Cardano Recaptures Top Spot On Github – Is ADA’s Moonshot Guaranteed?

Cardano dominated development activity, beating out other major players. ADA bears relinquished their brief dominance, paving the way for bulls to extend their rally.

During the first half of January, we observed that Cardano was one of the most active blockchain networks. Fast forward to now, and Cardano manages to hold onto the top spot in terms of development activity.

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Findings on the dominance of Cardano development activity are provided by ProofOfGitHub. The latter keeps tabs on the day-to-day development activity on GitHub.

The most recent report is based on observations made within the past 24 hours at the time of writing. The findings show that Cardano managed to outperform competitors such as Polkadot.

GitHub daily development activity:

#1: 792 Cardano
#2: 769 Polkadot/Kusama
#3: 613 status
#4: 501 Filecoin
#5: 475 Internet Computers
#6: 435 Cosmos
#7: 423 Iota
#8: 364 Uniswap
#9: 359 Ivy
#10: 344 streams

– ProofofGitHub (@ProofofGitHub) January 21, 2023

While a high level of development activity can go a long way towards increasing investor confidence, it is more important to consider what is being developed. Another recent Cardano moderator pointed to a report showing that Cardano currently has over 4,800 smart contracts. In addition, there are more than 1,100 projects in development on the network.

Interested in learning more about our latest ecosystem report? PM us or email us at [email protected]

— Input Output Media (@IOHKMedia) January 20, 2023

Cardano’s development activity metrics show that the network has maintained a healthy level of development over the past 12 months. This is despite the fact that ADA has experienced severe headwinds during the same period.

Development activity on the network dropped to a minimum during the holidays, but has since resumed. Another interesting observation about Cardano is that the trend is shifting in favor of daily on-chain transaction volume profits rather than losses.

Losing volumes dominate, especially towards the end of the year, while profitable volumes dominate in January 2023.

Cardano daily on-chain volume profit and loss

Source: Santiment

A key point to note is that volume is currently relatively low compared to three-month highs. This reflects ADA’s strong rally since early January.

Notably, ADA bears briefly regained dominance mid-month, but it was short-lived and the cryptocurrency has now hit a new 2-month high.

Cardano ADA Price Chart

Source: TradingView

How much is 1,10,100 ADA worth today?

ADA’s continued rally also reflects a continued increase in volatility. This is backed by a surge in weighted sentiment since mid-January, confirming investors’ optimism or bullishness on ADA’s outlook.

Cardano price volatility and weighted sentiment

Source: Santiment

Judging by its price action and strong development activity, Cardano has certainly had a healthy start to the year. It will be interesting to see how these factors will affect the performance of the network and the value of ADA in the coming months.

Information source: compiled from AMBCRYPTO by 0x information.Copyright belongs to the author, without permission, may not be reproduced

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