Cardano’s developer activity, as measured by GitHub commits, has surged last month with the launch of its decentralized finance (DeFi) ecosystem to significantly surpass the development activity of leading cryptocurrencies Bitcoin ($BTC) and Ethereum ($ETH).
According to data shared by CryptoCompare, Cardano’s developer activity so far this year is more than seven times that of BTC, and with the launch of its decentralized finance ecosystem greatly surpassed that of Ethereum.
Last month, Cardano’s transaction volume also exploded to $12.7 billion over a short period, to more than double Ethereum’s $6.3 billion transaction volume. Activity on the Cardano network has been surging over time, with the number of daily new addresses being created on the cryptocurrency’s network jumping 167% on February 18, a metric that on-chain analyst Ali Martinez said generally “precedes a spike in price volatility for ADA.”
The price of ADA has indeed seen its volatility surge, along with the rest of the cryptocurrency market. Its transaction volume and developer activity surged after the launch of SundaeSwap, which commands 98% of the total value locked on its DeFi ecosystem.
Data from Binance Research shows that contributions to Cardano’s GitHub have surged in November last year, ahead of its mainnet launch. Since then the number of addresses holding ADA also went up sharply, to hit a new 4.53 million all-time high last month, according to CryptoCompare’s latest Asset Report.
The report detailed the number of Cardano hodlers has grown 10.9% in January to hit 309,000, while the number of cruisers rose 5.85% to hit 3.19 million. The number of traders on the network, after dropping nearly 30% in December, jumped 48.8% last month to surpass 1 million.
In January, large ADA token holders more than doubled their holdings in the cryptocurrency, taking advantage of a price drop of more than 30%. Data suggests Cardano addresses holding between 10,000 and 1 million ADA have increased their holdings by 113%, accumulating $53.6 million.
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