- Cardano ranks first among top blockchain protocols in 2022 in terms of development activity.
- The Ethereum killer outperformed Polkadot, Cosmos, Elrond, Optimism and others to top the development activity chart.
- Total value locked on the Cardano network has declined consistently throughout crypto winter.
Cardano, a smart contract network considered an Ethereum alternative, witnessed the highest development activity when compared to other altcoins in the crypto ecosystem. Spike in development activity could fuel a bullish sentiment among ADA holders as the altcoin struggles to wipe out losses from crypto winter.
Also read: XRP price forecast 2023
Cardano development activity leaves competitors to bite the dust
Cardano is a smart contract blockchain network developed by blockchain engineering firm Input Output Global and headed by Charles Hoskinson. Throughout 2022, Cardano ecosystem topped the charts in developmental activity on its blockchain.
Based on data from crypto intelligence tracker Santiment, the Ethereum alternative ranks first in the list of top 10 networks by development activity.
Top 2022 #blockchain protocols by development activity:
— Santiment (@santimentfeed) December 29, 2022
1) #Cardano $ADA
2) #Polkadot $DOT
3) #Cosmos $ATOM
4) #Ethereum $ETH
5) #InternetComputer $ICP
6) #Elrond $EGLD
7) #Flow $FLOW
8) #Optimism $OP
9) #Aptos $APT
10) #Polygon $MATIC
Read our take: https://t.co/fYiOz86GWK
When the assets ranked in the top 10 list are ranked by their Return on Investment (ROI) since it’s token sale in USD terms, it is as follows.
ICP – 1.01
FLOW – 6.84
DOT – 14.9
EGLD – 51.0
ATOM – 93.5
ADA – 102
MATIC – 301
ETH – 385
Cardano ranks eighth in the list with an ROI of 102. It’s important to note that despite hitting developmental milestones and the massive ROI for holders the altcoin lags behind in total value locked. This metric is the DeFi equivalent of total market capitalisation.
Cardano lags behind in Total Value Locked
Based on data from DeFi tracker DappRadar, multiple decentralised applications in the network were unable to invite users to their platforms. Cardano’a popular frappe Miniswap and SundaeSwap lost 10% and 16.42% of active wallet addresses respectively.
dApp activity on Cardano
Declining dApp activity has hampered Cardano’s total value locked.
DefiLlama, a DeFi data aggregator revealed that Cardano’s TVL had declined significantly. Within the last few months of 2022, the overall TVL generated by Cardano fell from $58 million to $50 million.
Cardano TVL
It remains to be seen whether fast paced development activity on the Cardano network will help the Ethereum killer wipe out losses from crypto winter. Cardano price is largely unchanged over the past 24 hours.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.