While the crypto industry is trying to escape the clutches of the bear market, the leading altcoin projects continue their development activities on their own blockchains without speeding up.
In the crypto money market, some projects stand out with their updates and innovations in the ecosystem. According to data released yesterday by crypto analytics platform Santiment, Ethereum (ETH) ranked first among the projects with the most development activity in the past 30 days, with 401 development activities. Polkadot (DOT) and Kusama (KSM) are second and third with 400 development activities. Cardano (ADA) ranks fourth with 389 projects, while Status (SNT) ranks fifth with 324 projects.
The development activity tracked by Santiment is based on public Github repositories with free access to all historical and real-time data about the project. The monitoring process focuses only on development-related events.
Ethereum's development event is associated with the Merge update, which will go live on Sep 15th, which will switch the network to the Proof of Stake (PoS) protocol. In particular, with such an important development, more projects will flock to the platform and they will try to invest in the new version of the blockchain. In addition, the number of projects may also increase in the post-Consolidation period as the network will be more adopted. At the same time, developer activity is correlated with market conditions. In most cases, developers tend to work on a blockchain during bull market conditions, but some projects do not stop working during the bear market as well.
Historically, Ethereum gas fees have been a major factor influencing development activities on the network. Additionally, the high gas fee has partly deterred developers and led to a deep stalemate. However, in the last 30 days, Ethereum's gas fees have dropped to the lowest level in almost two years.
This played a big role on the developers. Other blockchains like Cardano are working relentlessly to improve the network by attracting more developers to the Vasil Hard Fork to improve the scalability of the network. Also, in 2021, Cardano emerged as the project with the highest development activity on Github. Cardano managed to surpass Kusama, Polkadot and Ethereum.