Cardano (ADA) has faced a significant blow after losing its top position as the leading network for development activities. Despite the Cardano founder, Charles Hoskinson, lauding major updates and developments within the blockchain network, ADA has been overtaken by other crypto networks, pushing it down to fifth place.
ADA Loses Top Spot For Network Development Activity
In a recent X (formerly Twitter) post, Santiment, a market intelligence platform outlined a list of the top-ranking cryptocurrencies with the highest development activities. Cardano, which has been a major front-runner in developmental projects, has consistently topped charts, recognized by its research-driven approaches and commitment to continually advancing its network within the blockchain ecosystem.
However, in its post Santiment disclosed that Cardano now ranks fifth position amongst the top 10 crypto coins with the highest network development frequency. At the top of the list is Hedera (HDAR), a decentralized ledger platform followed by Chainlink (LINK), a decentralized oracle network specializing in smart contracts. In contrast, Optimism (OP) and Internet Computer (ICP) rank third and fourth positions, respectively.
Santiment has revealed that its list of crypto coins with substantial network developments was determined and sorted by observing and counting primary non-redundant activities in a project. The market intelligence platform disclosed that it had averaged this daily activity over the past 30 days to come up with its current results.
Sharing a chart depicting the prices and market capitalization of all top 10 crypto coins, Santiment disclosed that the arrows in the chart represented cryptocurrencies that have ascended or descended from their previous positions. Cardano, marked with a red arrow, has dropped from its previous top position to fifth place.
Update On Various Cardano Network Developments
Despite Cardano losing its top spot for the highest development activities, the cryptocurrency still runs a significant number of key projects and developments aimed at advancing its ecosystem and improving its sustainability. Collin Brown, a blockchain researcher and Cardano supporter, has disclosed a few of the ongoing developments within the Cardano ecosystem.
According to Brown, ADA is currently undergoing core tech optimizations to enhance efficiency and performance. The team behind Mithril, a protocol, which helps boost Cardano adoption, has also released a “threat modeling explainer,” enhanced the network’s transaction certification and fixed transaction verification bugs to improve scaling efficiency.
Cardano is also taking the initiative to enhance network nodes and its smart contract advancements. The blockchain network has released a list for “Partners and Real World Integration,” featuring over 12 global tier-one companies.
At the heart of its developmental activities is its Chang hard fork, anticipated to launch any time soon. The Chang upgrade is expected to bring new governance to the Cardano ecosystem and improve its overall functionality and performance.