Cardano’s development activity could help the Ethereum killer weather the crypto winter

  • Cardano ranks first among leading blockchain protocols in 2022 in terms of development activity.
  • The Ethereum killer surpassed Polkadot, Cosmos, Elrond, Optimism and others at the top of the developer activity rankings.
  • The total value locked on the Cardano network has steadily declined during the crypto winter.

Cardano, a smart contract network considered as an alternative to Ethereum, has witnessed the highest development activity compared to other altcoins in the crypto ecosystem. A surge in development activity could boost sentiment among ADA holders as the altcoin struggles to erase losses from the crypto winter.

Also Read: XRP Price Forecast 2023

Cardano development activity leaves competitors biting the dust

Cardano is a smart contract blockchain network developed by blockchain engineering firm Input Output Global and led by Charles Hoskinson. During 2022, the Cardano ecosystem was at the top of the development activity charts on its blockchain.

Based on data from crypto intelligence tracker Santiment, the Ethereum alternative ranks first in the list of the top 10 networks by development activity.

When the assets ranked in the top 10 list are ranked by return on investment (ROI) since it is a USD token sale, it is as follows.

ICP – 1.01

FLOW – 6.84

DOT – 14.9

EGLD – 51.0

ATOM – 93.5

ADA – 102

MATIĆ – 301

ETH – 385

Cardano ranks eighth on the list with an ROI of 102. It’s important to note that despite reaching development milestones and huge ROI for owners, the altcoin lags behind in total locked-in value. This metric is the DeFi equivalent of total market capitalization.

Cardano lags behind in Total Value Locked

Based on data from DeFi tracker DappRadar, multiple decentralized applications in the network were unable to invite users to their platforms. Cardano’s popular frappes Miniswap and SundaeSwap lost 10% and 16.42% of active wallet addresses, respectively.

dApp activity on CardanodApp activity on Cardan

A drop in dApp activity prevented the total value of Cardano from being locked up.

DefiLlama, a DeFi data aggregator, revealed that Cardano’s TVL has dropped significantly. In the last few months of 2022, the total TVL generated by Cardano dropped from $58 million to $50 million.

Cardano TVLCardano TVL

It remains to be seen whether the rapid development activity on the Cardano network will help the Ethereum killer erase the losses of the crypto winter. The price of Cardano is largely unchanged over the past 24 hours.

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