- Cardano ranks 3rd in crypto development activity, indicating potential for growth.
- Despite the bear market, ADA sees rising staking figures and a jump in daily trading volume, suggesting investor confidence.
Cardano’s Development Leadership
Cardano, though impacted by the broader bearish sentiments in the crypto world, stands out for its resilient efforts and achievements. This digital asset has experienced its share of price plunges, but its undeterred community of stakeholders and developers might signal a silver lining. Recently, Cardano secured a spot in the top three networks with the highest developmental activity, based on a report by Santiment, just behind Polkadot (DOT) and Kusama Network (KSM).
T1 @Polkadot $DOT
T1 @kusamanetwork $KSM
3 @Cardano $ADA
4 @hedera $HBAR
5 @chainlink $LINK
6 @dfinity $ICP
7 @ethstatus $SNT
8 @AptosLabs $APT
9 @vegaprotocol $VEGA
10 @cosmos $ATOM pic.twitter.com/n1ZRrKsBVe
— Santiment (@santimentfeed) August 14, 2023
In July, the Cardano network achieved a commendable milestone by having 700 million ADA staked in decentralized finance (DeFi) protocols. This figure soon saw an all-time high, with over 740 million ADA staked, a testament to the growing trust in the network.
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A Pillar in the Blockchain Space
Cardano is not just another blockchain player. It takes pride in being one of the longest-standing smart contract blockchains with a flawless record of no downtimes. Such milestones might serve as catalysts for the increased utilization of ADA and a potential price surge. Charles Hoskinson, the founder of Cardano, passionately defended the platform’s enduring relevance, remarking,
“No matter how many times the VC coins, the cryptomedia, or the maxi crowd proclaims we are dead, irrelevant, or failing, we always remind them that Cardano is here to stay.”
Revival Hopes for Cardano Price
While the bearish mood has suppressed ADA’s immediate response to its achievements, there is hope on the horizon. A noteworthy 72% increase in its daily trading volume between two consecutive days indicates positive sentiment and growing interest from investors. With the bulls eyeing a support level at $0.27, a reversal could propel ADA past the $0.3 mark. And, if the crypto market commences a rally, a 50% surge could see ADA surpassing $0.4.
Cardano’s Groundbreaking dApp Development Strategy
Cardano has consistently been at the vanguard of blockchain innovation. The network’s fresh perspective on dApp funding is generating buzz. Instead of the conventional reliance on venture capital or initial coin offerings, Cardano employs a unique method – undercollateralized loans. Through the Initial Stake Pool Offering (ISPO), Cardano offers a 3.2% risk-free rate, ensuring dApps secure funding without external venture capital intervention, championing community-driven ventures.
In essence, Cardano is much more than its current price suggests. Its forward-thinking approach to development, combined with an unyielding community, positions it as a promising player in the ever-evolving crypto universe.
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