tl;dr
The Santiment report highlights increased blockchain developer activity across the top ten crypto ecosystems, with growth ranging from 11% to 26% in the past month. Despite the crypto market downturn, various networks, including Harmony, Gnosis, Avalanche, and Ethereum, experienced notable surges in...
The Santiment report highlights increased blockchain developer activity across the top ten crypto ecosystems, with growth ranging from 11% to 26% in the past month. Despite the crypto market downturn, various networks, including Harmony, Gnosis, Avalanche, and Ethereum, experienced notable surges in development efforts and active contributors.
These figures come against a backdrop of a declining crypto market. CoinGecko data shows that the total market capitalization has crashed by almost 10% over the past 24 hours to $2.84 trillion. Investor sentiment has also taken a hit, with the Crypto Fear and Greed Index plunging from 49 to 10 at one point, a shift from "neutral" to "extreme fear." BTC is trading at $83,833 after an 8.9% decline, with its market cap falling from $1.85 trillion to $1.66 trillion. ETH has been hit even harder, tumbling 10.9% to $2,091, its lowest price in 16 months.
Amid a notable downturn in the digital asset markets, blockchain developer activity has continued to rise, defying concerns that the 'crypto market is dead.' According to analysis from the blockchain analytics firm, the Harmony network recorded the highest increase in development activity, jumping by 26%, with a 4.7% rise in active contributors. Gnosis followed closely with a 25% surge, although it was the only blockchain to report a drop of 2.2% in contributors.
Avalanche and Arbitrum also experienced gains, with activity rising 23% and 20%, respectively. Despite being hit the most by the recent marketwide downturn, the Ethereum network saw a 13% jump in development events and a 1.9% rise in active contributors. The BNB Chain ecosystem recorded a 17% increase in developer activity, while Polygon and Solana, two of the most actively used blockchain networks, saw engagement grow by 19% and 17%, respectively.
These trends illustrate the resilience and dynamism of the crypto market, where developer activity remains robust even in the face of market challenges.