Cardano ($ADA) Maintains Lead in Crypto Development Activity, Outperforms Polkadot ($DOT) and Ethereum ($ETH)

The popular smart contract platform Cardano ($ADA) has maintained its top stop in cryptocurrency development activity after surpassing the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM).

According to data from on-chain analytics firm Santiment, Cardano saw its development activity tower over other major cryptocurrencies, with Hedera ($HBAR) following Polkadot and Kusama, and Aptos ($APT) coming in fifth place.

Status ($SNT) and Chainlink ($LINK) on Ethereum followed suit, but were still ahead of Cosmos ($ATOM) and Ethereum ($ETH), the second-largest cryptocurrency by market capitalization.

The term “development activity” refers to the amount of work completed by a cryptocurrency project’s developers on the project’s public GitHub repositories within the past 30 days.

Unlike other measures, Santiment’s metric focuses on “events” rather than the total number of commits. Events encompass various actions taken on GitHub repositories, such as pushing a commit, forking a repository, or creating an issue.

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This approach provides a more accurate representation of the developers’ actual work, as it prevents duplication or inaccuracies that may occur when measuring development activity solely by commits.

For instance, forking creates a duplicate copy of a repository, including all previous commits. By counting the forking action as a single event, Santiment avoids falsely attributing older commits to new developers.

As reported, Cardano’s prices have risen 36.5% over the past two weeks, while ADA address activity rose 23% in the last three weeks. Over that same period, whale transactions rose 32% as on-chain activity surges.

Cardano’s ADA could rise as much as 43.5% in November as historical data suggests that the cryptocurrency’s price could go up this month based on average returns, although its median return over the month suggests a potential decline of 2.5%.

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2023/11/cardano-ada-maintains-lead-in-crypto-development-activity-outperforms-polkadot-dot-and-ethereum-eth/