Cardano tops list in development activity, Is ADA set up for an explosive 2022?

  • The Cardano blockchain witnessed a strong development activity overtaking its rivals by a greater margin. 
  • After moving sideways over the last few weeks, the ADA price looks poised for a strong breakout in the new year. 

Ethereum-competitor Cardano has been the talk of the town in 2021 with the project topping the charts in terms of development activity. As per the latest report from on-chain data provider Santiment, the Cardano blockchain ranked in total development activity for the last year.

Well, the development activity might not have a direct impact on ADA price for the short term. However, it shows the Cardano team’s commitment to the continued development of the platform. In 2021, the Cardano blockchain underwent some major changes with the most important coming in the form of the Alonzo upgrade.

This brought the ability of smart contracts implementation to the Cardano network. Furthermore, there was also some quick adoption of these smart contracts. Going ahead in 2022, the Cardano blockchain is likely to introduce additional upgrades to the platform.

Read More: In five days of Alonzo upgrade, the Cardano blockchain has more than 200 smart contracts

Furthermore, Cardano has also been leading the pack when it comes to active contributors count for the last year of 2021. As per the Github report, an average of 53 contributors contributed to the platform.

Courtesy: Github

As we can see from the above chart Cardano has been leading with a strong margin from its immediate competitor Kusama. Interestingly, Kusama and Polkadot managed to come at the second and the third spot leading above the world’s second-largest cryptocurrency Ethereum (ETH).

These above-mentioned statistics put light on where the entire crypto ecosystem is heading towards. Also, projects like Cardano with the active developers’ community are “naturally going to dominate”.

Cardano founder predicts 2022 will be the best year

During his recent Livestream on Jan 1, 2022, Cardano founder Charles Hoskinson said that 2022 will be the best year for the entire crypto industry and especially for Cardano. While Hoskinson didn’t share any specific roadmap for Cardano, he was commenting in general about the broader market.

He said that the broader crypto market witnessed rapid growth and that “we’re going to digest as an industry the consequences for better or worse of becoming so big so quickly”.

Besides, the Cardano founder also spoke about other projects. He expects some resolution coming on the Ripple case in 2022. Based on the current situation, Hoskinson also outlined that Ripple seems to be the winning contender for now.

Related: Ripple has no plans of settling with the SEC on XRP, the legal team reveals

For 2022, Hoskinson expects a lot of regulatory involvement in the crypto space. Thus, he also expects a clampdown on DeFi and non-fungible tokens (NFTs).

Is Cardano ADA ready to explode?

On the technical 12-hour chart, the Cardano (ADA) price action is forming a symmetrical triangle pattern. It means that the ADA price could consolidate until a decisive breakout that points to its next move. If the ADA price breaks past the $1.50 levels based on the topside trendline, it can witness another 30 percent explosive rally.

Cardano’s ADA has participated strongly during the altcoin market bull run of 2021. At one point, it also emerged as the third-largest cryptocurrency and a direct challenge to Ethereum. The ADA price touched an all-time high of $2.96. However, it has corrected more than 50 percent of those levels. As of press time, ADA is trading at $1.35 with a market cap of $45.2 billion as the sixth-largest cryptocurrency in the market.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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