Chainlink Flips Cardano To Become #1 Crypto In This Metric

Data shows that Chainlink (LINK) has surpassed Cardano (ADA) in becoming the king of cryptocurrency projects in this metric.

Chainlink Is Now Top Of The Sector In Development Activity

In a new post on X, the analytics firm Saintly has shared the latest ranking for various cryptocurrency projects based on the criterion of “development activity.”

This metric keeps track of the total work the developers of any given coin have been doing on the project’s public GitHub repository.

To measure this work, Santiment’s indicator uses the concept of “events.” An event refers to the developer’s action on the cryptocurrency’s repository.

These events aren’t the same as “commits,” which are records of changes made to the repo’s code. The analytics firm has chosen this methodology rather than simply measuring the number of GitHub commits themselves because the latter can sometimes prove to be inaccurate.

This is because when a project is forked (that is, a clone of it is created up to a certain point), the commits of the original project are inherited by the newer one. These commits, though, are not proof of the work done by the fork’s developers.

Events circumvent this issue by counting the forking as a whole as just a single event, with the events of the past project not carrying over, thus providing a truer picture of the developer’s work.

“Our platform pulls notable GitHub activity from project repositories via a back-tested process to ensure only the team’s significant efforts to innovate and improve are included,” notes Santiment.

Now, here is a table that shows how the top 10 projects are looking like right now based on their respective development activities over the past 30 days:

chainlink vs cardano development activity

Looks like Chainlink is at the top of the list at the moment | Source: Santiment on X

As is visible above, Chainlink has improved its standing and has surpassed Cardano to become the top asset in this metric. The gap between the two, though, isn’t that much currently, as LINK has seen over 451 events in the past 30 days, while ADA has observed almost 445.

Polkadot (DOT) and Kusama (KSM), who used to be at the top fighting with ADA for the first position, appear to have fallen off, as they are now sixth and seventh, respectively.

Ethereum (ETH), the second-largest cryptocurrency based on market cap, has also improved its development activity rank this month, though it’s still just the ninth-placed asset in this metric.

As for what Chainlink’s surge to the top of the development activity list might mean, the answer is that it usually doesn’t directly correlate to the price.

What it shows, however, is that the developers of the project are committed to it, which can be one of the signs to look for when estimating whether a project will be around in the long term or not.

LINK Price

When writing, Chainlink is trading around $18, down 7% over the past week.

chainlink price chart

The price of the asset seems to have bounced back over the past couple of days | Source: LINKUSD on TradingView

Featured image from iStock.com, Santiment.net, chart from TradingView.com


Credit: Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Translate »