At the start of 2023, development teams in the primary blockchain networks are building and expanding their ecosystems as the crypto industry continues to recover from the devastation caused by the FTX meltdown. In addition, the time given for the development of these projects is a resource that can be considered quite costly as projects that gather a large number of developers who volunteer their time and expertise can contribute to the overall positive growth of the project .
5 cryptos with the highest development
According to the data provided by Santiment, Polkadot (DOT), and Kusama (KSM) share the lead for most development activity on GitHub as of January 25. Operating on a proof-of-stake mechanism, Cardano (ADA) came in at number three in terms of development activity with a score of 337.
GitHub, for those who don’t know, is advanced software that allows collaboration between individual programmers and groups of programmers working on a single project. The use of this platform in the crypto sector is on the rise and it is used by a wide range of people from coding specialists to beginners all over the world. For example, this system is used by all emerging crypto initiatives to facilitate the linkage of disparate concepts and programs.
Decentraland (MANA), Status (SNT) and Cosmos (ATOM) rounded out the top five cryptos thanks to their development activities registered on Github. Meanwhile, Filecoin (FIL), Internet Computer (ICP), Ethereum (ETH), and Concordium (CCD) rounded out the list of top 10 cryptocurrencies.
Read more: Will Bitcoin (BTC) price rise to $46,000 after this massive breakout?
Token Price Mimics Developer Activity?
However, it should be noted that Kusama is Polkadot’s sister chain for early-stage experimental development and deployment, and therefore shares the same score for development activity. Cardano, on the other hand, has maintained its place in the top three consecutively for the past few months. This has also had a positive impact on the price of Cardano (ADA), which is up around 50% in the last 30 days and 8% in the last seven days.
Decentraland, a leading Web3 metaverse project, has also seen a recent 73% price increase, which has brought the altcoin back to its pre-FTX collapse level. Other projects mentioned on the list such as ICP, ATOM and FIL also saw significant increases in their valuations in recent weeks, with respective increases of 53%, 45% and 78%.
Also Read: Coinbase Unveils 3 New Tokens Coming Soon
Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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