- Cardano reveals its plans for Aiken, its open-source smart contract language and toolchain
- ADA is struggling to maintain bullish momentum, a potential downside to support.
Everyone has been waiting to see if Cardano will finally live up to its potential. There was a lot of excitement behind the launch of its smart contract capabilities in 2o21. Unfortunately, that hype was not supported by robust growth as previously expected.
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So Cardano takes another shot at perfecting its smart contract game, but this time it’s less hyped. It could also give Cardano the much-needed edge in attracting more network growth and development.
The network aims to achieve this through a Cardano smart contract language and toolchain called Aiken.
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Recently @Cardano has launched Alpha Phase of Aiken, an open-source smart contract language and toolchain to simplify and enhance smart contract development on the platformLet’s see what this means for smart contract development
pic.twitter.com/JwTavqb2YQ
— Luganodes (@luganodes) April 26, 2023
Cardano just launched the Aiken alpha phase, which it hopes will accelerate development on the network. Speaking of developments, Cardano’s development activity slowed in the first half of April and recovered in the second half.
Source: Sentiment
To put Cardano’s latest development activities into perspective, the latest Github data showed it ranked third in the list of the top 10 daily GitHub development activities.
GitHub daily development activity:
#1: 835 Polka Dot / Kusama
#2: 702 internet computer
#3: 609 Cardano
#4: 587 Hedera
#5: 488 Ethereum
#6: 465 status
#7: 460 chain link
#8: 427 MultiversX
#9: 405 Decentraland
#10: 389 Cosmos pic.twitter.com/DYv3Ve5Irz— ProofofGitHub (@ProofofGitHub) April 26, 2023
ADA bulls struggle to bounce back
A look at some of ADA’s on-chain data revealed that investors have lost interest in ADA over the past four weeks. A perfect example of this finding was the fall in weighted sentiment, which recently reached its lowest point in the month on April 22.
It was still near the current low for the month, confirming that investor interest has yet to recover.
Source: Sentiment
However, the altcoin at least recorded a slight increase in total holders from early April to April 18, when this metric dropped to a new monthly low.
Source: Sentiment
ADA has achieved a surge in daily active addresses over the past two days. This mirrored the bullish momentum seen in most of the top coins over the same period. The price action reacted positively, especially in the past 24 hours, which saw an uptrend.
ADA’s slight increase was short-lived as selling pressure erased previous gains. It was trading at $0.39 at the time of writing.
Source: TradingView
How much are 1,10,100 ADAs worth today
ADA has managed to hold on to most of its gains from the year so far, despite its bearish performance since mid-April. It was trading in an ascending price pattern and still has room for some more downsides before retesting its YTD support.
