Cardano (ADA) has become a leader in the smart contract platform, leaving behind other competitors such as Polkadot (DOT) and Kusama (KSM). According to Santiment, now it has emerged foremost across the crypto space. In Santiment’s ranking, Cardano was first with the highest developer engagement, which makes it more desirable than others with its strong developer base. Valuable online monetary asset to maintain crypto ranking since it has secured the fourth position.
— Santiment (@santimentfeed) December 26, 2023
The Santiment measures the development activity of a cryptocurrency project. It is based on the amount of work done by its developers in public GitHub repositories over the last thirty days. What distinguishes Santiment’s approach from others is its emphasis on “events” instead of the quantity of commitments. GitHub events encompass various occurrences, like pushing updates, creating repository forks, or proposing issues.
This nuanced approach ensures a more accurate representation of developers’ actual work by avoiding duplication or inaccuracies that may arise when relying solely on commit counts. For instance, forking a repository creates a duplicate copy with all previous commits, and by counting this as a single event, Santiment prevents the misattribution of older commits to new developers.
The timing of Santiment’s data coincides with Cardano’s decentralized finance (DeFi) protocols surpassing the $400 million total value-locked milestone. Moreover, Cardano’s native token, ADA, has experienced a remarkable surge of over 9% in the last seven days and an impressive 150% year-to-date increase.
Cardano Thrives: 79.7M Transactions
It’s amazing to see how Cardano’s network has grown so much in just a year. I checked the IOG’s weekly development report; the numbers are mind-blowing! There are 152 projects live on the platform and there are 1,307 more in the works. The number of Bitcoin transactions has increased due to the growing demand.
The report shows that Cardano’s token metrics are quite good. A total of 9.1 million ADA tokens are in circulation, and 81,621 policies have been established to govern them. In terms of smart contract development, Plutus scripts have made significant strides. The number of downloads for version 1 is 6,260, and for version 2, it is 4,981.
This statement shows that Cardano is making great progress in smart contracts, and this could be a sign that it will become a very important player in the blockchain industry. This means the platform continuously improves and becomes more important in the industry.
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