- Cardano has taken the top spot for notable network development among crypto projects according to blockchain analytics firm.
- This not only demonstrates the confidence developers have in the network but suggests that new features are coming.
Recent data shows that Cardano is making headways in the blockchain space. According to Blockchain analytics firm Santiment, Cardano has topped all other crypto projects with 611.47 notable GitHub commits in the last 30 days. This is a major accomplishment for the Ethereum competitor. Interestingly, Ethereum ranked tenth in notable development activity.
Cardano was previously behind Polkadot and its canary test network Kusama. Polkadot and Kusama have now slipped lower and made way for Cardano. Polkadot and Kusama have recorded 500.67 GitHub commits in the past 30 days, leaving them tied for second place.
🧑💻 Here are #crypto's top coins by development activity: notable #github commits, past 30 days:
1 @Cardano $ADA
T2 @Polkadot $DOT
T2 @kusamanetwork $KSM
4 @hedera $HBAR
5 @vegaprotocol $VEGA
6 @chainlink $LINK
7 @ethstatus $SNT
8 @dfinity $ICP
9 @cosmos $ATOM
10 @ethereum $ETH pic.twitter.com/LUSDsSmxw7— Santiment (@santimentfeed) October 6, 2023
The recent update illustrates the confidence that blockchain developers have in the Cardano network. It also reaffirms those involved with the network, that it is headed in the right direction. Furthermore, as developers work on new projects and features in the network, this will expand its utility to drive mass adoption.
Despite the bearish market, Cardano has continued to demonstrate its superiority in the space. A recent comparison of year-on-year development and growth has shown in numbers the incredible milestones achieved. Shared on X by a Cardano builder, the latest data shows that the network has recorded over 24.8 million transactions, witnessed the launch of more than 44 projects, hosted over 2.9 million native tokens, and facilitated more than 6687 Smart contracts. Earlier this week, CNF reported on the meteoric rise in staking with ADA staking skyrocketing to a new H2 2023 peak.
#Cardano fam, it’s the weekly dev update.
For a change wanted to compare today with this time last year.
In 1 year:
+24.8 million transactions
+44 projects went live
+2.9 million native tokens
+6687 Smart contractsThis is incredible YoY development and growth. Especially… pic.twitter.com/6JhYpaccE1
— Chris O (@TheOCcryptobro) October 6, 2023
Despite these remarkable achievements, Cardano’s native token ADA has suffered a bearish fate for the past year. At the time of press, ADA is down y 2 percent and is trading at $0.24. According to the weekly chart, the digital asset has lost nearly 5 percent. Even worse, ADA has lost more than 90 percent of its value in the last 2 years after reaching its all-time high of $3.09 in 2021.
Recently, a market analyst highlighted some unique similarities between Cardano and Amazon. In 2001, Amazon’s stock (AMZN) lost more than 90 percent of its value having reached its all-time high of $5.25 in 1999. At the time, Amazon CEO Jeff Bezos was clear that the company needed to focus on building and value would follow. Cardano founder Charles Hoskinson has also made similar remarks.
The market commentator notes that buying ADA in 2023 at current prices is like buying AMZN back in 2001.
In 1999 Amazon Stock reached an all time high of $5.25! In 2001 Amazon dropped down to $0.30!📉
Sound familiar?😏
Purchasing $ADA in 2023 will be looked at as the equivalent to buying Amazon stock in 2001 but with more potential because $ADA has unlimited utility! Cardano!🌐👑
— Lucid (@LucidCiC) September 3, 2023
Since its launch, Cardano has demonstrated it has unlimited potential with continued growth and adoption. As outlined by a majority of market experts, in the next true bull run, the project and its native token will be one to watch.
