Cardano leads development activity among blockchain networks, with an average of 449 daily commits on GitHub. Still, the Cardano decentralized finance (DeFi) ecosystem is experiencing a notable decline in participation. Cardano DeFi holds a total value locked (TVL) of digital assets worth $356 million, led by the Indigo Protocol.
Recent studies indicate that Cardano (ADA) has the most development activity among blockchains. Despite this, there is a notable gap between this vibrant activity and its decentralized financial ecosystem.
The latest listing of cryptocurrency development activity from blockchain analytics platform Santiment included some surprising networks.
ADA: Cardano Leads on GitHub
On-chain data shows that Cardano saw an average of 449 daily builds over the last 30 days on GitHub. Developer activity is a crucial indicator of a network’s dedication to improvement. Measure attention, resources and expertise to improve blockchain.
In particular, when developers introduce new features and expand their capabilities despite a market downturn, investor confidence in their long-term sustainability is reinforced.
Other notable networks that saw notable activities were Hedera, Polkadot, and Cosmos, with around 282, 281, and 280 development activities. Interestingly, Cardano’s figure surpassed that of Ethereum, which only saw an average of 183 GitHub commits.
About 49% of Cardano Addresses in the Red
According to IntoTheBlock, a useful crypto tool, the majority of Cardano addresses are back in the red. About 48.6% of addresses are recording losses. A little less, around 47.6% of addresses, are still in the black. Almost 4% are at the break-even point and would register neither profit nor loss when selling their ADA tokens.
Cardano has a notably low number of whale addresses. These are the addresses that each own more than 1% of the token supply. There are only three whale addresses that together represent around 8.41% of the ADA token supply. On the contrary, Cardano has a very high number of addresses of large investors.
165 major investor addresses own about 25.53% of ADA tokens. Large investor addresses are those addresses that each own between 0.1% and 1% of the token supply. Two-thirds (66%) of ADA tokens are held by small investors. These are the addresses that each own less than 0.1% of the token supply.
The network is currently going through a phase of stagnation. Since the last analysis, the number of ADA addresses with balances has remained unchanged. On average, around 4.44 million addresses were registered with ADA tokens in the last 30 days.
However, activity on the Cardano network has increased again. The number of new Cardano addresses has increased by around 10.3% in the last seven days, while the number of Cardano addresses without ADA balance increased by almost 15%.
ADA DeFi Ecosystem Slows Down
Despite this increase in GitHub commits, the Cardano decentralized finance (DeFi) ecosystem is facing a decline in engagement. It has seen relatively moderate network activity since the year began.
Data from DeFiLlama indicates an increase of just 0.62% in the Cardano DeFI ecosystem in the last 24 hours.
Further analysis reveals a significant 21.58% decline in trading volume within the network, with approximately $6.87 million traded in the last 24 hours and $67.72 million in the last seven days. Additionally, stablecoin transfers on the network have seen a 9.15% decrease over the last week.
Cardano’s DeFi landscape currently has a total value locked of $356.54 million, predominantly led by Indigo, which captures 23.94% of the share. Indigo’s dominance coincides with the anticipation surrounding the launch of the V2 protocol, highlighting the changing dynamics within the Cardano DeFi space.
By Audy Castaneda
