By George Ward
Cardano currently occupies the top spot among other crypto assets regarding the number of development projects. According to Santiment, Cardano has surpassed expectations, as several of its projects have ranked it above the others as the most developed digital asset network.
The data from Santiment depicts Cardano as the most developed digital asset among others, with more than 570 projects on GitHub spread across some of its platforms. In addition, the said projects were from the past month’s metrics, which ultimately placed Cardano 18% above its closest rival, Polkadot.
Furthermore, its users are also 35% above Ethereum, which occupies the fifth place in networks with developmental project implementation.
On the other hand, Ethereum is in the driver’s seat in the daily development activities, followed by Cosmos in the second position and Cardano in the third.
The GitHub data revealed that Cardano’s node currently has the largest priority among developers. Meanwhile, the node is another part of the Cardano collector ecosystem.
Developmental Activities And ADA’s Value
As the Cardano network continues to witness more development, the expectation is that this will spur a rise in the price of its native token, ADA. This, however, hasn’t been the case, as the token was unable to gain from the development sentiment.
ADA’s price has plummeted significantly in the last few days despite not being directly impacted by the FTX contagion. Moreover, the token’s value steadily decreases against Bitcoin, notwithstanding the latter’s market volatility.
Apart from the decline in the price of ADA, the development activity is expected to anchor future price rallies. Nevertheless, the bear period made no difference in the rate of decline in the price of ADA.
What ultimately becomes critical in this case is that the developments during the downtrend can spark a future price rally for ADA. Before the collapse of the FTX exchange, Cardano’s ADA witnessed high volatility at a time investors were anticipating the possible launch of the Vasil Upgrade.
With the FTX crash and its accompanying impact in full force, ADA investors are looking for a way out of the heat. Even as ADA becomes rarer in the market, asset developers are working on making it a multi-purpose digital token.
Despite the steps in making ADA become an all-around utility, the crypto winter has massively disrupted the initial plan of its developers. ADA has shed close to 85% of its value as the ongoing market turmoil rages.
Experts believe that the price of ADA will only spike for a while, given the current market condition. In this case, investors may be looking for alternatives, even though many still highly regard the token.
Even with the Vasil Hard Fork upgrade’s implementation, Cardano’s native token has yet to boast of a significant price surge as the FTX contagion spreads. The upcoming weeks will likely determine how far ADA can go to halt its decline.
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