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- Despite high development activity, ADA’s chart was still red.
- Cardano’s performance in DeFi has been commendable, with TVL surging.
Cardano (ADA) Development activity has continued to surge over the past seven days. This seemed optimistic as it suggested developers were putting more effort into improving the network.
In fact, Blockchain recently published a weekly report highlighting these efforts.
A look at Cardano’s development activity
AMBCrypto’s analysis of Santiment’s data shows that Cardano’s development activity continued to increase throughout the past week. Additionally, the overall number of contributors to blockchain development activities has also remained high.
Source: Santiment
The reason for this surge can be found in Blockchain’s latest weekly development report, the last edition of which this year.
Depending on the reportThe core technical team pushed the update to give the team time to update components as they prepare for the v9.0 release.
The Plutus team working in the smart contract sector has worked hard to make the cost and size of most scripts reasonable and significantly improved.
While the Plutus team is developing Smart Contra, its expansion team, Hydra, has released version 0.14.0, making the Hydra network more resilient.
Apart from this, the report also mentions network statistics updates.
ADAThe total number of transactions exceeded 80 million, and the total number of native tokens reached 9.17 million. According to the report, more than 1,300 projects are building on blockchain and 153 projects have already been launched.
ADA Investors Are Not Happy
While Cardano boasts high development activity, its native token ADAThe price action of remained bearish. This is evident from the fact that its value has fallen by more than 2% in the last seven days.
That was the case at the time of writing. transaction Its market capitalization is $0.6112, which is over $21.5 billion.
read Cardano (ADA) Price Prediction 2023-24
Nonetheless, blockchain’s performance in the DeFi space looked promising.
AMBCrypto looked at data from DeFiLlama and found that the blockchain has seen a significant surge in TVL recently. At press time, ADA’s TVL was $529.55 million.
Source: DeFiLlama