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- Cardano stood out from the market with its robust development activity.
- While ADA’s development surged, declining fees presented challenges for the protocol’s sustainability.
Amidst the resurgence triggered by Grayscale’s recent legal triumph, Cardano [ADA], along with several altcoins, found itself lagging behind the broader market upswing.
Realistic or not, here’s ADA’s market cap in BTC’s terms
Development on the rise
However, a noteworthy shift was underway in Cardano’s development landscape, as it outpaced notable cryptocurrencies like Hedera [HBAR], Chainlink [LINK], and Cosmos [ATOM].
This heightened activity suggested a commitment to innovation and potential enhancements in the network’s capabilities.
⚡️Top #Crypto Projects by Developer Activity in August
30 August 2023
Data source: @Santimentfeed$DOT #Polkadot $ADA $HBAR #Hedera $LINK $ICP $ATOM $APT $AVAX #AVAX $EGLD #EGLD $XRD pic.twitter.com/zd3EJkZiKC
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) August 30, 2023
In terms of recent activity on the Cardano network, a notable spike was witnessed in daily interactions and transaction volumes. This spike indicated growing user engagement and interest in the protocol.
Despite the overall positive trend, the decentralized exchange (DEX) volumes on Cardano have shown a decline over the past month. However, the total value locked (TVL) within the DEX ecosystem has continued to grow, indicating ongoing interest in Cardano’s DeFi sector.
While development and activity thrived, there’s been a noteworthy decrease in the fees generated on the protocol. Over the last month, fee earnings saw a 33% decline, according to Token Terminal.
A lot at stake
In the realm of staking, Cardano has been witnessing a steady increase in the number of ADA holders participating as stakers. However, it’s crucial to note that the reward ratio for ADA stakers has experienced a decline.
This adjustment could influence staking behavior and the overall staking landscape.
Is your portfolio green? Check out the ADA Profit Calculator
Shifting our focus to price and trading dynamics, Cardano’s price experienced a dip, settling at $0.263. Simultaneously, the trading volume exhibited a significant spike, reaching a substantial 237.35 million.
Delving into trader sentiment, a remarkable trend emerges. Short positions have surged to 52.13%, signifying a prevailing bearish sentiment among traders. This sentiment could be driven by a multitude of factors, including market developments and technical analysis.
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