Cardano (ADA), a leading cryptocurrency known for its research-based approach, has recently experienced a major setback.
The blockchain network lost its position as the leader in development activity and is currently ranked fifth among the top ten cryptocurrencies.
Despite the efforts and updates from Cardano founder Charles Hoskinson, other networks have surpassed ADA in terms of development activity.
Loss of lead in development activities
Bitcoinist reports that market intelligence platform Santiment has highlighted the cryptocurrencies that are leading in terms of development activity.
Cardano has long been a pioneer among blockchain projects, recognized for its innovative approach and commitment to advancing its network. However, a new report from Santiment shows that the network currently ranks fifth in development frequency.
Santiment reports that Hedera (HBAR) took the top spot, followed by Chainlink (LINK). Optimism (OP) and Internet Computer (ICP) ranked third and fourth, while Cardano fell to fifth.
The ranking is determined by observing and calculating the main non-redundant activities within each project (average over the past 30 days).
The chart shared by Santiment shows the price and market capitalization of the top ten cryptocurrencies. The arrows in the chart indicate their changes in position, with Cardano marked with a red arrow, indicating its fall from the top to fifth place.
Sustainable Development of the Cardano Ecosystem
Despite losing ground in the lead, Cardano continues to move forward with major projects and developments aimed at improving its ecosystem and increasing sustainability.
One of the main focuses is to optimize core technologies to improve efficiency and performance.
The team behind Mithril, a protocol designed to increase Cardano adoption, has released a threat modeling explainer, improved transaction authentication and fixed validation bugs to increase efficiency at scale. This update is important to keep Cardano competitive in the blockchain space.
Cardano is also actively working on improving network nodes and smart contract functionality. The blockchain network has partnered with more than 12 global tier-one companies to drive real-world integration and expand its reach.
The collaboration aims to strengthen Cardano’s market position and demonstrate its real-world applications.
A major development in the future is the expected Chang hard fork. This update is expected to introduce new governance mechanisms to the Cardano ecosystem, improving its overall functionality and performance.
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