Cardano shows increased development activity as number of Plutus Scripts is on stable rise
gimbal Knowledge The Twitter account reported an increasing number of Plutus Scripts since April 8, showing active development on the network despite nasty market conditions.
Plutus Scripts are the smart contracts of the Cardano network, and the increasing number of contracts on the network is a straight indicator of development activity in contrast to TVL or the capitalization of Cardano.
According to DefiLIama, the total value of funds locked in various decentralized platforms and smart contracts on Cardano has decreased significantly, from over $300 million at the end of March to less than $200 million at press time.
But while the development activity on Cardano is not stopping and only shows an upward tendency, users are slowly leaving the network due to unpleasant market conditions and a plunge in the popularity of the DeFi industry.
According to data from Messari, the number of active Cardano addresses has fallen from nearly 450,000 in November to just 100,000 today. In March, the number of active users on the Cardano network reached 200,000.
ADA market performance
Due to the turmoil on the cryptocurrency market caused by the massive selloff of Bitcoin, which plunged from almost $40,000 to $33,000, Cardano struggles to show any positive movement as extreme fear covers digital assets all over the market.
Cardano has lost more than 20% of its value in the last five days, continuing further into the downtrend that began in September 2021. Against the ATH, Cardano has lost more than 75% of its value, which place on the list of least profitable. digital assets in the cryptocurrency market.
At press time, ADA trades at $0.69 and has lost 6.5% of its value in the last 24 hours.
