Every major crypto project may have spent millions on developments and upgrades to expand its business or gain efficiency. But, Cardano (ADA) stands out as a top “Technology Development” project.
According to data seen by Contora, a blockchain information gathering company that tracks the development and growth of crypto projects, Cardano blockchain has seen intensive development activity and is at the top with more than 350 commitments in the past month. Notably, crypto projects like Ethereum and Solana managed to stay on top with over 270 commits.
Already named in June
Cardano has already received record amounts on his GitHub page. On-chain statistics showed that the project garnered 13,003 Commits on GitHub in June, making Cardano the top project in terms of development.
The spike in development activity came shortly after the Vasil upgrade fork was deployed on the testnet on July 4, and before its long-awaited deployment on the mainnet.
In June, Cardano saw a 1.8 percent increase in the number of wallets on the network, surpassing 3.4 million wallets. The number of transactions, representing activity on the network, also surpassed 44 million, a 5.4% month-over-month growth.
Cardano, a leader in the field
As a reminder, Cardano (ADA) is developed by Input Output Hong Kong (IOHK), a technology company founded by Charles Hoskinson. Hoskinson comes from strong roots in the cryptocurrency industry, having played a role in the early development of Ethereum (ETH) and its Ethereum Foundation.
Cardano is an open-source blockchain project and developed in layers to run financial applications used by businesses, consumers and governments around the world. It can be used to send and receive digital money, ensuring fast and direct transfers that have been cryptographically secured. The project features a layered development that allows the team of coders and specialized engineers to maintain and update the blockchain easily using soft forks. ADA refers to the native token of the Cardano blockchain.
Like Ethereum, Cardano aims to gain the ability to run decentralized applications (dApps) in the future. Once the work on the ADA settlement layer is complete, the Cardano team will implement a single processing layer for smart contracts related to financial settlements and legal agreements. Unlike other blockchain projects, Cardano has taken a research-driven approach to solving important problems facing consumers today.
Cardano is considered a “third generation” blockchain. Designed, in essence, to solve the scaling issues typically associated with both the first generation (Bitcoin) and the second generation (Ethereum), Cardano (ADA) is proving to be a constant source of innovation.
The upcoming dual-layer solution for the Cardano project is called Hydra. Designed to allow for theoretically infinite scalability, Hydra allows for increased throughput as each new node joins the network.
In contrast to the massive developments in the Cardano network, its price has faced steep declines over the past 300 days, according to TradingView’s chart. It has lost more than 84% in value since September, and ever-increasing adoption and upgrades have not driven the price up much. Currently, Cardano’s ADA price is fluctuating around $0.48.