Cardano News: ADA in top 3 of the most development-active cryptocurrencies

The developers of Cardano (ADA) are particularly active: In the ranking of the most development-active cryptocurrency, ADA is in the top 3.

The crypto market is constantly changing: new coins are launched every day, others are forgotten or fail completely. Only a few cryptocurrencies can hold their own in the long term. An important factor is the constant development of the projects so that the coins remain competitive in the long term. The developers of Cardano (ADA) are particularly active: ADA is in the top 3 in the ranking of the most actively developing cryptocurrencies.

High development activity at Cardano

Cardano (ADA) is one of the cryptocurrencies with the highest development activity. This was reported by the market intelligence platform Santiment on August 6, 2024 in a post on X. Santiment offers data-driven insights into the crypto market and also analyzes development activities on GitHub. From this, the platform creates the top 10 most actively developed cryptocurrencies for its social media account every month. ADA is a permanent guest in this list and currently occupies second place, closely followed by Hedera (HBAR). In first place is Internet Computer (ICP) (as of August 14, 2024).

Cardano is often criticized for its slow development pace. The reason for the speed is the scientifically based and peer-reviewed development methods. As a result, new functions are introduced more slowly than with competitors such as Ethereum or Solana. However, they are generally more secure.

The high development activity of ADA could be related to the upcoming Chang hard fork upgrade for the Cardano blockchain. The planned upgrade is intended to introduce changes to the governance structure and involve the community more in development decisions. This should make Cardano more decentralized and independent.

ADA price remains low

Despite the high level of development activity, the ADA price is still well below the all-time high of two years ago. At the end of August 2021, the value was $2.9473, currently it is $0.3449 – a difference of around 88 percent (as of August 14, 2024). In terms of market capitalization, Cardano is in 10th place, with around $12.3 billion.

Theoretically, the price could rise sharply again as a result of the upgrade, especially shortly before the release. This was also the case in 2021: By the end of August, the value rose sharply, to almost 3 US dollars. But after the Alonzo upgrade on September 12, the price fell again, by over 50 percent to 1.2245 US dollars.

How the price will develop remains to be seen. Crypto influencer Glauber Contessoto, also known as the SlumDOGE millionaire, continues to believe in ADA. He commented on a post by Cardano founder Charles Hoskinson about the upcoming upgrade. Contesso is known as a fan of ADA and recently placed the coin in his crypto top 5.

The CRYPTO top 5:

1. bitcoin
2. ethereum
3. solana
4. cardano
5. dogecoin

— SlumDOGE Millionaire (@ProTheDoge) August 9, 2024

Anders Helseth, Head of Research at K33, is not so optimistic. Back in January, he stated in a post on X that ADA will “certainly” not have any significant long-term value and that investors should sell. In his analysis of the Cardano network, Helseth argues that a smart contract network like Cardano must have a meaningful use in order for its own coin to develop value. But according to him, many of the transactions on Cardano are not based on real activity – there is no external evidence of this. Instead, blockchain activity is being faked.

I am personally very skeptical of the long-term value proposition of the smart chain native tokens.

But even accepting that smart chain native tokens will have significant long-term value, I will confidently state that Ada won't be one of those. https://t.co/STQ7VvdSNL

— Anders Helseth (@andershelseth) January 15, 2024