ADA Coin still ranks among the largest altcoins in terms of market value but fails to deliver the expected performance. Ripple and Cardano, with their promising future prospects, attract investors who are willing to invest in them regardless of today’s situation. So, what is the current situation in the Cardano camp?
It has been over 2 years since Cardano acquired smart contract capabilities. However, it does not even have an application that people use crazily. Cardano has gained significant attention with its active development activities. Many talented developers actively contribute to the growth and development of the network. So, what is the situation of active users while development activities are high?
As of July 26th, Santiment released a development activity ranking table that revealed Cardano’s prominent position in second place. This graph meticulously tracked the development efforts of various platforms in the past 30 days, and Cardano ranked well with over 450 activities.
During the past 30 days, development activities in Cardano witnessed fluctuations with occasional sudden increases. However, the number of active users on the network remained almost stable. So, why isn’t the user count increasing despite the dynamic development activity? This is an important issue for long-term investors. At the time of writing this article, the daily active address count was around 20,000.
When examining the daily timeframe chart for Cardano’s volume metric, it can be seen that significant buying and selling activities have not yet occurred. However, despite the lack of major interactions, there has been consistent back-and-forth pressure between buyers and sellers in the past few weeks. In the short term, it indicates a possibility of RSI increase, but there are significant problems in the long term.
For Cardano to survive in the long term as a platform providing infrastructure for smart contracts, it needs to address its internal problems. For example, programming with Haskell is not attractive to most developers, and even 2 years ago, this issue was criticized. We can see that the criticisms were valid as Cardano’s 2-year network performance could not host a single prominent application.
If the future is in the next bull season, Cardano will have a serious problem. Unlike 2021, many layer1 and layer2 solutions have entered our lives. There will be more. If Cardano cannot attract more users to the network by that time and cannot host applications that increase the value of the network, it seems difficult for it to maintain its value among so many alternatives.
While all this is happening, Hoskinson continues to be preoccupied with vaccines, aliens, and frontier science. Perhaps it is necessary to change the figurehead, who was initially at the forefront.