Cardano: Sinking development activity, price dips and more

July 11, 2023

By Dipayan Mitra

Read Cardano’s [ADA] Price Prediction 2023-24

• 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. 

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 SPOs.

Check it out now! https://t.co/w7D8OQybFA

— Input Output (@InputOutputHK) July 9, 2023

On the other hand, the Voltaire team continued conversations on CIP-1694 to establish an initial Minimum Viable Governance (MVG) framework. To clear the air, this framework is crucial for the advancement of participatory governance within the Cardano ecosystem.

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