Analytics firm Santiment reports that Cardano still barely leads the cryptocurrency sector when it comes to this metric.
Cardano still tops the development activity charts.
new post At X, Santiment shared the latest rankings of cryptocurrencies based on data on their respective development activities. “Development activity” here basically means a metric that tracks the total amount of work put into the public GitHub repository by the project developers.
One way to track and quantify this activity is to count the number of “commits” (where a commit is any change written to the repository). However, there are problems with this methodology. Fails when describing a forked project.
A fork on GitHub is a copy of a project created at a specific point in its timeline. Since a fork is a clone, commits from the old project are also transferred to this new project.
However, these commits were not done by new developers, so counting only commits here may give a misleading indication of what was actually done.
To circumvent this, Santiment’s development activity metrics measure work in units of “events.” Events can be generated from a variety of things, including code pushes, issue interactions, and comments.
The act of branching also generates events. Unlike commits, events from the previous project do not carry over to the new project, and a fork contributes only one unit to the development activity overall.
Now, a table shared by the analytics firm shows how Cardano and other cryptocurrency projects compare to each other in terms of current 30-day development activity.
Looks like ADA is currently at the top of this list | Source: Santiment on X
Looking at the table, it is clear that Cardano is still the best asset based on development activity, as almost 333 events have occurred on this project in the past month.
Polkadot (DOT) and Kusama (KSM) have also recently been tied in the ranking, with the indicator’s current value being 329.57. This means that ADA currently has a narrow lead on these projects.
Ethereum (ETH), the sector’s second-largest cryptocurrency by market capitalization, was previously missing from the top 10 development activity list, but appears to be back on track this month.
Now what is the relevance of development activity indicators? High development activity means the project has dedicated developers, which means its features should continue to improve in the future.
This commitment reduces the likelihood that the project will simply become an impasse, so this metric can be one of the signals to look for when judging the long-term viability of a coin.
ADA price
Cardano plummeted along with the rest of the market, with its price now down to $0.46.
The Cardano price appears to have taken a notable hit during the last 24 hours | Source: ADAUSD on TradingView
Featured image by Michael Förtsch on Unspash.com, chart on TradingView.com, Santiment.net