- Cardano replaced Polkadot and Kusama as the blockchain with the most development activity in September.
- Due to a decline in the number of daily transactions on Cardano, network fees have fallen by double digits.
Cardano [ADA] has regained the top spot in development activities, replacing Polkadot [DOT] and Kusama [KSM]noted on-chain data provider Santiment in a recent post on X (formerly Twitter).
Being here #crypto‘s top coins by development activity: Notable #github commits, last 30 days:
1 @Cardano $ADA
T2 @Dot $POINT
T2 @kusamanetwork $KSM
4 @hedera $HBAR
5 @vegaprotocol $VEGA
6 @chain link $LINK
7 @ethstatus $SNT
8 @dfinity $ICP
9 @cosmos $ATOM
10 @ethereum $ETH pic.twitter.com/LUSDsSmxw7— Santiment (@santimentfeed) October 6, 2023
Read Cardanos [ADA] Price forecast 2023-24
Development activity is an important metric because it provides insight into a crypto project’s commitment to creating a working product and its likelihood of delivering new features. High development activity often reduces the chance that the project is an exit scam.
This metric tracks the number of unique contributors to development activities, the number of events for a project, and the number of unique contributors to GitHub activities.
According to Santiment, Cardano saw development activity of 611.47 last month, surpassing Polkadot and Kusama, which each recorded 500.67.
Cardano in the past month
Dates of Artemis showed that the daily number of unique wallet addresses sending on-chain transactions on Cardano peaked at 42,630 on October 3, after a month-long rally. This has since decreased.
By October 5, it had fallen 30%. That day, the number of active addresses on the Layer 1 (L1) blockchain was 29,980.
Source: Artemis
The past 30 days have mainly been characterized by a steady decline in the total number of daily transactions recorded on the chain. Interestingly, Cardano experienced a 112% increase in daily transactions during that period between September 24 and 25.
The sudden increase in the number of transactions on the network was due to the increase in whale activity during that period. Dates of InTheBlok showed a 75% increase in the value of transactions carried out by the coin’s major holders on September 25.
On October 5, the chain recorded a transaction count of 54,340, down 38% from its September 25 high.
Source: Artemis
How much are 1,10,100 ADAs worth today?
Due to the overall decrease in transactions over the past month, network fees have also decreased. According to data from Token terminalFees paid by Cardano in the past 30 days totaled $132,870, down nearly 15%. Last year this fell by 75%.
In terms of the on-chain decentralized finance (DeFi) sector, Cardano has seen growth in total value locked (TVL) over the past month. Dates of DefiLlama showed that the chain registered a TVL increase of 4% during that period.
