- Cardano is witnessing a surge in development activity and surpassing Ethereum.
- Nevertheless, the activity on the network remains the same.
Development activities on Cardano [ADA] There has been a notable spike over the past few months. With multiple upgrades planned for Cardano, developers are getting busy and pushing out tons of code.
This surge in development activity has seen Cardano surpass ETH in developer activity on GitHub, according to recent data.
development progresses
While this is a positive indicator that a busy development team is pushing for frequent updates, it is important to analyze the potential impact on Cardano's standing.
On the positive side, this activity can lead to improved platform functionality and innovation. New features and capabilities make Cardano more robust and versatile, which could attract users and developers looking for advanced features.
Additionally, surpassing Ethereum in development activity could generate buzz and position Cardano as a strong competitor, increasing investor confidence and the price of ADA.
However, focusing solely on development speed can be a double-edged sword. Rushing development can result in rushed code with bugs and security vulnerabilities.
It will be important to see if Cardano can maintain a balance between mass production of code and thorough testing to ensure quality. Additionally, too much emphasis on development may neglect user adoption.
Cardano needs to ensure that new features built are relevant to user needs and actively promote the ecosystem to attract its user base.
Despite the increase in development activity on the Carano network, the overall active addresses on protocols interacting within the Carano ecosystem remained unchanged.
Source: Artemis
Current state of DeFi
Regarding the DeFi sector, a slight decline was observed in terms of TVL (Total Value Locked) and DEX (Decentralized Exchange) trading volumes. This could be due to a temporary shift in focus to non-DeFi features, users waiting for DeFi-enhancing upgrades, or simply increased competition.
read cardano book [ADA] Price prediction for 2023-24
If DeFi indicators do not recover or user interest wanes, the price of ADA may also fall. However, if future upgrades significantly improve Cardano's DeFi capabilities and attract users again, sentiment around ADA could grow even further.
Source: Artemis
At the time of writing, ADA is trading at $0.6328, up 3.60% in the past 24 hours after falling from the $0.804 level in recent days.
Source: Trading View
