Polkadot vs Cardano: Neck-to-neck in dev activity, but…

• Polkadot and Cardno ranked first and third in recent dev activity.
• However, DOT and ADA exhibited different trends in price on a daily timeframe.

According to the latest data from Santiment, Polkadot [DOT] and Cardano [ADA] have emerged as frontrunners in terms of development activity within the blockchain landscape. Yet, we must delve deeper and explore if there are any noteworthy metrics beyond this realm for these chains.

Read Polkadot’s [DOT] Price Prediction 2023-24

Polkadot and Cardano dev chart

In Santiment’s recent ranking of development activity among chains, Polkadot and Cardano emerged as the leaders, showcasing a notable uptick in development activity over the past few weeks.

Source: Santiment

As of this writing, Polkadot boasted a count of approximately 95, as observed in the development activity chart. Notably, the chart demonstrated a sharp increase around 2 July, following a significant decline. 

On the other hand, Cardano’s development activity chart indicated approximately 133 as of this writing. While this figure was higher than Polkadot’s, Cardano experienced a visible decline after reaching its peak.

Source: Santiment

Analyzing the TVL of the leading chains

Despite their prominent positions in development activity, Polkadot and Cardano did not witness a corresponding surge in Total Value Locked (TVL). Data from DefiLlama revealed that both platforms exhibited relatively lower TVL figures than similar chains.

Cardano’s TVL stood at approximately $162 million as of this writing. However, a glance at the chart indicated a slight upward trend, hinting at a potential increase in the future. Similarly, Polkadot’s TVL showcased a combined value of all its chains below $150 million.

Contrasting the Polkadot and Cardno price trend

Inspecting DOT on a daily timeframe, it became evident that it was experiencing a downtrend at press time. As of this writing, it was trading at approximately $5.2, reflecting a minor decline of less than 1%. However, it suffered a loss of nearly 5% over the four days. 

Source: TradingView

Despite this decline, DOT was still positioned above its short Moving Average (yellow line), which acted as a support level. The Moving Average Convergence Divergence (MACD) indicator also indicated a bullish sentiment.

How much are 1,10,100 ADAs worth today?

In contrast, ADA displayed a more favorable price trend at the time of writing. It was trading at around $0.28, slightly increasing by less than 1%.

However, the token was trending below its short Moving Average (yellow line), which also acted as a resistance level. Furthermore, its trend appeared bearish as per the Relative Strength Index (RSI) as well.

Source: TradingView