Journalist
Posted:
- Cardano has seen the highest developer activity in the past month.
- The NFT sector has witnessed an increase in sales volume over the past thirty days.
Cardano [ADA] has emerged as a leader and boasts the highest developer activity in December, according to data from Santiment.
🧑💻 Being here #crypto‘s top coins by development activity. Remarkable #github commits, last 30 days:
1 @cardano $ADA
2 @dot $POINT
3 @kusamanetwork $KSM
4 @avax $AVAX
5 @dfinity $ICP
6 @hedera $HBAR
7 @cosmos $ATOM
8 @optimismeFNP $OP
9 @ethstatus $SNT
10 @chain link $LINK pic.twitter.com/ilpWhbksj4— Santiment (@santimentfeed) December 26, 2023
Development activity is an important metric because it provides insight into a crypto project’s commitment to creating a working product and the likelihood of new features coming to market.
High development activity often reduces the chance that the project is an exit scam.
This metric tracks the number of unique contributors to development activities, the number of events for a project, and the number of unique contributors to GitHub activities.
According to Santiment, Cardano saw development activity of 540. Dot in the past month [DOT] and Kusama [KSM] lagged behind and both registered a development activity of 358.
User activity is plummeting on Cardano
A review of Cardano’s on-chain operations found that network demand has declined since December 9. According to data from Artemisthe daily number of unique addresses that have completed at least one transaction on Cardano has since fallen by 46%.
Due to the decline in the number of unique wallets transacting on Cardano every day, the number of daily transactions on the network has decreased.
On December 24, 75,020 transactions were registered on-chain, a decrease of almost 35% from the 113,030 transactions registered on December 9.
Source: Artemis
While other leading Layer 1 blockchain networks have seen their decentralized finance (DeFi) Total Value Locked (TVL) increase in recent weeks, Cardano has experienced a decline.
Since December 9, Cardano’s TVL has fallen 3%. At the time of writing, the network’s TVL was $405 million, according to data from DefiLlama.
However, it’s worth noting that Cardno’s TVL is up nearly 750% this year. As of January 1, the network’s TVL was $48 million.
Source: DefiLlama
The recent dip in Cardano’s TVL may be due to the decline in the volume of trades executed through on-chain decentralized exchanges (DEXs) in recent weeks.
Artemis data shows that Cardano’s DEX volume has fallen 28% since December 9.
Read Cardanos [ADA] Price forecast 2023-24
Interestingly, the month so far has been marked by an increase in sales volume for the network’s non-fungible token (NFT) vertical.
AMBCrypto found that NFT sales on Cardano in the past 26 days totaled $7.04 million, a 50% increase from the recorded sales volume of $4.71 million in November.
Source: CryptoSlam