Most of the cryptocurrency industry is still struggling to recover its value from the consequences of the FTX crash, leaving one of the worst years in the industry’s history behind, but Cardano (ADA) is making strides in the development activity department.
Cardano (ADA) has become the best crypto protocol! What is the price expectation?
According to the list released by on-chain and social measurement platform Santiment on Dec. 30, Cardano was rated as the best blockchain protocol based on development event in 2022, followed by Polkadot (DOT) and Cosmos (ATOM).
Development activity of the top 10 blockchains according to this indicator in 2022. Source: Santiment
Ethereum (ETH) that went through the big Merge update this year took fourth place, followed by Internet Computer (ICP), Elrond (EGLD), Flow (FLOW) Optimism (OP), Aptos (APT), and Polygon (MATIC) in 10th place. .
The Cardano team’s development activity rates for the entire year 2022 were the highest of all observed protocols, but ADA was ranked sixth in terms of return on investment (ROI) since the token sale.
continuous improvement
For Cardano, the latest results are a confirmation of its previous success, given that development activity rates on public GitHub repositories in November were 18% higher than the next highest asset, which recorded 572.67 created events.
On top of that, Cardano’s mainnet activities saw significant growth in 2022, with the smart contract feature reaching 4,445 contracts as of December 16, a growth rate of 394% compared to 2021.
At the same time, native tokens on the platform increased by 192% to 7.3 million, transactions on Cardano increased by 139% to 56.9 million, and the number of wallets exceeded 3.8 million. (47% increase over the previous year)
Meanwhile, Cardano founder Charles Hoskinson revealed that his team is working on a new privacy-focused blockchain called Midnight, which aims to solve the privacy issue of smart contracts, as Finbold reports.
Previously, Cardano developers re-enabled the testnet version of the Djed stablecoin, which was released at the end of September and offers new capabilities, including compatibility with the Vasil hard fork, which offers enhanced smart contract functionality.
Cardano price analysis
Elsewhere, the price of Cardano’s native token ADA is changing hands at $0.2421 at the time of writing, down 1.39% on a day-to-day basis and 6.59% over the previous week, as shown in the charts.
Cardano 7 day price chart. Source: Finbold
Currently, the cryptocurrency is currently the ninth largest cryptocurrency by market cap of $8.36 billion, according to data from crypto tracking platform CoinMarketCap on Dec.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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