Cardano Faces Growth Slowdown and Decline in Development Activity
Cardano is facing a slowdown in growth according to IntoTheBlock data.
While the network’s active user base remains steady, its ability to attract new users has diminished. August saw a drop in Cardano’s development activity, with fewer code updates compared to Ethereum, which has experienced a rise in development efforts.
Weekly active addresses on @Solana broke 10M at the beginning of August only to cool down with a recent market dip
That’s still almost 4x since the start of the year
Crazy growth YTD pic.twitter.com/rLVyjcM1SE
— Milk Road (@MilkRoadDaily) August 12, 2024
Cardano’s user base has remained static at around 4.45 million addresses for nearly a year, while competitors like Solana are seeing substantial growth. Solana, for example, has significantly increased its number of active addresses in 2024.
Despite maintaining transaction volumes and a stable user base, Cardano’s development has decreased sharply. In August, the network recorded just 338 code commits, down from 1,330 the previous month. This decline in developer activity coincides with the Chang hard fork, which aims to improve network coordination.
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Ethereum’s development has been more dynamic, with a 14% increase in code commits recently.
ADA’s price has recently begun to recover after a steep drop of nearly 23% over the past month, though it remains about 90% below its peak. Analysts are observing a potential turnaround, with bullish patterns and an RSI indicating possible upward momentum if current trends continue.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
