Cardano has witnessed significant development activity in September, with developers consistently fueling the network’s advancement.
According to the latest chart posted by CryptoDep using Santiment’s data, Cardano topped the chart for developer activity over the past 30 days with an impressive score of 572, even during the crypto market slowdown. As such, the network continues to eclipse several prominent projects such as Polkadot, Hedera, Chainlink, and Cosmos.
Cardano Strikes Again With High Developer Activity
Cardano has faced a setback in the second half of 2023. Be it regulatory concerns or fierce competition from layer-2 networks such as Base, Arbitrum, and Optimism, the third-generation decentralized proof-of-stake (PoS) blockchain platform has been quiet amidst a market-wide downturn.
While these L2 networks surged to new highs in daily throughput and user adoption, Cardano appeared to have briefly hit a plateau. However, the network made a comeback with a significant uptick in developer activity. With a 572 score throughout the month, Cardano has continued to dominate in terms of development activity in its public GitHub repositories.
Cardano’s native token, on the other hand, traded mostly below $0.25 for the entirety of September. Hence, such a trend in developer activity demonstrates that the team has not given up even in the face of underwhelming price performance.
Besides, trailing closely behind Cardano are projects like Polkadot and Chainlink, with 501 and 388 scored, respectively. These projects are followed by Hedera, Cosmos, Aptos, and Avalanche, with 358, 338, 248, and 242, respectively.
Cardano DeFi Performance
The total value locked in Cardano has also picked up pace as it exceeded 615 million ADA after weeks of stagnation, owing to thriving decentralized finance (DeFi) projects running on top of it.
As reported earlier, Minswap, which happens to be the largest decentralized exchange on Cardano, saw a notable spike across various metrics after months of low activity. Over the past 30 days, the platform’s UAW was up by more than 7% to 19.92k, while its volume witnessed a boost of over 943% during the same period and currently stood at $3.53 billion, according to data from DappRadar.
Meanwhile, its transaction count was recorded to be at 451.19k after a 15% over the timeframe.