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Cardano Ecosystem

Bitcoinist

01/23/2024

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Cardano (ADA) Remains #1 Cryptocurrency In This Metric

The analytics firm Santiment has revealed that Cardano is still narrowly leading the cryptocurrency sector when it comes to this indicator. Cardano Is Still At The Top Of Development Activity Charts In a new...

Cardano (ADA) Remains #1 Cryptocurrency In This Metric

The analytics firm Santiment has revealed that Cardano is still narrowly leading the cryptocurrency sector when it comes to this indicator.

Cardano Is Still At The Top Of Development Activity Charts

In a new post on X, Santiment has shared the latest ranking of cryptocurrencies based on the data of their respective development activities. The “development activity” here refers to a metric that basically keeps track of the total amount of work the developers of a project have been putting into its public GitHub repositories.

One method of tracking and quantifying this work is by counting the number of “commits” (where a commit is any change recorded in the repository). However, this methodology has an issue: it fails when accounting for forked projects.

A fork on GitHub refers to a copy of a project made at a certain point in its timeline. As a fork is a clone, the commits from the prior project are also transferred into this new one.

These commits haven’t been made by the new developer, though, so purely counting the commits here would provide a misrepresentation of the actual work done.

To circumvent this, Santiment’s development activity metric measures the work in units of “events.” An event can be generated from a number of things, whether that be a code push, an issue interaction, or a comment.

The act of forking also generates an event. Unlike with the commits, the events of the prior project don’t carry over to the new one, with the fork as a whole just contributing one unit towards the development activity.

Now, here is the table shared by the analytics firm that shows how Cardano and other cryptocurrency projects line up against each other in terms of their 30-day development activities right now:

Cardano Development Activity

Looks like ADA is currently at the top of this list | Source: Santiment on X

From the table, it’s apparent that Cardano is still the top asset based on the development activity, as the project has seen almost 333 events during the past month.

Polkadot (DOT) and Kusama (KSM) have also held onto their recent joint position as second, with the indicator’s value standing at 329.57 for them currently. This means that ADA currently has a narrow lead over these projects.

Ethereum (ETH), the second largest cryptocurrency in the sector based on market cap, had fallen out of the top 10 development activity list earlier, but it seems to have made its way back on there this month.

Now, what’s the relevance of the development activity metric? A high development activity suggests that the project has committed developers behind it, which means that its features should continue to be improved in the future.

Such commitment makes the project less likely to be just a rug-pull, so this indicator can be one of the signs to look for when trying to determine whether a coin has long-term viability or not.

ADA Price

Cardano has taken a dive along with the rest of the market today, as its price has now dropped to just $0.46.

Cardano Price Chart

The Cardano price appears to have taken a notable hit during the last 24 hours | Source: ADAUSD on TradingView

Featured image from Michael Förtsch on Unspash.com, charts from TradingView.com, Santiment.net

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