Altcoin
Internet Computer Still Top Of Crypto Market In This Metric
Data shows Internet Computer (ICP) is still the number one project in the cryptocurrency sector in terms of development activity.
Internet Computer Developers Have Been Putting In The Most Work
In a new post on X, the on-chain analytics firm Santiment has shared an update on how the top cryptocurrencies in the sector are like currently when ranked using development activity. The development activity here refers to a metric that keeps track of the total amount of work that the developers of a cryptocurrency project are putting in on its official GitHub repositories.
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Some versions of this metric use the number of commits being made on the repository as a measure of the developer’s work, but Santiment’s version works differently. This development activity indicator measures the work in units of “events.” An event is generated each time the developer makes some kind of change on the repository.
The advantage of this methodology over simply counting the number of commits is that the latter can be deceiving when the project in question is a fork (that is, a copy) of another project. Commits are inherited by the fork, but the commits of the previous project naturally don’t reflect the work of the new developer. Events don’t have the same issue, as the entire act of forking just generates a single event, with the events of the previous project not transferring over.
Now, here is the table shared by Santiment, which shows how the various projects in the sector have compared against each other in terms of their 30-day development activities:
Looks like Internet Computer is number one on this list right now | Source: Santiment on X
As is visible above, Internet Computer has been the number one project in the sector in development activity during the past month, with the metric’s value standing at 740.7. ICP’s position is the same as last month, but Santiment has pointed out that the metric’s recent value has been a record-setter, so it appears that the project’s developers have still been increasing their effort.
A project that has seen a change in its ranking is Chainlink (LINK), which has now become second after thwarting Hedera (HBAR). Optimism (OP) has likewise seen an improvement in its position from fifth to fourth, after pushing down Cardano (ADA).
LINK has an impressive gap over HBAR right now as the metric is at 594.8 for the former, while at 473.23 for the latter. Even more remarkable, however, is the gap ICP has over the second-ranked coin, showcasing just how ahead the developers of the project have been from the rest.
The development activity can be one of the things to watch for when judging whether a project is legit. Projects with a low value of the metric may have a higher chance of being a rug-pull. Thus, as Internet Computer has had strong commitment from its developers recently, the project may have fine odds of being around in the future.
ICP Price
At the time of writing, Internet Computer is floating around $9.4, up more than 4% over the last 24 hours.
The price of the coin appears to have been rising recently | Source: ICPUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com