Journalist
Posted:
- Cardano stood out from the market with its robust development activity.
- While ADA’s development surged, declining fees presented challenges for the protocol’s sustainability.
Amidst the resurgence triggered by Grayscale’s recent legal triumph, Cardano [ADA], along with several altcoins, found itself lagging behind the broader market upswing.
Realistic or not, here’s ADA’s market cap in BTC’s terms
Development on the rise
However, a noteworthy shift was underway in Cardano’s development landscape, as it outpaced notable cryptocurrencies like Hedera [HBAR], Chainlink [LINK], and Cosmos [ATOM].
This heightened activity suggested a commitment to innovation and potential enhancements in the network’s capabilities.
⚡️Top #Crypto Projects by Developer Activity in August
30 August 2023Data source: @Santimentfeed$DOT #Polkadot $ADA $HBAR #Hedera $LINK $ICP $ATOM $APT $AVAX #AVAX $EGLD #EGLD $XRD pic.twitter.com/zd3EJkZiKC
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) August 30, 2023
In terms of recent activity on the Cardano network, a notable spike was witnessed in daily interactions and transaction volumes. This spike indicated growing user engagement and interest in the protocol.
Source: Artemis
Despite the overall positive trend, the decentralized exchange (DEX) volumes on Cardano have shown a decline over the past month. However, the total value locked (TVL) within the DEX ecosystem has continued to grow, indicating ongoing interest in Cardano’s DeFi sector.
Source: Artemis
While development and activity thrived, there’s been a noteworthy decrease in the fees generated on the protocol. Over the last month, fee earnings saw a 33% decline, according to Token Terminal.
A lot at stake
In the realm of staking, Cardano has been witnessing a steady increase in the number of ADA holders participating as stakers. However, it’s crucial to note that the reward ratio for ADA stakers has experienced a decline.
This adjustment could influence staking behavior and the overall staking landscape.
Source: Staking Rewards
Is your portfolio green? Check out the ADA Profit Calculator
Shifting our focus to price and trading dynamics, Cardano’s price experienced a dip, settling at $0.263. Simultaneously, the trading volume exhibited a significant spike, reaching a substantial 237.35 million.
Source: Santiment
Delving into trader sentiment, a remarkable trend emerges. Short positions have surged to 52.13%, signifying a prevailing bearish sentiment among traders. This sentiment could be driven by a multitude of factors, including market developments and technical analysis.
Source: Coinglass
