Internet Computer (ICP) Beats ADA To Be #1 Crypto In Metric
Data shows that Internet Computer (ICP) has surpassed Cardano (ADA) to become the number one cryptocurrency in this metric.
Internet Computer Has Become Most Developed Crypto Project In Past Month
In a new post on X, the on-chain analytics firm Santiment has shared the latest standings of cryptocurrency projects based on the criterion of “Development Activity.”
The Development Activity measures the total amount of work that the developers of any cryptocurrency project have delivered on its public GitHub repositories.
One way to gauge this work is through the number of “commits” on the repository. A commit is a record of any change made on the repository. However, this method has a problem, and it’s the fact that commits are inheritable.
This means that if a project is forked (that is, an exact clone up to a certain point is created), the commits the original project made naturally carry over to the new one.
Thus, if Development Activity is measured using the commits, a skewed picture of the work done can crop up in the case of forked projects, as the commits made by the original developers would also be included under the work of the new developers when the credit isn’t theirs.
To account for this issue, Santiment’s indicator tracks the work done regarding “events.” An event is any action taken on the repository, like a code push, an issue interaction, or a comment creation.
In this methodology, events aren’t inherited from the previous project, and the entire act of forking contributes to generating just one event. As such, this way of gauging Development Activity can be more accurate.
Now, here are the cryptocurrency projects that made it into the top 10 based on their respective Development Activities over the past thirty days:
The standings of the digital asset market based on this metric | Source: Santiment on X
As is visible in the table, Internet Computer has been the number one cryptocurrency based on the Development Activity in the past month, with the project registering almost 467 events.
Earlier, the coin was notably lower on the list, so the developers appear to have significantly upped their output, leading ICP to outdo the likes of Cardano and Polkadot.
Ethereum also seems to have improved its standing this time, although the second-largest digital asset by market cap has only managed to jump from tenth to ninth.
Now, what does a high development activity mean for Internet computers? Generally, a high Development Activity showcases the strong commitment that the developers have towards the project.
The indicator can be one of the things to consider when deciding whether a project seems legitimate. Rug pulls may come with low development activity, as their developers wouldn’t have any will to maintain and improve the project in the long term.
Usually, though, the Development Activity doesn’t directly translate into the price. However, ICP being top of the list in this metric is still a positive sign of whether or not the asset is here to stay in the long term.
ICP Price
At the time of writing, Internet Computer is trading around the $13.3 level, up 5% in the past week.
Looks like the price of Internet Computer has been consolidating sideways in the last few days | Source: ICPUSD on TradingView
Featured image from iStock.com, Santiment.net, chart from TradingView.com
