- Cardano’s total number of transactions exceeded 70 million, while native tokens reached 8.51 million.
- ADA was down by over 3% in the last 24 hours, but a key metric suggested a trend reversal.
On-chain metrics revealed that Cardano [ADA] witnessed a substantial decline in development activity last week. However, Cardano’s weekly development report told a different story. While this happened, ADA’s price action continued to support the bears. However, a look at the derivatives market suggested that the scenario might soon turn in the bulls’ favor.
Read Cardano’s [ADA] Price Prediction 2023-24
This is what Cardano’s last week looked like
As per Santiment’s chart, ADA’s development activity dropped considerably over the last week. This is a negative signal for a blockchain, as it means fewer efforts were made by developers to improve the network.
However, Cardano’s weekly development report told a different story, as it mentioned the work done by all of its different teams last week along with updated network stats. As per the report, the Hydra team implemented end-to-end functionality for external commits, and tested it on the preview environment. The Mithril team created a new distribution pre-release, 2327.0-pre, and initiated testing of the new production signer deployment model with the pioneer
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Author: Dipayan Mitra
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