- Cardano ranked first among the top blockchain protocols in terms of development activity in 2022.
- The Ethereum killer has topped the development activity charts, surpassing Polkadot, Cosmos, Elrond, Optimism and more.
- The total value locked on the Cardano network has consistently decreased throughout the crypto winter.
Cardano, a smart contract network considered an alternative to Ethereum, has witnessed the highest development activity compared to other altcoins in the crypto ecosystem. The surge in development activity could fuel bullish sentiment among ADA holders as altcoins struggle to wipe out losses from the cryptocurrency winter.
Also Read: XRP Price Predictions for 2023
Cardano development activity leaves competitors biting the dust
Cardano is a smart contract blockchain network developed by blockchain engineering firm Input Output Global and led by Charles Hoskinson. Throughout 2022, the Cardano ecosystem topped the charts in blockchain development activity.
Based on data from crypto intelligence tracker Santiment, the Ethereum alternative ranks first on the list of top 10 networks by development activity.
The top 10 ranked assets are dollar-denominated token sales, so if you rank them by return on investment (ROI), it will be as follows.
ICP – 1.01
Flow – 6.84
Dot – 14.9
EGLD – 51.0
Atom – 93.5
ADA-102
Matic – 301
Ethereum – 385
Cardano ranks eighth on the list with an ROI of 102. It is important to note that the altcoin lags behind in total value locked, despite achieving development milestones and earning holders huge he ROI. This indicator is the DeFi equivalent of the total market cap.
Cardano lags behind in total locked value
Based on data from DeFi tracker DappRadar, multiple decentralized applications in the network failed to invite users to the platform. Cardano’a’s popular frappes Miniswap and SundaeSwap lost 10% and 16.42% of active wallet addresses respectively.
dApp activity in Cardano
Declining dApp activity is preventing Cardano totals from being locked.
DeFi data aggregator DefiLlama has revealed that Cardano’s TVL has dropped significantly. In the last few months of 2022, his overall TVL generated by Cardano fell from $58 million to $50 million.
Cardano TVL
It remains to be seen whether the fast-paced development activity on the Cardano network will help the Ethereum killer wipe out crypto winter losses. Cardano prices have remained largely unchanged over the past 24 hours.