Cardano: Can a high development activity really help ADA

Journalist

Posted: December 17, 2023

• Though development activity was high, ADA’s chart remained red.
• Cardano’s performance in DeFi was commendable, as its TVL spiked. 

Cardano’s [ADA] development activity has surged constantly over the last seven days. This looked optimistic, as it suggested more efforts were being made by the developers to improve the network.

In fact, the blockchain recently posted its weekly report highlighting these efforts.

A look at Cardano’s development activity 

AMBCrypto’s analysis of Santiment’s data revealed that Cardano’s development activity continued to increase throughout the last week. Not only that, but the blockchain’s total number of development activity contributors count also remained high. 

Source: Santiment

The reason behind this surge could be found in the blockchain’s latest weekly development report, which was this year’s last edition.

As per the report, the core technology team pushed an update to provide teams with time to update their components in preparation for the v9.0 release.

The Plutus team, which works in the smart contract segment, made efforts that resulted in moderate and significant improvements to the costs and sizes of most scripts.

While the Plutus team worked on smart contras, its scaling team, Hydra, released version 0.14.0, which makes the Hydra network more resilient.

Apart from these, the report also mentioned updates stats of the network.

ADA’s total transactions crossed the 80 million mark, while its total number of native tokens reached 9.17 million. As per the report, over 1,300 projects were building on the blockchain, while 153 projects have already been launched.

ADA investors aren’t happy

While Cardano boasted its high development activity, its native token ADA’s price action remained bearish. This was evident from the fact that its value dropped by over 2% in the last seven days.

At the time of writing, it was trading at $0.6112 with a market capitalization of over $21.5 billion.

Read Cardano’s [ADA] Price Prediction 2023-24

Nonetheless, the blockchain’s performance on the DeFi front looked promising.

AMBCrypto’s look at DeFiLlama’s data revealed that the blockchain’s TVL spiked considerably in the recent past. At press time, ADA’s TVL stood at $529.55 million.

Source: DeFiLlama