In recent times, Cardano has experienced a significant surge in developer activity, surpassing other cryptocurrencies in the last month. This uptick in Cardano developer activity has been matched by an increase in the volume of sales in its Non-Fungible Token (NFT) sector over the last 30 days.
Cardano Takes the Lead in Developer Activity
According to data from Santiment, Cardano has been at the forefront of developer activity in December. This metric is crucial as it provides insights into the dedication of a crypto project towards developing a functional product and the probability of rolling out new features. High development activity often decreases the chances of the project being a scam.
This measure tracks the number of distinct contributors to development activity, the total count of all events for a project, and the number of unique GitHub activity contributors. Santiment reported that Cardano witnessed a development activity of 540 in the past month, with Polkadot [DOT] and Kusama [KSM] trailing behind at 358.
Cardano’s On-chain Activity Experiences a Dip
However, an evaluation of Cardano’s on-chain activity has shown a decrease in network demand since December 9. Data from Artemis indicates a 46% drop in the daily count of unique addresses that have completed at least one transaction on Cardano. This decrease in the number of unique wallets transacting on Cardano daily has resulted in a reduction in the count of daily transactions completed on the network. As of December 24, the number of transactions registered on-chain was 75,020, a nearly 35% drop from the 113,030 transactions recorded on December 9.
Cardano’s Total Value Locked (TVL) Sees a Decline
While other leading Layer 1 blockchain networks have seen their decentralized finance (DeFi) total value locked (TVL) increase in recent weeks, Cardano has witnessed a decline. Since December 9, Cardano’s TVL has decreased by 3%, with the network’s TVL standing at $405 million at press time, according to data from DefiLlama.
However, it’s worth noting that on a year-to-date basis, Cardano’s TVL has surged by almost 750%. As of January 1, the network’s TVL was $48 million. The recent dip in Cardano’s TVL could be attributed to the decline in the volume of trades executed through decentralized exchanges (DEXes) within the chain in recent weeks. Data from Artemis showed a 28% drop in Cardano’s DEX volume since December 9.
Interestingly, the past month has seen a surge in sales volume for the network’s NFT vertical. In the last 26 days, NFT sales on Cardano totalled $7.04 million, marking a 50% increase from the $4.71 million recorded sales volume in November.
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