Cardano ($ADA) Sees Development Activity Surpass That of Other Major Cryptos, Data Shows

Cardano ($ADA) has seen its development activity surpass that of other major cryptocurrencies over the past 30 days as the prices of most top assets in the digital currency space plunge and ADA itself is managing to hold onto the $0.50 level.

According to data from cryptocurrency analytics firm Santiment, Cardano’s development activity, which tracks “the number of GitHub events that the project organization generated” has surpassed that of other major cryptocurrencies including Ethereum ($ETH) and Solana ($SOL).

Next to Cardano came Polkadot and its canary network Kusama, followed by Flow and Filecoin. Among other top projects by development activity are internet of things platform IOTA and metaverse Decentraland.

Looking at Santiment’s data feed, it’s notable that other leading cryptocurrencies including Bitcoin and BNB are far behind the top cryptoassets by development activity, with BTC having a development activity score of 79 and BNB getting a 0.2.

Santiment tracks development events instead of just GitHub commits, as according to the firm its methodology “successfully avoids” specific pitfalls, which for example include projects forking others to “inherit” their commits and contributions.

Cardano’s development activity high comes ahead of the launch of the Vasil hard fork, which is expected to deliver a “massive performance improvement” to the cryptocurrency’s network. The hard forkis a major upgrade that will involve four Cardano Improvement Proposals (CIPs).

The Vasil fork has already seen ADA outperform numerous other cryptocurrencies, even amid a wider cryptocurrency market downturn exacerbated by the collapse of the Terra ecosystem. That performance saw ADA become the seventh-largest cryptoasset by market capitalization, surpassing $XRP.

As CryptoGlobe reported, Cardano’s creator, Charles Hoskinson, has revealed Vasil was delayed until late July because of Terra’s collapse, as the team decided to be extra cautious.

Hoskinson noted that the Cardano development team opted to exercise caution before shipping out the Vasil hard fork after Terra’s ecosystem collapsed, noting he “gave a directive to a lot of the engineers to say we should probably measure three times and cut once given the nature of things.”

Hoskinson added that the code for the hard fork is ready, meaning “you probably could flip the switch and get away with it,” but Cardano decided to add additional tests to the Plutus suite, Cardano’s smart contract platform, and go “above and beyond what we normally do for hard forks.”

Image Credit

Featured image via Unsplash

Source: Read Full Article

click fraud detection