Cardano (ADA) was the top crypto protocol by development event in 2022. Also, the altcoin is making progress in the development activity department. cryptocoin.comIn this article, we have compiled the altcoin list for you.
Cardano is on the best list
Much of the cryptocurrency industry is still struggling to recover its value from the consequences of the FTX collapse, leaving one of the worst years in the industry’s history behind. But Cardano (ADA) is making progress in the development activity department. Indeed, Cardano has been rated as the best blockchain protocol based on its development activity in 2022, according to the list released on December 30 by the on-chain and social measurement platform Santiment. It was followed by Polkadot (DOT) and Cosmos (ATOM).
Ethereum (ETH), which went through the massive Merge upgrade this year, took the fourth place. It was ranked 10th by Internet Computer (ICP), Elrond (EGLD), Flow (FLOW) Optimism (OP), Aptos (APT) and Polygon (MATIC) respectively. The Cardano team’s development activity rates for the entire year 2022 were the highest of any observed protocol. However, ADA has been ranked sixth in terms of return on investment (ROI) since the token sale.
They are constantly improving
The latest results are a confirmation of its previous success, given that development activity rates for Cardano in public GitHub repositories in November were 18% higher than the next highest asset, which recorded 572.67 created events. On top of that, Cardano’s key network activities saw significant growth in 2022. In addition, the smart contract feature reached 4,445 contracts as of December 16, with a growth rate of 394% compared to 2021. At the same time, native tokens on the platform increased by 192% to 7.3 million. Meanwhile, transactions on Cardano rose 139% to 56.9 million. Then the number of wallets exceeded 3.8 million. This was a 47% increase over the previous year.
Meanwhile, Cardano founder Charles Hoskinson aims to solve his team’s privacy issue of smart contracts. He also announced that he is working on a new privacy-focused blockchain called Midnight. Earlier, Cardano developers re-enabled the testnet version of the Djed stablecoin, which was released at the end of September and offers new capabilities, including compatibility with the Vasil hard fork, which offers enhanced smart contract functionality.
Cardano (ADA) price analysis
The price of Cardano’s native token ADA has fallen by 1.39% in the last 24 hours, as shown in the charts. It is also changing hands momentarily at $0.24, down 6.59% over the previous week.
Cardano is currently the ninth largest cryptocurrency with a market cap of $8.36 billion.