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The Blockchain with the Most Dev Activity According to Santiment – You Won’t Believe Who!
- The top ten crypto projects by developer activity include some unexpected names.
- However, price activity doesn’t always mirror developer activity, hinting at persistent speculation.
- Bear markets are for building, and these projects have had a crack at it.
CryptoDep, a crypto analyst on X, recently shared insights with their 100,000+ followers about leading crypto projects. Drawing from Santiment’s market intelligence, CryptoDep revealed some surprising statistics.
Cardano, the “Ghost-Chain,” Takes the Lead
One of the most controversial figures in crypto is without a doubt Cardano (ADA) founder Charles Hoskinson. Known for his quarrels with his Ethereum co-founders and the XRP Army, he often faces criticism for underdelivering on the Cardano blockchain.
Yet, Santiment data puts the proof-of-stake blockchain firmly in the number one spot when it comes to developer activity. While Cardano has often been called ghost-chain for its lack of developer and network activity, it appears things might be about to change.
Cardano leads with 505 active projects, trailed by Polkadot (DOT) with 427 and Hedera (HBAR) with 380.
Correlation of Price and Dev Activity
Interestingly, of the top ten developer-heavy projects, price performance often diverges from dev activity. While ADA, DOT and HBAR all have enjoyed similar gains of around 4-5% over the past 30 days, the projects on spot three and four for dev activity have by far outperformed the top three in price activity.
Aptos (APT) and Chainlink (LINK) have seen prices rise by 24.6% and 39.1%, respectively, despite having 340 and 300 projects.
Radix (XRD) is notable for its 28.4% price decline over a month and only 127 active projects. Radix already peaked in April this year when it reached US $0.14 (AU $0.21), it currently sits at US $0.041 (AU $0.065) according to CoinMarketCap.
Building Through the Bear Market
As the bear market has dragged on, many will be familiar with the phrase, “bear markets are for building. Cardano has many ongoing developments, one remarkable project is the Djed Stablecoin which faced challenges and saw a change in leadership recently.
Another project on investors’ radars is of course Chainlink, which keeps surging and is now close to becoming a top ten coin by market cap. Chainlink’s multifaceted platform offers robust data, computing, and cross-chain connectivity features, and has featured collaborations with financial giants like SWIFT. Additionally, Chainlink and ANZ have teamed up for research into tokenised assets.
Radix’s surge can be attributed to its “Babylon” upgrade, which added smart contract capabilities for diverse decentralised applications. A month post-upgrade, only half of the projects have launched, though 700 smart contracts were rolled out.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
