Tracking the development activity is a valuable part of the fundamental analysis of the cryptocurrency market. You can think of it as sitting in the R&D room of the companies you want to buy shares of. This is possible in the cryptocurrency market because most projects are built as open-source software. This means that there are publicly available information such as market value that can be used with other data for trackable and unique insights.
The biggest platform where the development activity of open-source software can be tracked is GitHub. The development activity of projects in the cryptocurrency market is also tracked through this platform.
In this context, developer Lukas Masuch collected the results shared in a GitHub repository. Masuch ranked 62 projects in the category of “Smart Contract Platforms” in his developed index to determine which one has the highest developer score.
Masuch included the note for the index, saying, “All projects are ranked according to a project quality score calculated based on various measurements automatically collected from GitHub and different package managers.”
In the note Masuch made for the top 5 smart contract platforms on GitHub, he stated that these platforms are the ones that host smart contracts or decentralized applications on Blockchains. Not surprisingly, the highest score belongs to Ethereum (ETH), which is the second largest smart contract platform among all other cryptocurrencies in terms of market value. Ethereum stands out with its pioneering role in creating smart contract solutions.
According to Masuch’s methodology, Ethereum receives a score of 53 with more than 230,000 stars given by GitHub users as an indication that they liked the open-source project. Ethereum’s score is even higher than Bitcoin as shown in the previous report. With a market value of 191.70 billion dollars at the time of writing, each star of ETH is worth 833 dollars.
Polkadot (DOT), which is a Layer 0 Blockchain, ranks second with a score of 46 and 37,000 stars. Considering its market value of 4.92 billion dollars, each star of DOT is worth 133 dollars. Solana (SOL) ranks third with a score of 45 and 23,000 stars. With a market value of 8.04 billion dollars, each star of SOL is worth 349 dollars.
The higher the result in the “market value/stars” section, the more overbought a cryptocurrency is according to this market indicator.
Cardano (ADA) ranks above Chia (XCH) in fifth place with 15,000 stars and a score of 40. ADA has a market value of 8.64 billion dollars, which means approximately 576 dollars per star. Despite its developing activity fundamentals, XCH has a very low market value of 231 million dollars, which means approximately 17 dollars per star. According to this metric, XCH stands out as the most oversold cryptocurrency in the ranking.