- Cardano’s development activities reached new heights as the number of code commits grew.
- Daily active addresses and transactions on the network dropped significantly.
Cardano [ADA] There has been a huge increase in development activities in recent weeks. As a result, Cardano outperformed other cryptocurrencies in this regard.
Coders ‘commit’ to Cardano
New data shows that Cardano has achieved the highest number of code commits over the past 365 days, surpassing Ethereum, Polkadot and the BNB network.
Code commits are essentially changes made to the source code, and having the highest number indicates an active and ongoing effort to improve the Cardano network.
The high number of code commits could be a result of the development team trying to achieve the 2024 goals. Cardano’s technical director recently announced on Twitter what the Cardano team wants to achieve this year.
Jo. I’m back. Roadmap for the year:
– Keep building great OSS (Ogmios upgrade coming soon + Kupo read-only replicas).
– More Aiken tooling (property testing and off-chain code generation from blueprints)
– A cool, tech-focused conference: https://t.co/ulMdFaocUl
– MORE education
– MOAR💝
— KtorZ (@_KtorZ_) January 2, 2024
State of the network
At the time of writing, things looked bleak for the network. The daily active number of addresses on Cardano has fallen sharply in recent days. In combination with this, the number of daily transactions on the network also decreased.
Source: Artemis
Moreover, in the DeFi sector, Cardano network TVL and DEX volumes were seen taking a dip. A slowdown in the DeFi sector could potentially hurt the network’s future prospects.
Source: Artemis
As for the NFT sector, the volume on which Cardano NFTs traded remained consistent over the past month.
On average, the daily trading volume of these NFTs was approximately $120,000. The OMEN and Ape Society collections were the most dominant in the space and gained a large market share.
Source: OpenCNFT
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As for ADA’s price, the outlook for the token looked bearish. Over the past month, ADA’s price has shown multiple lower highs and lower lows. This indicated that the price was showing a bearish trend.
Furthermore, the speed at which ADA traded also decreased, indicating that ADA was not traded with a high frequency.
Source: Santiment