Cardano stands tall among its peers, demonstrating its commitment to growth and development in the blockchain space.
On April 27, 2023, crypto analytics firm Santiment published an intriguing blog post titled “Looking at the Current Top 20 Fastest Developed Assets in Crypto”, offering a wealth of insights into the development activity of cryptocurrencies. The firm’s analysis has significant implications for Cardano and its followers.
The post discussed the significance of continuous innovation and improvement for cryptocurrencies, an aspect that often provokes differing views among traders. Santiment asserts that tracking the raw count of Github activity can be misleading due to redundant updates and the inclusion of non-innovative Slack discussions. The firm filters out these activities to provide a meaningful view, focusing only on those that contribute to substantial innovation or improvement.
Santiment identifies three indications of a thriving project: the team’s belief in success, increased feature rollouts, and a decreased likelihood of the project being an exit scam. Notably, Cardano is among the top 20 fastest-developing assets, demonstrating these characteristics.
Interestingly, the firm discovered that 17 of the top 20 rapidly developing assets, including Cardano, are among the top 100 cryptoassets by market cap. This demonstrates a strong correlation between long-term price gains and dedicated development teams.
In examining the six-month price returns of these leading assets, Cardano showed a +2% change. The top 10 most developed assets, including Cardano, showed an average price change of -3%, while the next 10 averaged a -14% change. The data suggests that assets with more development activity tend to have better price performance, though with exceptions.
Looking at development trends, Santiment pointed out the continuous and significant development activity of certain projects since 2020. Cardano has seen a lot of development, even if its activity hasn’t increased as much as some other projects in the past three years.
In conclusion, the report from Santiment suggests that Cardano followers should take heart. Despite the slower increase in development activity, Cardano remains in the top echelons of rapidly developing assets, suggesting stability and longevity for the project.
