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Ethereum Development Activity Sparks Light of Hope, Can It Rally to $2K?

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VOC, Voice of Crypto, ETH

Amid the stormy weather surrounding the Crypto market, some projects seem to be unfazed by the conditions boosting the development activities on their respective blockchains. Notably, some projects within the Crypto sector strive to stand out to meet the community’s demands, for instance, Ethereum.

According to blockchain analytics platform Santiment, Ethereum (ETH) is among the projects with the most development activity in the last month at 401. 

Meanwhile, open-source blockchain Polkadot (DOT) and Kusama (KSM) rank second and third, each recording 400 development activities. Following suit, Cardano (ADA) secures the fourth spot with 389 projects, while Status stands at the fifth spot with 324 development activities.

Santiment relies on Github repositories, with free access to complete historical and real-time data regarding the project. This tracking only focuses on development-related events.

ETH Development Activity Soars

Ethereum’s development activity has geared up due to the much-awaited Merge upgrade that sees the network’s transition to the Proof-of-Stake (PoS) protocol. Notably, as the development has soared tremendously, more projects are likely attracted to the platform and will look to invest in the new version of the ETH blockchain. 

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Furthermore, there are chances that the network will be deemed better as the number of projects might also accelerate the post-Merge period.  

Additionally, the developer activity has been touted to be correlated with market conditions. In most cases, developers work on a blockchain during bullish market conditions; however, the numbers don’t tumble during a bear market. 

According to the Blockchain Developer Analysis Report by Electric Capital, 18% of all open-source crypto developers prefer the Ethereum ecosystem. Ethereum has 4x more devs than Bitcoin.

Crypto is about network effects. The open-source ecosystem with the most value will likely be the ecosystem with the most developers. These metrics will continue to vary yearly, but they’re important to watch in order to determine which ecosystem is growing and accruing developer mindshare.

In the last 30 days, Ethereum exhibited the most bullish sentiment in the wake of the Merge upgrade, with its price topping the $1,800 level. Nevertheless, the recent price correction has not affected the development activity. 

Ethereum Gas Fees Declines

Historically, the Ethereum gas fees have been a significant pain point affecting the network’s development activity. This gas fee partly disincentivized developers and resulted in a stalemate with no solutions. 

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However, since last month Ethereum’s gas fees hit the lowest level in almost two years, hitting 13 gwei. Other blockchains like Cardano are still relentlessly working towards improving the network, attracting more developers ahead of the Vasil Hard Fork to enhance the network’s scalability. 

In 2021, Cardano was the most active crypto project with the highest development on Github. Cardano emerged ahead of Kusama, Polkadot, and Ethereum.

 

Krutika is an experienced Crypto News writer and Technical analyst. With over 3 years of extensive crypto knowledge, she has written on various subjects, including Price analysis, Whitepapers, Metaverse, and other crypto-related topics.

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