According to the data, the Ethereum ecosystem continues to maintain its number one position in terms of development activity, surpassing the likes of BNB and Polygon.
The Ethereum ecosystem grew 0.8% over the past year.
In a new post on X, analytics firm Santiment discussed how the growth of development activity in various cryptocurrency ecosystems over the past 12 months compared to each other.
“Development activity” here essentially refers to the total amount of work that developers of a particular project are putting into their official GitHub repository.
In the context of the current discussion, what is important is not the development activity of a single project, but the combination of development activity of projects belonging to a specific blockchain, such as Ethereum or BNB. A common way to measure the development activity of a project is to measure the number of commits that a developer is making to a repository, but the problem with this method is that when a developer forks (i.e., makes a copy of) another project, the commits are inherited.
The total number of commits can be a misleading metric, since commits inherited from a previous project don't represent the work of new developers. Santiment's version avoids this problem by measuring development activity in “events”.
An event is a change that a developer makes to a project. In our system, the entire act of forking only generates one event, and events from previous forks are not forwarded. Thus, the number of events is a more accurate representation of the work that developers are actually doing.
Below is a chart shared by the analytics firm showing overall development activity trends in the top 15 ecosystems in the space.
Looks like Ethereum is at the top of the list | Source: Santiment on X
As shown in the chart above, development activity in the Ethereum ecosystem has consistently hit highs over the past year. Developers of these projects on the blockchain have also shown an increase in overall effort during this period, with the metric up 0.8% today compared to a year ago.
However, this growth is modest compared to most of the other companies in the top 15. Among these, ecosystems such as Optimism and Fantom stand out in particular with impressive growth of 39% and 31%, respectively.
Nevertheless, the growth of other blockchains has not posed a threat to Ethereum’s dominance, with the network still maintaining a large lead over second and third place, BNB and Polygon, respectively.
When it comes to the relevance of development activity for any cryptocurrency, a high value for this metric suggests that developers are actively working on their projects, which can be one of the signs to look out for when determining whether an asset has long-term potential or is just passing.
However, the development activity here covers the entire ecosystem, so this metric only indicates which blockchains are receiving the most interest from developers – to see the health of individual coins, you should look at their respective development activity.
ETH Price
At the time of writing, Ethereum is trading at around $2,300, down 1% over the past week.
The price of the coin appears to have gone down over the last few days | Source: ETHUSDT on TradingView
Featured images from Dall-E, Santiment.net, charts from TradingView.com
