Positive devs, ‘cherry on the cake’ aid Cardano’s ADA to defy downtrend

Lavina Daryanani
Source: Binance Academy

The market has seen several ups and downs over the past few months, but one thing has remained constant—Cardano’s escalating development activity. Irrespective of the state of the broader market, the developers of this project have been continually delivering.

As such, the project’s Vasil hard fork upgrade is set to go live on 29 June. With the preparations of the same going on in full swing, Cardano has been able to fare better than the likes of Ethereum, Solana, and Chainlink on the GitHub development activity front.

Additionally, IOHK recently brought to light that more than 1000 projects are being built on Cardano at this stage. Projects from most genres—right from the incubator, launchpad, metaverse, gaming, and lending to stablecoin, wallet, oracle, NFT, and DEX—have all found a home on Cardano. The same can be evidenced below.

Source: Twitter

The cherry on the cake

To add to the cherry on Cardano’s cake, Grayscale quite recently increased their allocation towards Cardano in their Smart Contract Platform Ex-Ethereum Fund. The founder of CryptoCapital Venture, Dan Gambardello, brought to light the same. As of Monday, ADA had the highest allocation [32.33%] in the fund and was followed by SOL, DOT, and AVAX.

Source: Twitter

Cardano’s on-chain front

When the market was in its sluggish phase a few weeks back, the state of Cardano’s on-chain activity had deteriorated. However now, the same has been improving. As can be seen from below, in terms of chain activity, this platform is back to occupying the second spot, right below Bitcoin, but ahead of Ethereum.

Per Messari’s data, the worth of all transactions taking place on the Cardano blockchain summed up to $13 billion, while the same on Ethereum merely accounted for $6 billion. Bitcoin, however, justified why it was the king and occupied the first slot by executing transactions worth more than $30 billion.

Source: Messari

ADA’s price, after a long trail of a downtrend, was seen backing the said set of developments. On Wednesday, it was one of the loftiest gainers. After appreciating by 10% over the past day, Cardano’s native token was priced at $0.64 at press time.