- Cardano’s weekly development report shed light on why its development activity was high.
- ADA was down by 5% last week, and market sentiment turned bearish.
Cardano [ADA] has been in the spotlight for quite some time now, thanks to the development going around the blockchain.
Also, Cardano recently published the latest edition of its weekly development report, highlighting the efforts made by developers to improve the network.
Cardano’s developers are putting in more effort
AMBCrypto reported a few days ago that Cardano outperformed the rest in development activity. To be precise, significant development progress was made on Cardano, as seen by a surge in code commits during the last few weeks.
The trend continued this week as well. AMBCrypto’s check on Santiment’s data revealed that ADA’s development activity surged substantially. Moreover, its Dev Activity Contributors Count also spiked in the last week.
Source: Santiment
The reason behind this surge in the metric was revealed by Cardano’s latest weekly development report. As per the report, the scaling team improved action workflows and addressed protocol consistency.
The Mithril division of the scaling team completed the implementation of the client in the explorer, enabling direct certificate verification from the browser.
On one hand, the ledger team continued working on Conway-era functionality through the refactoring to improve safety.
Apart from this, Cardano’s development report also mentioned updated statistics for the blockchain.
The total number of native tokens on Cardano reached 9.45 million, while the blockchain’s total number of transactions exceeded 83 million. Additionally, the total number of projects launched on Cardano reached 157.
Source: EssentialCardano
ADA’s chart remains red
While development work around the blockchain was on par, its native token’s price action remained under bears’ influence. According to CoinMarketCap, ADA was down by more than 5% in the last seven days.
At the time of writing, ADA was trading at $0.5166 with a market capitalization of over $18.2 billion, making it the eighth-largest crypto.
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Thanks to the drop in price, ADA’s MVRV ratio also dropped over the last week.
Bearish sentiment around the token was also dominant in the market, which was evident from the decline in its Weighted Sentiment.
Source: Santiment