Source: Immersion Imagery – Shutterstock
- In terms of development activity, Cardano surpasses Polkadot and Ethereum as the network launched over 570 projects in November.
- Despite the completion of the long-awaited Vasil upgrade, the network’s native token has been overwhelmed by price movements as the FTX debacle intensifies.
Cardano has been making headlines for its cryptocurrency performance metrics, but few industry analysts predicted it would come to fruition. As revealed in the latest update from Santiment, ADA surged higher than other tokens, positioning the token as the most developed among other crypto assets.
Cardano is the most actively developed digital asset, with over 570 Cardano build projects created on GitHub in the past month, according to data from blockchain tracking platform Santiment. Cardano thus has 18 percent more projects than its closest rival, Polkadot. These Cardano-built projects are 35% better than Ethereum, the second largest cryptocurrency that ranks fifth in terms of assets with significant upgrades implemented.
However, Ethereum leads the day-to-day development activity, with Cosmos in second place and Cardano in third. Data on GitHub reveals that the Cardano node has consistently attracted the attention of the largest developers. A node is another aggregator of the entire Cardano system.
emotional data. Source: Twitter.
— Santiment (@santimentfeed) December 1, 2022
ADA price impact
Cardano development activity is expected to increase the price of its native token, ADA. However, the opposite is the case as the asset did not respond positively to increased development activity. Over the past few weeks, the price of ADA has fallen despite being largely unaffected by the FTX debacle.
ADA has also fallen against Bitcoin, which has been responsible for its fair share of market turmoil.While ADA has not reacted positively to the increased level of development activity on the Cardano network, these The activity may boost future market success.
Still, in a bear market like the one going on, a drop in ADA is less of an issue. What is important in this scenario is what unfolded during the downturn in anticipation of future bullish trends.
What next for Cardano?
Even before the collapse of FTX, Cardano’s governance token has seen increased volatility as investors await the possible outcome of the Vasil upgrade. Fast-forward a few weeks, and the collapse of the FTX ecosystem and the contagion that came with it turned investors away from his ADA investments. Nevertheless, Cardano developers continue to work on improving the utility of the network.
However, regardless of the network’s development and improvement, the current bear market has significantly prevented the network from reaching its full potential. lost. Industry experts say a rise is unlikely any time soon. As a result, Cardano network investors looking for short-term gains may be forced to consider other options, even if the asset promises future growth.
Nevertheless, despite the completion of the long-awaited Vasil upgrade, the network’s native token has been overwhelmed by price action as the FTX debacle intensifies. It determines how far the can be reversed.