rafiullah rahmani Freelancing since 2020. Worked with a wide variety of clients from different sectors including the hospitality, tech, business services, travel & education. I love thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.

Cardano Ranks Among Top Blockchains

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In short:

Cardano Ranks Among Top Blockchains in Active Developer Count

Cardano ranks top in the cryptocurrency industry

How Cardano outperformed crypto Bitcoin

Bitcoin more ingrained in consumers’ lives 

According to Coin98 Analytics, Cardano ranks among the top blockchains in terms of active developer count. Cardano ranked second after Ethereum, followed by Polkadot, Cosmos and Solana in third, fourth and fifth place, respectively.

As reported by MetaNftEra , the GitHub repository of the Cardano developer portal attained 600 forks, indicating that more developers are contributing.

The Cardano Developer Portal covers everything that could be done on the Cardano mainnet. Cardano has received a lot of criticism in the past, the most significant of which has been its comparison to a ghost chain.

Cardano Ranks Among Top Blockchains

Cardano, however, continues to produce ghost-disproving results. One example is in its development activity. In recent months, Cardano’s development activity has been on the rise, showing that the teams are day by day committed to creating products, polishing and upgrading their features and staying true to the long-term roadmap.

Currently, the number of Plutus scripts has increased to 3,474. The continuously increasing number of Plutus scripts is a straight indicator of development activity in the ecosystem.

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Blockchain developer Cardano, representing the cryptocurrency space, has taken up the top spot in a new report on global brand intimacy, as reported by Cointelegraph. As per a report by brand relations agency MBLM, Cardano ranks 26 among 600 brands and holds the top spot in the cryptocurrency industry.

On the basis of information by Cointelegraph, the report stated that brand intimacy refers to the emotional connection brands are able to create with their user base and audience.

MBLM made use of artificial intelligence (AI) and big data to understand consumer relationships with brands such as Disney, Tesla and Apple. From analysis made across 19 industries, cryptocurrencies performed among the top 10, with Cardano at first and Bitcoin at the 30th rank, whereas cryptocurrency brands such as Uniswap and Solana took the 261st and 265th rankings, respectively. With regard to last year, surveyors said that Cardano is not only a new entry but the highest ranked cryptocurrency and highest performing financial services brand.

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“What’s nice about that is that it doesn’t require a founder, a particular culture or country. Now we have people in the Cardano ecosystem from more than 100 different countries working together towards this end,” Charles Hoskinson, co-founder, Cardano, said.

Moreover, Cointelegraph noted that on Twitter, users gave their reactions to Cardano’s ranking, with regard to outpacing legacy brands such as Google and eBay. The report mentioned that brand performance has increased 19% since before the pandemic. Cardano’s high performance comes prior to a major network upgrade, which is currently preparing for the long-awaited Vasil hard fork to reduce size of transactions, lower costs, and allow more network activity. 

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Different cryptocurrency projects are jostling for market dominance as the general sector matures. In this line, projects with more use cases appear to resonate well with diverse audiences. 

In particular, decentralized blockchain Cardano (ADA) has emerged as the top cryptocurrency brand, with a quotient score of 52.6, according to the MBLM Top Brand Intimacy 2022 report

Cardano ranked in the 26th position overall, toppling other mainstream brands like vehicle manufacturer Ford (NYSE: F) and food processing firm Nestle. 

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Elsewhere, Bitcoin (BTC) ranked second among digital asset brands and positioned 30 overall, followed by Polkadot (DOT), with an overall rank of 111. At the same time, Ethereum (ETH) stood in position 120 and is the fourth intimate crypto brand.

How Cardano outperformed crypto Bitcoin

According to the study, several initiatives by Cardano developers have pushed the asset to outperform Bitcoin, a widely owned and traded cryptocurrency. 

Notably, Cardano’s position was attributed to the lower investment costs and ability to minimize risks and the branding that promotes the network as a platform that seeks to serve all changemakers. 

“Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create the possibility for the many, as well as the few, and bring about positive global change.” This may explain why Cardano leads in building emotional connections and stronger bonds with users,” the study said.

The findings align with the ongoing Cardano network development that aims to make the blockchain better in an attempt to take over platforms like Ethereum. 

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For instance, the network is waiting to deploy the Vasil hard fork that promises to make the blockchain more scalable. Additionally, as reported by Finbold, Cardano was also the most developed crypto project on GitHub across 2021.

Bitcoin more ingrained in consumers’ lives 

Elsewhere, MBLM noted that despite Bitcoin lagging behind Cardano, the asset is more ingrained in users’ daily lives, alongside standing out as a key part of consumers’ daily existence.

It is worth mentioning that cryptocurrencies were included on the list for the first time, with the sector debuting in the eighth spot out of 19 industries.  

“This is indicative of users’ increasing frustration with traditional financial services. A decline in trust and an increase in disdain toward these institutions may prompt disgruntled users to search for an alternative,” the report added. 

In general, MBLM acknowledged that cryptocurrencies had outperformed established financial services, a factor that will impact the future of both industries. However, the researchers pointed out that sustainability will depend on regulation and protecting investors and users, especially in the wake of crypto brands like Celsius filing for bankruptcy. 

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rafiullah rahmani Freelancing since 2020. Worked with a wide variety of clients from different sectors including the hospitality, tech, business services, travel & education. I love thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.

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