Data shows that the ethereum ecosystem remains number one in terms of development activity, ahead of BNB and Polygon.
The ethereum ecosystem experienced 0.8% growth over the past year
In a newx.com/santimentfeed/status/1836082112019206288″ target=”_blank” rel=”noopener nofollow”> mail In x, analytics firm Santiment analyzed how the growth in development activity across different cryptocurrency ecosystems has compared to each other over the past twelve months.
“Development activity” here refers to a metric that basically tells us about the total amount of work that the developers of a given project are doing on its official GitHub repository.
In the context of the current discussion, the development activity of any particular project is not of interest, but rather the combined activity of the projects that fall under a given blockchain, such as ethereum or BNB. A popular way to measure the development activity of a project is through the number of commits its developers are making to its repository, but the problem with this methodology is that the commits are inherited if the developer forks another project (i.e. makes a copy of it).
Commits inherited from the previous project do not represent the new developer's work, so the total number of commits can be a misleading metric. Santiment's version addresses this problem by measuring development activity in units of “events.”
An event is any change that the developer has made to the project. In this system, the entire act of branching produces a single event, and events from the previous branch are not carried over. Therefore, the number of events can provide a more accurate representation of the actual work that developers are doing.
Now, here is the chart shared by the analytics firm showing the trend in combined development activity of the top 15 ecosystems in the sector:
<img decoding="async" class="alignnone aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/09/Data-shows-that-the-Ethereum-ecosystem-remains-the-best-in.jpeg" alt="ethereum Development Activity” width=”2508″ height=”1750″/>
Looks like ethereum is at the top of the list | Source: x.com/santimentfeed/status/1836082112019206288/photo/1" target="_blank" rel="noopener nofollow">Santiment on x
As shown in the chart above, ethereum ecosystem development activity has been consistently at its highest over the past year. Developers of these projects on the blockchain have also shown an overall increase in effort over this period, with the metric sitting 0.8% higher today compared to a year ago.
However, this growth is only modest compared to most of the rest of the top 15. Among these, ecosystems such as Optimism and Fantom have particularly stood out with their impressive growth of 39% and 31%, respectively.
However, the growth of other blockchains has not posed any threat to ethereum’s dominance as the network still has a huge gap over BNB and Polygon in second and third place respectively.
As for how relevant development activity is for any cryptocurrency, a high value of the metric suggests that developers are committed to the project, which can be one of the signals to look for in determining whether an asset has long-term potential or is just a gimmick.
However, since the development activity here refers to entire ecosystems, the indicator only tells us which blockchains are receiving the most interest from developers. To check the health of individual coins, one should look at their respective development activities.
eth Price
At the time of writing, ethereum is trading at around $2,300, down 1% from the past week.
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The price of the coin appears to have gone down over the last few days | Source: ETHUSDT on TradingView
Featured image by Dall-E, Santiment.net, chart by TradingView.com
