- Cardano’s development activity has reached new heights with increasing code commits.
- Daily active addresses and transactions on the network have decreased significantly.
Cardano (ADA) has witnessed a huge surge in terms of development activity over the past few weeks. As a result, Cardano outperformed other cryptocurrencies in this respect.
Coders “commit” to Cardano.
Cardano has achieved the highest number of code commits in the past 365 days, surpassing Ethereum, Polkadot, and the BNB network, according to new data.
Code commits are essentially changes to the source code, and having the highest number means active and ongoing efforts to improve the Cardano network.
The high number of code commits may be a result of the development team attempting to meet the goals set for 2024. Cardano’s technical director recently took to Twitter to reveal what the Cardano team sets out to achieve this year.
Yay diya. I’m back. This year’s roadmap:
– Keep building amazing OSS (Ogmios upgrade coming + Kupo read replica).
– Additional Aiken tools (property testing and off-chain code generation from blueprints)
– Awesome tech-focused conference: https://t.co/ulMdFaocUl
– More training
– Gather💝
— KtorZ (@_KtorZ_) January 2, 2024
network status
At press time, the network’s situation looked bleak. Cardano’s daily active addresses have plummeted over the past few days. Along with this, the daily transactions taking place on the network have also decreased.
Source: Artemis
Additionally, the DeFi sector saw a sharp drop in TVL and DEX trading volume on the Cardano network. A slowdown in the DeFi sector could potentially harm the network’s future prospects.
Source: Artemis
As for the NFT sector, Cardano NFT trading volume has remained consistent over the past month.
On average, the daily trading volume for these NFTs was around $120,000. OMEN and Ape Society collections were the most dominant in this field and accumulated a large market share.
Source: OpenCNFT
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Considering the price of ADA, the outlook for the token appears bearish. Over the past month, ADA price has seen several lower highs and lower lows. This is a sign that the price is in a bearish trend.
Moreover, the speed at which ADA is traded has also dropped, suggesting that ADA is not being traded at a high frequency.
Source: Santiment