- Cardano dominates in development activity, beating other key players.
- ADA bears relinquish brief dominance, paving way for the bulls to extend their rally.
In the first half of January, we observed that Cardano was among the blockchain networks with the highest development activity. Fast forward to the present and Cardano managed to secure the top spot in terms of development activity.
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The findings about Cardano’s development activity dominance were courtesy of ProofOfGitHub. The latter keeps tabs on daily development activity on GitHub.
The recent report is based on observations made in the last 24 hours at the time of writing. The findings revealed that Cardano managed to outperform rivals such as Polkadot.
GitHub Daily Development Activity:
#1: 792 Cardano
#2: 769 Polkadot / Kusama
#3: 613 Status
#4: 501 Filecoin
#5: 475 Internet Computer
#6: 435 Cosmos
#7: 423 IOTA
#8: 364 Uniswap
#9: 359 Hedera
#10: 344 Flow pic.twitter.com/jzqvXkbXap
— ProofofGitHub (@ProofofGitHub) January 21, 2023
While the high levels of development activity are great for boosting investor confidence, it is more important to consider what that development is about. Another recent Cardano host points to a report which reveals that Cardano currently has more than 4,800 smart contracts. In addition, over 1,100 projects are under development on the network.
Interested in finding out more about our latest ecosystem report? DM us or email email@example.com https://t.co/RskqpAhBe8
— Input Output Media (@IOHKMedia) January 20, 2023
Cardano’s development activity metric reveals that the network maintained healthy development levels in the last 12 months. This is despite the harsh downside that ADA experienced during the same time.
The network’s development activity dropped off to its lowest level during the holiday break but has since recovered. Another interesting observation about Cardano is that the tide is shifting in favor of daily on-chain transaction volume in profit as opposed to those in the loss.
Transaction volume in loss dominated especially towards the end of the year while transaction volume in profit took over for the most part in January 2023.
One key point to note is that transactions are relatively low now compared to their three-month highs. This reflects ADA’s strong rally as observed since the start of January.
Notably, ADA bears briefly regained dominance during mid-month but that was short-lived and now the cryptocurrency has achieved a new 2-month high.
ADA’s extended rally also reflects a continued increase in volatility. This was backed by a surge in weighted sentiment since mid-January, confirming that investors were optimistic or bullish about ADA’s prospects.
Cardano is certainly off to a healthy start this year judging by both its price action and strong development activity. It will be interesting to see how these factors will play out in the network’s performance as well as ADA’s value in the next few months.