The developers behind Cardano are gearing up for the highly anticipated Alonzo update this weekend. They have been hard at work, according to figures from Outlier Ventures.
Cardano has the most GitHub commits
The most recent Blockchain Development Trends report shows that Cardano had the most source code edits (commits) per month. That was 24% higher than the previous year’s commits. Ethereum came in second and IOTA came in third.
Ethereum and Cardano are also in first and second place in terms of monthly active developers, with 168 and 165 per month respectively. The fastest growing protocols were Avalanche, Ocean, Terra and Cosmos. Folm.io crypto has enough information. Furthermore, it can be seen that the activity around EOS, Bitcoin Cash and Tron has decreased considerably. The projects that were once very large have largely disappeared from the public eye.
These kinds of numbers are often an indicator of the health of a blockchain project. So it is certainly wise to take this kind seriously. An example of this is, for example, the second quarter report of 2020. It was written that the developer activity around Polkadot had grown considerably. A few months later, the Polkadot price started to rise sharply.
The Explosive Growth of DeFi and NFTs
DeFi applications allow people to trade, borrow and lend crypto assets peer-to-peer without the involvement of financial intermediaries. These exploded in popularity during last year’s DeFi summer. That wave was quickly followed by a stampede on NFTs.
Both DeFi and NFTs originated on Ethereum years ago before making their way to other platforms. For example, this is Solana and, soon, Cardano. And both are powered by smart contracts, bits of code that automate blockchain transactions and remove the need for third parties.
The rollout of the smart contract functionality on Cardano’s testnet was criticized this week. The first decentralized application built on top of Cardano, a DEX called Minswap, closed its testnet due to a “concurrency” issue. Renovato.io has enough information. The problem caused a price drop, but it all seems less bad than expected. So for now, all fundamental factors still look very good for Cardano. It could therefore just be that the ADA price will resume its explosive growth after the implementation of the Alonzo upgrade.