Cardano (ADA) has taken a major hit after losing its top position as the leading network for development activities. Despite Cardano’s founder, Charles Hoskinson, ADA praised important updates and developments within the blockchain network, but has since been overtaken by other crypto networks and now drops to fifth place.
ADA loses top position for network development activities
In a recent X (formerly Twitter) afterSantiment, a market intelligence platform, has outlined a list of the top-ranked cryptocurrencies with the highest development activity. Cardano, which has been a major frontrunner in development projectsconsistently tops the charts, recognized for its research-based approaches and commitment to ongoing expanding his network within the blockchain ecosystem.
However, Santiment announced in its post that Cardano is now ranked fifth among the top 10 cryptocurrencies with the highest network development frequency. Topping the list is ivy (HDAR)a decentralized ledger platform followed by Chain link (LINK)a decentralized oracle network that specializes in smart contracts. In contrast, Optimism (OP) and Internet Computer (ICP) rank third and fourth respectively.
Santiment has announced that its list of cryptocurrencies with significant network developments was determined and sorted by observing and counting primary non-redundant activities in a project. The market intelligence platform announced that it averaged this daily activity over the past 30 days to arrive at the current results.
Santiment shared a chart showing the prices and market cap of all the top 10 cryptocurrencies, revealing that the arrows on the chart represented cryptocurrencies that have risen or fallen from their previous positions. Cardano, marked with a red arrow, has fallen from its previous top position to fifth place.
Update on various Cardano network developments
Despite Cardano losing its top spot for highest development activity, the cryptocurrency is still running at a significant number important projects and developments focused on improving its ecosystem and enhancing its sustainability. Collin Brown, a blockchain researcher and Cardano supporter, has announced some of the ongoing developments within the Cardano Ecosystem.
According to Brown, ADA is currently undergoing core technology optimizations to improve efficiency and performance. The team behind Mithrila protocol helping to promote Cardano adoption, has also released a “threat modeling explainer”, improved the network’s transaction certification, and fixed bugs in transaction verification to Improve scale efficiency.
Cardano also takes the initiative to network nodes and its smart contract progressThe blockchain network has issued a list for “Partners and Real World Integration”, with more than 12 global top companies.
The core of its development activities is its Change hard forkwhich is expected to be launched soon. The Chang upgrade is expected to new board to the Cardano ecosystem and improve overall functionality and performance.
Main image created with Dall.E, chart from Tradingview.com