Cardano, Polkadot’s DOT, and Kusama’s KSM have secured top positions in the development activity metric over the past 30 days.
In its findings, Santiment observed that the aforementioned assets had an impressive three-year performance and prominent GitHub commits over the previous month.
The data analytics platform stated that simply tracking the raw number of GitHub activity for an asset’s team can be quite misleading.
In order to make sure a project has high and thriving development activity rates: Santiment base its rankings on 3 factors. These are:
- These people believe that the project will be successful
- The project is shipping more features
- There is less probability the project is just an exit scam
From the above chart, the report noted that 17 of these 20 leading assets are ones that are in the top 100 market cap.
There is a high correlation between assets that are amongst the leading price gainers over a long period of time, and those that have the most dedicated teams to advance the asset’s presence in the space. All projects on this list have existed for over a year as well.
During the first half of January, Cardano experienced some of the biggest blockchain network development activities.
While the high levels of development activity are great for boosting investor confidence, it is crucial to analyze what that development is about.
One of them is the explosive growth of Cardano’s smart contracts which have surged by more than 350% in a year.
Cardano’s Smart Contracts Crossed 5000
And the latest data shows that the layer 1 blockchain has over 5400 smart contracts as of now.
According to a recent Messari report, ADA’s market capitalization and total value locked [TVL] in Q1 2023, witnessed a strong rebound.
As per the report, established protocols like Minswap and more recent protocols like Liqwid Finance boosted Cardano’s TVL by a whopping 172% QoQ, from $50.8 million to $138.3 million.
In addition to that, stablecoins like Indigo’s IUSD and Djed’s DJED increased the entire stablecoin value by 261% QoQ, which helped to raise TVL overall. A Layer-2 state channel scaling solution called the first Hydra Head was also launched on the mainnet, providing a fix for the network’s scalability problems.