Cardano (ADA) Has Finally Become King Of Crypto Market In This Metric


Physical Cardano cryptocurrency coin close-up, in front of a price chart

Data shows Cardano (ADA) has finally surpassed Polkadot (DOT) to become the number 1 cryptocurrency in development activity.

Cardano Has Seen The Most Development Activity In 30 Days

In a new post on X, the on-chain analytics firm Santiment has revealed how the various coins in the market currently compare against each other in terms of the “development activity.”

The development activity here is a metric that basically tells us about the total amount of work that the developers of a certain project have been doing on the public GitHub repository of the said project during the last 30 days.

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The indicator makes this measurement in terms of units called “events,” and any action done on the GitHub repository, like pushing a commit or creating an issue, counts as one event.

The reason the metric doesn’t simply go with the number of commits to measure the work is that if the developer forks another project (that is, make a copy of it), the commits will carry onto the fork, but they don’t actually represent the work that this new developer has done.

In the event approach, the act of forking only counts as a single event and the events of the original code don’t carry over to the fork, thus providing an accurate representation of the work done.

Now, here is a table that shows how the various projects in the sector rank in terms of development activity:

The standings in the cryptocurrency market in terms of this indicator | Source: Santiment on X

As you can see above, Cardano is currently top of the list, as the project’s developers have made 500+ daily submissions on the GitHub repository during the past month. This suggests that ADA’s developers have been working the hardest on improving the coin recently.

This is a new development in the market because, before this, the coin had been behind Polkadot and Kusama in this metric throughout the year 2023.

However, while Cardano has surpassed these assets now, they are still not too far from it as they both have seen about 493 average daily events, tying them for the second position in the market.

Ethereum had earlier been inside this top ten list, but it would appear that the second-largest cryptocurrency by market cap has now fallen out of the rankings entirely.

Now, the main question is: what’s the significance of the development activity? Well, the metric is generally useful for determining whether a project is legit or just a rug pull.

High development activity is usually a positive sign in this direction, as it means that the developers are very committed to the project, making it unlikely that they would abandon it in the near future.

In terms of what it could imply for the more established coins like Cardano, high values of the indicator can be one of the many signs that the cryptocurrency could have long-term growth potential.

The development activity is certainly not the end all be all on the matter, but ADA being number 1 on the list is still likely a constructive sign for the coin’s future.

ADA Price

At the time of writing, Cardano is trading around $0.26, down 10% in the last week.

Looks like the asset's price has been slipping down recently | Source: ADAUSD on TradingView
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