September saw a lot of development activity for Cardano, which continued to fuel the network’s growth. Cardano topped the table for developer activity during the last 30 days with a score of 572, according to a chart created by CryptoDep using data from Santiment, even as the cryptocurrency market slowed down. The network now surpasses notable initiatives like Polkadot, Hedera, Chainlink, and Cosmos.
Despite difficulties in the second half of 2023 brought on by regulatory uncertainties and competition from layer-2 networks like Base, Arbitrum, and Optimism, Cardano has recovered thanks to a sharp increase in developer activity. Cardano has maintained its lead in development activity in its open GitHub projects, scoring 572 throughout the month. However, Cardano’s native token typically traded below $0.25 for the whole month of September, showing that the team has persisted despite the token’s lackluster price performance.
With scores of 501 and 388, respectively, projects like Chainlink and Polkadot are closely following Cardano. Hedera, Cosmos, Aptos, and Avalanche follow these projects in order of popularity with 358, 338, 248, and 242, respectively. Due to decentralized solid finance (DeFi) projects operating on top of it, the total value locked in Cardano has also increased, surpassing 615 million ADA after weeks of stagnation.
After several months of low activity, Minswap, the biggest decentralized exchange on Cardano, had a noticeable increase in a number of measures. According to data from DappRadar, the platform’s UAW increased by more than 7% in the last 30 days to 19.92k, while its volume increased by more than 943% in the same time frame and is now at $3.53 billion.