Chainlink (LINK) Leads the Pack in Development Activity Among Top Cryptos, Outpaces ATOM and FIL: Santiment
A recent report from crypto analytics platform Santiment reveals intriguing insights into development activity trends for the top 10 cryptocurrency projects. Analyzing data from the past three years, Santiment found that Chainlink has been rapidly ramping up its development efforts, rising to the #4 ranking by this metric.
Source: Santiment – Start using it today
According to the report, Chainlink’s development activity rate has increased notably over the past few months. This suggests its core team is actively working to expand Chainlink’s capabilities and functionality. Given the crucial role Chainlink plays in connecting blockchains to real-world data and events, this heightened development pace comes as welcome news for the broader crypto ecosystem.
Source: Santiment – Start using it today
Chainlink is seeing surging adoption and development activity, evidenced by the proliferation of GitHub repositories integrating Chainlink services for accessing real-world data. The Chainlink network is rapidly expanding to support new asset classes like cryptocurrencies, commodities, FX rates, and NFT prices.
Moreover, Chainlink whales have accumulated over $100 million worth of LINK tokens in the past few weeks, even as the network’s development activity continues to accelerate. By enabling users to become node operators and earn revenue, Chainlink is building out the data infrastructure crucial for the blockchain’s success. The growth across multiple fronts underscores the expanding utility and maturation of the Chainlink ecosystem.
In addition to Chainlink, Filecoin was called out in the report for its development acceleration since July. After a relatively quiet 2021 and 2022, Filecoin’s builders seem to be hitting their stride again in 2023.
While crypto prices have sagged over the past year, it is encouraging to see projects like Chainlink and Filecoin bucking the trend by chugging along with development. As Santiment notes, strong and consistent developer activity, even in bear markets, is a positive indicator of a project’s health and longevity.
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Monitoring github repositories can provide invaluable signals about crypto teams’ motivations and commitments. There are three main reasons why robust development activity tends to inspire confidence in a project:
- It shows the team believes in the project’s future success. No one wants to spend time building and improving useless technology.
- It suggests the project has a pipeline of new features and upgrades planned. Active repositories demonstrate building in progress.
- It reduces the probability that the project is a pure scam or cash grab. Developers wouldn’t keep working if their only goal was to pump and dump.
In the fast-moving crypto industry, development activity remains one of the best proxies for assessing a project’s viability. Santiment’s report highlights that even in down markets, many top crypto builders continue cranking away at high speeds. For investors, a busy github repository is often the ultimate sign of credibility.
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