Following the upcoming Vasil hardfork, Cardano is getting a record-breaking amount of commits on its GitHub page as some developers are prepping their application for new functions and others are trying to find something to improve directly in Cardano.
Such a large number of commits made Cardano the top project by development activity in the last 30 days. Usually, development activity is considered by investors to be one of the main ways of determining the "seriousness" of a project and its potential on the market.
June On-chain #Cardano Stats 📈🚀— Cardano Community (@Cardano) July 4, 2022
Did someone say Cardano was the top project by development activity in the last 30 days? 👀 💪@santimentfeed
Let's take a look at what developer activity is and why it matters.
Active development around the coin is also the main signal of upcoming features that will create more use cases on the network and attract new users that provide more fees for miners or developers and incentivize the further improvement of the network.
In addition to the enormous development activity around the coin, Cardano saw an increase in the number of wallets on the network ahead of the big update expected by the whole community around the coin.
The number of native tokens and Plutus scripts has also seen a 6% and 3% increase, respectively. The growing number of smart contracts and tokens is a sign of a large migration of decentralized applications on the Cardano network.
Cardano's network activity is also showing signs of increase as the number of transactions hit 44.8 million in the last month, a 5.4% increase since May.
Such strong fundamental growth on Cardano has not yet helped the underlying cryptocurrency of the network to perform better on the market, while the majority of users are hoping for a reversal once the majority of decentralized applications on it start utilizing functions implemented in Vasil.