by development activity. The data was posted on the social media platform X by Santiment.
Source: X
Development activity is a term that refers to the work done by a specific cryptocurrency project. The high development activity ensures the project is genuine not a scam. However, the Santiment. metric focuses on the events that include different actions taken on GitHub repositories like as pushing a commit or branching a repository.
The technique is more effective and doesn’t rely only on commits as it prevents duplication or inaccuracies.
As per the data of Santiment, Cardano witnessed a development activity of 540 in the previous month. However, the Polkadot [DOT] and Kusama [KSM] noted a development activity of 358.
The data of the Santiment came when the TVL (total value locked) on Cardano’s DeFi protocol recently reached the high mark of $400 million with the price of the network’s native token. ADA has raised more than 9% in a week. It has raised more than 150% in 2023.
In 2023, the Cardano network has grown exponentially. IOG’s weekly development report was released in November. The report presented that the network has seen the launch of 152 projects and 1,307 projects are currently building on and above it.
Last year, the platform completed 79.7 million transactions, which demonstrates the growing adoption and usage of the Cardano network.
The report also revealed that there were 9.1 million native tokens circulating in the Cardano ecosystem; 81,621 token policies govern the ecosystem. Moreover, the deployment of Plutus scripts is a set of tools for smart contract developments and it has reached a count of 6,260 for version 1 and 4,981 for version 2. It represented Cardano’s speedy progress in smart contract deployment and execution.
What Technical Data Says About Cardano
On the technical charts, Cardano price is trading above the key moving averages and taking resistance from the level of $0.677. The MACD is trading in the bullish zone and the RSI is also near the overbought zone showcasing bullish momentum. Overall, the technical indicators are pointing at the continuation of bullish momentum.
Source: Tradingview
At the time of publication, the Cardano price is trading at $0.617 with an intraday drop of 2.68%. The current trading volume is 1.363 Billion with a market cap of 21.744 Billion.
This year ADA price performance was remarkable as it gave 150.41% returns year to date and 114.63% in 6 months. In the last 3 months, it rose by 147.39%, and last month it gave returns of 62.96%.
Disclaimer
The information contained in this article is intended for informational and educational purposes only. It should not be construed as financial, investment, or trading advice. Investing and trading involve risk, and you should carefully consider your circumstances and risk tolerance before making any investment decisions.
