Internet Computer Breaks Dev Activity Top 5, What It Means
Data shows that Internet Computer (ICP) has recently managed to enter the top 5 in the list of development activities. Here’s what that might mean.
Internet computer development activity has increased recently
According to data from on-chain analytics firm Holy, Hedera (HBR) also entered the top 5 in the same period. “Development activity” is a measure of the total amount of work that developers of a cryptocurrency project are doing on the public GitHub page of said project.
This indicator tracks this work using units of “events”, where an event corresponds to any action taken on the GitHub page, such as submitting a commit or creating an issue.
The approach of using this method to measure development activity is unique to Santiment’s metrics, and the benefit of this is that it provides a more accurate representation of the actual work that developers are doing. If, for example, the indicator simply uses the total number of commits for this purpose, a real image may not be obtained.
The reason behind this is that any commits made in a project are carried over to all its forks (clones), which means that if a developer who wasn’t in the original project forks, all the work done there will also be counted under this name. of the new developer, although not responsible for it. In Santiment’s development activity indicator this is no longer an issue as every fork action counts as just one event.
Now, here is a table showing the ranking of the top 10 cryptocurrencies based on their development activity over the last 30 days:
Looks like Ethereum (ETH) is only at the ninth place on this list | Source: Santiment on Twitter
As you can see above, the top 3 on this list consists of Polkadot (DOT), Kusama (KSM) and Cardano (ADA). These three features have been on top for quite some time now, so it looks like their developers are still working hard.
There have been some changes to the list, however, as Hedera and Internet Computer are new entrants to the top 5, suggesting that their development activity has increased during the past month.
The importance of the development activity indicator is that it can provide clues as to whether a project is being developed or not. If a coin’s developers are showing high commitment to it (putting work on the GitHub page), that means there’s less of a chance the project will be a short-term pull of the rug.
Obviously, the development activity is not the final authority on the subject or anything like that, but it can still be one of the factors to consider.
Internet Computer has seen some gains recently (ICP is up over 18% over the past month), so its development activity picking up along with the rise could be a positive sign for the long-term potential of that growth.
ICP Price
At the time of writing, Internet Computer is trading around $5,859, down 2% over the past week.
Internet Computer has come down from its recent high | Source: ICPUSD on TradingView
Featured Image from iStock.com, Charts from TradingView.com, Santiment.net