Cardano Reigns As The Most Developed Crypto Asset As ADA Leaps Forward

Historically Accurate Cardano On-Chain Metrics Suggest ADA Price Could Triple In Near Term

Cardano has emerged as the blockchain network with the most robust development activity in the last 30 days, according to data from Santiment.

Per data from the on-chain analytics platform, the Cardano blockchain’s GitHub code repository recorded 18% more developer activity than any other blockchain after filtering out routine updates. The repository clinched over 500k significant development updates in the last 30 days.

“Cardano is head and shoulders above all other crypto assets on development activity. Our GitHub tracking data filters out routine updates like Slack updates,” Santiment wrote.

Polkadot clocked in second in the ranking with over 486k updates to its repository. Kasuma, Cosmos, Ethereum, Internet Computer, Status, Decentraland, Filecoin, and Vega Protocol rounded off the rest of the top ten networks by GitHub developer activity. 

The finding is a change from development activity data for September and October that saw the Polkadot/Kasuma combined repository record the highest level of developer activity.

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ADA price set to surge?

Cardano blockchain’s dominance of the metric is also coming after its ecosystem has seen the announcement of several new projects. During November, Cardano core research and development company Input Output Global (IOG) revealed plans to introduce a new data protection-focused side chain called Midnight with a token named DUST.

IOG also announced Hydra for Payments, a fully open-source developer toolkit that will simplify and introduce new use cases for its layer 2 scaling solution, the Hydra Head Protocol.

Hydra for Payments will allow developers to deploy Hydra Heads to implement use cases for their decentralized applications, including bank-to-bank transfers, pay-per-use API services, NFT auctions, and light wallet micropayments.

Projects building on Cardano were not left out of the fun as COTI announced that Djed—Cardano’s first formally verified, crypto-backed pegged algorithmic stablecoin—would launch in January 2023.

On the negative side, the ecosystem saw its first significant rug pull and failed project. Ardana, a stablecoin project, as well as Orbis, a layer-2 solution utilizing zkSNARK roll-up tech, both announced that they were halting development due to funding issues.  

Despite the majorly bullish ecosystem developments, ADA, the native token of the Cardano blockchain, has continued to trade with considerable volatility. At the time of writing, ADA is trading at $0.32, up 2.25% in the last 24 hours. The crypto asset is down around 19% in the one-month period and 75.8% year-to-date (YTD).