Despite underlying growth and considerable development activity, Cardano falls short of meeting investor expectations.
Cardano has had the most development activity in the industry, surpassing projects like Kusama and Polkadot, with over 350 commits in the last month. Other prominent projects at the top include Ethereum and Solana, both of which have over 270 commits.
The network has always been one of the most actively developed projects in the market, especially since the smart contract update was dropped. Cardano has been releasing plenty of new initiatives, updates, and solutions since the beginning of 2022.
The upgrade of stake pool operators on Cardano node 1.35 was one of the most recent improvements. The latest node version is now a candidate for the final mainnet Vasil hardfork release, thanks to the new update. All upgrades and corrections will have a soft and stable release of Vasil with the introduction of the node network.
In addition to frequent network updates—the network is about to receive a significant Vasil upgrade—Cardano also supports smaller solutions such as the eUTxO blockchain explorer, which has received praise from the project’s founder, Charles Hoskinson, and decentralized initiatives such as Wingriders.
Despite extensive fundamental development, Cardano has struggled to show any positive movement on the cryptocurrency market, since the blockchain’s underlying coin has been in a strong slump over the last 300 days of trading.
Cardano has lost more than 84% of its value since September, making it one of the least profitable assets in the whole sector. Despite continuous updates and increased network traffic, no signs of a reversal have shown on the market. At the time of writing, ADA was trading at $0.49.
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