Cardano (ADA) has been in the spotlight due to recent developments around its blockchain, including the release of its latest weekly development report highlighting the efforts of developers to improve the network.
Cardano’s development activity has outperformed others, with significant progress in recent weeks, and this trend continued. Data from Santiment revealed a substantial increase in ADA’s development activity, with a rise in the number of contributors. The scaling team’s enhancements to action workflows and protocol consistency were cited as reasons for this uptick.
The Cardano team has been working on enhancing security through the Conway era functionality, and the development report also mentioned updated statistics for the blockchain. The total number of native tokens on Cardano reached 9.45 million, with over 83 million transactions and 157 projects initiated on the platform.
Despite robust development efforts, ADA’s price movement remained bearish, with a more than 5% decline over the past week. At the time of writing, ADA traded at $0.5166 with a market cap exceeding $18.2 billion, ranking as the eighth-largest cryptocurrency.
The MVRV ratio for ADA also fell last week, reflecting a prevailing bearish sentiment in the market. Despite the surge in blockchain developments and security measures, ADA’s price saw a drop, indicating the continuation of bearish market influence and a decrease in market value.