Cardano (ADA) is making progress in the area of development activity while the majority of the cryptocurrency industry is still battling to regain its value following the effects of the FTX collapse, capping off one of the worst years in the history of the industry.
In fact, the list released by the on-chain and social metrics platform Santiment on December 30 ranked Cardano as the top blockchain protocol by development activity in 2022, followed by Polkadot (DOT) and Cosmos (ATOM).
Fourth place has been taken by Ethereum (ETH), which this year underwent the significant Merge upgrade, followed by Internet Computer (ICP), Elrond (EGLD), Flow (FLOW), Optimism (OP), Aptos (APT), and Polygon (MATIC), which came in at number 10.
Although ADA has ranked sixth in terms of return on investment (ROI) since the token sale, the Cardano team’s development activity rates for the entire year of 2022 were the highest among all observed protocols.
Given that the development activity rates in Cardano’s public GitHub repositories in November were 18% higher than those of the next-ranked asset, which recorded 572.67 generated events, the most recent results are a confirmation of its prior success.
Additionally, Cardano’s primary network activities have seen significant growth in 2022, with its smart contract feature accounting for a growth rate of 394 percent compared to 2021 and reaching the milestone of 4,445 contracts as of December 16.
At the same time, the number of native tokens on the platform increased by 192% to 7.3 million, and Cardano transactions increased by 139% to 56.9 million, representing a growth of 47% over the previous year.
According to Finbold, Cardano founder Charles Hoskinson disclosed that his team was developing Midnight, a new privacy-focused blockchain that aims to address the issue of smart contract confidentiality.
The Djed stablecoin’s testnet version was recently reactivated by the Cardano developers, adding new features like compatibility with the Vasil hard fork, which went live in late September and improved smart contract functionality.
Cardano price analysis
As seen on the charts, the price of Cardano’s native token, ADA, is currently changing hands at $0.2421, down 1.39% on the day and 6.59% over the previous week.
According to data retrieved from the cryptocurrency tracking website CoinMarketCap on December 30, the cryptocurrency is currently ranked ninth in terms of market cap, which equals $8.36 billion.
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