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According to Santiment data, Cardano remains among the top five fastest developed assets in the last 30 days. In terms of development activity, Santiment reports that Uniswap, Solana and Cardano have been the fastest developed over the last 30 days.
With 386 notable Github submissions per day from its developers, Cardano clinched third place in 30-day development activity. Uniswap remains the fastest developed project on the market and maintains first place with 1,070 Github submissions per day, while second place is held by Solana.
Santiment’s metric tracks the development data of thousands of public Github repositories. With more users contributing to a project, the higher place it gets in the ranking.
While development activity has little to no impact on near-term market prices, it may be a healthy indicator of the project’s long-term growth. Cardano topped the most developed assets in 2021, U.Today previously reported.
Cardano founder Charles Hoskinson recently shared the good news of the first Hydra Heads launching on the public Cardano testnet. Hydra Heads, the first in a suite of protocols, is a critical element in Cardano’s scaling journey. Hydra refers to a collection of Layer 2 solutions aimed at improving network security and scalability.
With the release of smart contracts technology for the Cardano blockchain, more developers have started to utilize the network and release various use cases. Cardano’s total value locked, or TVL, continues to grow. According to the DeFi LIama tracking service, $223 million is currently locked in various contracts built on the Cardano network. With the inclusion of staking, Cardano’s TVL is greater and stood at $313 million at press time.
Although the groundwork for future improvements in the Cardano ecosystem has been built, the ADA price has failed to catch up, as it remains down nearly 75% from its all-time high of $3.10. ADA is presently trading in a tight range at $0.85, hinting at an upcoming major price movement.
According to IntoTheBlock data, ADA has a 60% 30-day correlation with BTC; therefore, traders and investors should keep a close eye on Bitcoin’s price action.
Tomiwabold is a cryptocurrency analyst, technical analyst and experienced fund manager. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.