The cryptocurrency market has not been able to break out of the bearish trap for a while. According to the data in the last 24 hours, prices decreased by an average of 3%. Its total market value is around $820 billion. Bitcoin, Ethereum and cardano assets such as these were also included in this downtrend.
Despite the decline, Cardano users continue to use the ecosystem more. Cardano, the most active blockchain according to the data, has managed to surpass leading networks such as Bitcoin and Ethereum. According to the data, more than $6.4 billion in transaction volume has occurred on the network in the last 24 hours. In Bitcoin, this number was $ 4.75 million, while in Ethereum it was only $ 1.84 billion.
Ardana, the DeFi project built on Cardano, has halted development due to funding and timeline issues. It was estimated that the ecosystem was damaged after the event. However, this was not seen in the incoming data.
According to GitHub activity statistics, Cardano ranked third in terms of weekly development activity.
GitHub Weekly Development Activity:
#1: 463 Polkadot
#2: 463 Kumas
#3: 435 Cardano
#4: 355 Status
#5: 328 Internet Computers
#6: 326 Ethereum
#7: 312 Cosmos
#8: 289 Nervos Network
#9: 279 Elrond
#10: 275 Decentraland pic.twitter.com/ps9Fo8kjv1— ProofofGitHub (@ProofofGitHub) November 27, 2022
In fact, a recent update report outlined that the Cardano Improvement Proposal to enter the Voltaire phase was released last week. Work continues on other “core technology improvements”. In parallel, the development called Lace was “progressing”.
Lace aims to enable users primarily to manage, control and store their crypto in one place. The project is of the type called light wallet and its development continues.
As of now, more than 1,146 projects are being built on Cardano. More than 3,759 Plutus scripts have been distributed and there are more than 106 projects.
As Koinfinans.com reported, the network has overseen the issuance of more than 6.9 million native tokens on 65,539 minting policies as of last weekend.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.