Blockchain News

Ethereum Ranks #8 Among Top Developed Blockchains

Development activity is a critical aspect of any project’s growth and success. Filtering out redundant updates and noise to focus on meaningful contributions can help track the progress of a project’s development. When a project exhibits high development activity, it suggests a commitment to shipping new features, confidence in the project’s success, and a reduced likelihood of being an exit scam.

Over the past 30 days, Santiment, a leading crypto analytics platform, has identified several blockchain projects with high development activity. Among the top 20, 17 are ranked within the top 100 market cap, indicating a strong correlation between development activity and market performance.

However, a closer examination of the price returns of the top 20 developed projects over the past six months reveals some interesting insights. While some projects experienced a decline in price, others witnessed minor gains or significant increases.

For example, Kusama (KSM) and Polkadot (DOT) both experienced a decline in price, with changes of -12% and -8%, respectively. In contrast, Ethereum (ETH) recorded a significant price increase of +26%, while Cardano (ADA) and Hedera (HBAR) saw minor gains. Decentraland (MANA) and Vega Protocol (VEGA) saw significant price drops.

Interestingly, the top 10 most developed projects had an average 6-month price change of -3%, while projects ranked 11-20 experienced a more significant average price change of -14%.

It’s crucial to monitor trends in development activity, as projects with increasing activity levels are often more promising than those with declining activity. For instance, the shared Kusama and Polkadot GitHub have seen a notable increase in development, making them rank first. Similarly, Cardano continues to experience substantial development, but its price hasn’t increased at the same rate as other projects over the past three years. In contrast, Filecoin has observed a decline in development activity since the beginning of the year.

Investors should keep tabs on projects with high development activity to optimize their portfolios. Blockchains like Polkadot, Cardano, and Ethereum, with strong development activity, are less likely to experience sudden declines, instilling confidence in their long-term prospects. Development activity is a crucial metric for evaluating a cryptocurrency project’s potential for success and growth. By focusing on meaningful contributions to a project’s growth, investors can track its progress and make informed decisions about its potential for success.

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