02 Dec 2022

Cardano (ADA) dominates all cryptocurrency platforms in terms of monthly development activity

The collapse of FTX, once one of the biggest cryptocurrency exchanges in the world, left the cryptocurrency industry still nursing its wound. Still, the Cardano (ADA) development team is fully committed to expanding the platform.

By: Flagship Team

The on-chain market intelligence platform Santiment's analysis, released on December 1st, revealed that Cardano had the highest development activity in November.

Show Tweet from <blockquote class="twitter-tweet"><p lang="en" dir="ltr">👨‍💻 <a href="https://twitter.com/hashtag/Cardano?src=hash&ref_src=twsrc%5Etfw">#Cardano</a> is head and shoulders above all other <a href="https://twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw">#crypto</a> assets on development activity. Our <a href="https://twitter.com/hashtag/github?src=hash&ref_src=twsrc%5Etfw">#github</a> tracking data filters out routine updates like <a href="https://twitter.com/hashtag/Slack?src=hash&ref_src=twsrc%5Etfw">#Slack</a> updates.<br><br>For more on <a href="https://twitter.com/santimentfeed?ref_src=twsrc%5Etfw">@santimentfeed</a>'s methodology for tracking development activity, read here: <a href="https://t.co/vWQCE4a1nv">https://t.co/vWQCE4a1nv</a> <a href="https://t.co/4KQaCUi1ts">pic.twitter.com/4KQaCUi1ts</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1598415761986703362?ref_src=twsrc%5Etfw">December 1, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The Cardano team's development activity rates in its public GitHub repositories were 18% higher in November than the next-ranked asset, Polkadot (DOT), recording 572.67 generated events compared to Polkadot's 486.13 events over the past 30 days.

Blockchain development activity on GitHub during November. Source: Santiment

It's also crucial to remember that Cardano is also seeing steady growth in the number of smart contracts, with 3,944 scripts recorded as of December 1 and a projected increase of over 300% in the total number of smart contracts based on the Plutus platform in 2022.

The world's first blockchain decentralization index went live in November. The Cardano builder Input Output Global (IOG) then announced the creation of a new resource section for Plutus DApp developers on the Cardano Docs website.

Analyses of Cardano prices

Cardano's native token, ADA, is currently traded for $0.3154, a decrease of 0.1% from the previous day. Still, an increase of 0.56% from the last seven days, as the asset tries to recover from its monthly loss of 19.78% overall.

In addition, NeuralProphet's PyTorch-based price prediction algorithm predicted that ADA would trade at $0.42 by December 31, 2022.

The asset's current price has increased by 33.16% due to this. Despite having the lowest market cap this year in November, according to CardanoDaily data from December 2, Cardano will be able to maintain its ranking among the top 10 cryptocurrencies by market capitalization throughout 2022.

Cardano market cap in 2022. Source: CardanoDaily

Cardano is currently ranked as the ninth-largest decentralized finance (DeFi) asset by this metric, with a market cap of $10.86 billion, according to CoinMarketCap data retrieved on December 2.

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