Cardano has often come under fire from those in the crypto space who have often mocked the apparent ‘lack of growth’ of the network. The blockchain’s decentralized finance (DeFi), which continues to be far behind other sectors, has seen this criticism rise in particular. However, the talks of Cardano being a ‘dead’ blockchain could not be further from the truth given how much development is being carried out.
It’s One of the Most Active
Cardano Network’s development shows just how far the blockchain has come. The nature of crypto investors is to base their judgments on blockchains only on how hyped they are and not what actual progress has been made. This hasn’t been a great trend.
Evan Van Ness (Ethernet maximalist) had posted on Twitter two weeks back to denigrate Cardano’s low activity. But the statistics are now in, and Cardano was found to have the highest level of development.
According to Coin98 Analytics’ report, Cardano was 2nd in blockchains with most active developers. This blockchain was ranked second to Ethereum, but it was higher than the most popular ones in this space. It ranks higher than big players like Polkadot, Solana and Bitcoin.
Number of active developers:
1. Ethereum
2. Cardano
3. Polkadot
4. Cosmos
5. Solana
6. Near
7. Hedera
8. Elrond
9. Bitcoin
10. Polygon
11. Celo
12. Algorand
13. Avalanche
14. Waves
15. Optimism
16. Mina
17. Tron
18. Fantom pic.twitter.com/M4dDfFImaG— Coin98 Analytics (@Coin98Analytics) October 15, 2022
Cardano (ADA). On the Charts
Cardano’s price has fallen more than any other blockchains over the past year. The digital asset has seen a decline of more than 88% since its peak price. However, it still has some fighting to do in the bear market.
Source: ADAUSD on TradingView.com| Source: ADAUSD on TradingView.com
CryptoQuant reported that the digital currency was oversold based on the Relative Strength Index. This indicates that the asset may see a rebound. The general market sentiment does not bode well for the digital assets. In the next few days, there could be additional sell-offs of the digital asset.
Although some indicators suggest that Cardano’s price will drop below $0.25, it has managed to stay above $0.35 for now, which has proved crucial support.
Active developments on blockchain are a positive sign for cryptocurrency. IOG (the developer of Cardano) has confirmed the deployment of 102 projects on the Blockchain so far. There are now 6.4 Million native tokens covering more than 63,000 policies.
Featured image taken from Analytics insight. Chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…