- Cardano replaced Polkadot and Kusama as the blockchain with the most development activity in September.
- Due to a decline in daily transactions on Cardano, network fees have declined by double digits.
Cardano [ADA] has regained the top spot in terms of development activity, replacing Polkadot [DOT] and Kusama [KSM], on-chain data provider Santiment noted in a recent post on X (formerly Twitter).
— Santiment (@santimentfeed) October 6, 2023
Read Cardano’s [ADA] Price Prediction 2023-24
Development Activity is an important metric as it offers insights into a crypto project’s commitment to creating a working product and the likelihood of shipping new features. A high Development Activity often reduces the possibility of the project being an exit scam.
This metric tracks the number of unique development activity contributors, the count of all events for a project, and the number of unique GitHub activity contributors.
According to Santiment, Cardano saw a Development Activity of 611.47 in the past month, surpassing Polkadot and Kusama, which recorded 500.67 each.
Cardano in the last month
Data from Artemis showed that the daily count of unique wallet addresses sending on-chain transactions on Cardano peaked at 42,630 on 3 October, after a month-long rally. Since then, this has decreased.
By 5 October, it fell by 30%. That day, the active address count on the Layer 1 (L1) blockchain totaled 29,980.
The past 30 days have been predominantly marked by a steady decline in the total number of daily transactions registered on-chain. Interestingly, during that period, Cardano experienced a 112% uptick in daily transactions count between 24 and 25 September.
The sudden surge in transaction count on the network was due to the increase in whale activity during that period. Data from IntoTheBlock showed a 75% rally in the value of transactions executed by the coin’s large holders on 25 September.
As of 5 October, the chain recorded a transaction count of 54,340, experiencing a 38% decline from the 25 September high.
How much are 1,10,100 ADAs worth today?
Due to the overall drop in transaction count in the last month, network fees also trended downward. According to data from Token Terminal, fees made by Cardano in the last 30 days totaled $132,870, having dropped by almost 15%. Last year, this plummeted by 75%.
Regarding the chain’s decentralized finance (DeFi) vertical, Cardano has seen a growth in total value locked (TVL) in the last month. Data from DefiLlama showed that the chain has registered a 4% TVL increase during that period.