Developers of a blockchain network play a vital role in the growth and expansion of the network.
From architecture design and maintenance to smart contract creation – developers do it all. And, in light of recent developments, Ethereum [ETH] came out on top to have maximum development activity.
Everyone greets ETH, the new king
According to a ranking drawn up by the analysis company Santiment, the Ethereum ecosystem ranked first in terms of development activities, thus surpassing large projects.
Ethereum has reportedly given stiff competition to the former champion, Cardano [ADA] which has somehow lost its place in the metrics of development activity.
Ethereum recorded the highest 30-day moving average of notable Github development activity, as shown in the chart below.
Source: Santimento
To calculate the metric, the cryptographic analysis agency used the number of GitHub events generated by the project.
As a result, Ethereum, with 240.50 contributions, took the top spot. He was then closely followed by Cardano [ADA], the reigning champion, with a figure of 239 developer events. To follow, Polkadot [DOT] it came in third place with 215.79 contributions.
In fact, it was a significant jump from the previous month when ETH was fourth in line, while Cardano took the top spot.
?? $ ADA, $ POINT, $ KSM, $ ETHAnd $ MIOTA conduct development work here in July. To measure #github the activity goes beyond the simple quantity of mailings. We measure via code push, problem interactions and more: https://t.co/vWQCE4r4pv
Full data screener here: https://t.co/DyfP9QJTCG pic.twitter.com/aCQ1PxIgmI
– Santiment (@santimentfeed) July 19, 2022
The buzz around the ETH
Ethereum, being the most popular Layer-1 solution, has seen significant growth, both in terms of institutional adoption and retail craze. The credit goes to the hype surrounding the merger.
Firstly, ETH 2.0 continued to record new all-time highs (ATH) as stakers / investors continued to bet on the aforementioned upgrade.
It also saw deposits rise from around eight million in mid-May 2022 to a value at press time of over 13 million.
Speaking of the recent development, an Ethereum 2.0 client, Teku has released version v22.8.1.
A necessary update, including the Bellatrix network update and merged transition configuration. According to the release, all mainnet users must upgrade by September 6.
In addition to this, the circulation of tokens also played an important role for ETH.
Not to forget, token circulation is not showing the most vital signs especially when it comes to circulation rates in a bear market.
As we have seen since the end of June, some currencies have actually shown great signs of recovery (like ETH), while others are really lagging behind (like ADA).
Additionally, Santiment used the NVT token circulation divergence to highlight the same.
Source: Santimento
In this case, ETH has seen significant up and down circulation over the past couple of years. According to Santiment’s intuition,
“From May 2020 to May 2021 it was clearly the time of growth of the asset with market capitalization n. 2. And even once it reached a certain volatility from June 2021 to November 2021, its shaky circulation was still enough to allow it to reach an all-time high. “
However, aside from the aforementioned timeline, “there has been quite shaky circulation on the network and many worrying red bars throughout 2022”.
This could imply that ETH was starting to get a little oversold.