- Cardano has outclassed major chains as the top developer platform.
- The Proof-of-Stake network has been steadily expanding, deploying major updates and solutions in August.
- Cardano’s achievement proves developers are bullish on the network’s long-term prospects.
Cardano has been long vying to cement its position as a solid contender in the crypto industry, focusing on development, decentralization, and more. Still, despite the network’s steady growth on various fronts, it hasn’t escaped scrutiny and is often dubbed a ‘ghost chain’ due to its underwhelming price action.
Interestingly, the network has now defied its critics by outshining major chains as the top developer platform over the past month, challenging doubters and raising eyebrows.
Developers Are Bullish on Cardano
While ADA has been struggling to recover from its recent crash, Cardano’s development front has been steadily expanding, consistently unveiling new updates and solutions. In August alone, the Proof-of-Stake network launched groundbreaking cross-chain bridges, its highly anticipated Mithril upgrade, and its Voltaire testnet, among other remarkable updates.
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Notably, crypto intelligence tracker Santiment acknowledged Cardano’s thriving development activity by crowning it as the top developer platform with over 500 daily developer submissions on GitHub over the past month. The POS chain outperformed the likes of Polkadot (DOT), Kusama (KSM), and Chainlink (LINK), which have previously dominated the ranks.
Cardano’s recent achievement highlights that despite ADA’s disappointing price action, developers are consistently building on the network and remain convinced of its bright future, irrespective of which investor camp controls ADA. It also underlines the growing interest in the POS network for its smart contract capabilities as projects gravitate toward Cardano as their home base.
At press time, Cardano exchanged hands at $0.256 with a daily trading volume exceeding $182 million.
On the Flipside
- Santiment also crowned Cardano as the top dev platform in 2022.
- Cardano is ranked as the 14th largest DeFi protocol based on total value locked.
- It’s worth noting that Cardano is 92% down from its all-time high, and over 90% of its holders are in losses.
- Cardano is recognized for its notably slow development throughput, with several of these projects having been announced years ago.
Why This Matters
Investors are growing apprehensive of Cardano’s price action, given its dwindling trading volume and plummeting price. This achievement could instill confidence in ADA holders to continue holding their tokens and focus on the network’s long-term prospects.
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More on Cardano:
Cardano Clinches Ranking From Dogecoin, Solana After Tapping $0.23
More from Cardano’s ecosystem:
Cardano Threatens Ethereum’s Reign as NFT Floor Prices Surge
