Data shows that Cardano (ADA) has finally surpassed Polkadot (DOT) in development activity, making it the number one cryptocurrency in terms of development efforts. This situation may create a positive sentiment for the cryptocurrency.
Cardano Review
In a recent post on X, on-chain analytics firm Santiment revealed how various coins compare to each other in terms of “development activity” in the market. Development activity here is essentially a metric that describes the total amount of work done by a project’s developers in its public GitHub repository over the past 30 days.
The metric measures this activity in units called “events,” and every action taken in the GitHub repository, such as making a commit or creating an issue, is counted as an event. The reason the metric doesn’t just look at the number of commits to measure activity is that when a developer forks another project (i.e., creates a copy of it), the commits will be attributed to the fork, but they don’t actually represent the work done by the new developer.
In the event-based approach, forking is counted as a single event, and the events of the original code aren’t carried over to the fork, thus ensuring an accurate representation of the work done. Now, there is a table showing how various projects in the industry are ranked in terms of development activity:
As you can see above, Cardano is currently at the top of the list because the project’s developers made over 500 daily commits to the GitHub repository last month. This indicates that ADA’s developers have been the most active in recent times in developing the coin.
This is a new development in the market as the coin had previously lagged behind Polkadot and Kusama in this metric throughout 2023. However, while Cardano is currently ahead of these assets, they are still not far behind as they both saw an average of around 493 daily events, tying them for the second position in the market.
Ethereum Falls Out of the List
Previously, Ethereum was on this top ten list, but it seems that the second-largest cryptocurrency by market capitalization has now completely dropped out of the rankings. Now, the main question is: what is the significance of development activity? This metric is useful in determining whether a project is legitimate or just a scam. High development activity is often a positive sign in this regard because it indicates that developers are highly committed to the project and are unlikely to abandon it in the near future.
In terms of what this could mean for more established coins like Cardano, high values of this indicator could be one of many signs that the cryptocurrency has long-term growth potential. Development activity is certainly not the end-all, be-all of everything in this regard, but ADA being number one on the list can still be considered a constructive sign for the future of the cryptocurrency. At the time of writing this article, Cardano was trading around $0.26 with a 10% decrease in the past week.
