Decentralized exchange Uniswap (UNI) has become the fastest developing cryptocurrency protocol during the past month in terms of the level of its daily notable Github activity, says blockchain data analysis firm Santiment.
🧑💻 We've seen many of the usual suspects continue their reign amongst the top development activity leaders, like $UNI, $SOL, & $DOT. In our latest insight, we look at whether their trajectory is moving in the right direction while prices are suppressed. 👀 https://t.co/UaQmL91Pjq pic.twitter.com/1FlHGI1vFw— Santiment (@santimentfeed) April 27, 2022
The high level of developer involvement is considered to be a positive factor for cryptocurrency projects. Many developers value their time, and do not contribute to projects that they view as having low future potential. This is why high Github activity is automatically assigned to higher levels of trust. At the same time, it also means faster project development, and a lower likelihood of it being “just another exit scam”.
Santiment tracked the daily Github activity of various cryptocurrency projects and compiled a list of the most active projects of the past 30 days.
Uniswap the Most Active
By a wide margin Uniswap was the obvious leader, with 1,430K daily Github submissions in the past month, according to Santiment’s data.
Uniswap’s dev activity has seemingly peaked since the middle of January, jumping from “a slightly above average developed Altcoin”, to the “top developed”. UNI’s developer contributions are now three times higher than the next closest project.
As seen from the chart, dev activity has been steadily rising since January. On the other hand, the token’s price has been heading in completely the opposite direction since the start of the year, in fact, UNI has lost more than half of its value, dropping from a price of $18.7 in January, to $8.22 as of the time of publishing.
Uniswap is an open-source protocol, meaning that anyone running an Ethereum node can directly interact with its smart contracts. It is also one of the largest DEXes available, with over $7 billion worth of assets locked on its protocol.
Solana’s Dev Involvement Decreases
On the other side of the coin, Uniswap’s closest competitors in terms of Github activity recorded much lower daily submission numbers and lagged behind by a large margin.
Solana’s (SOL) development activity took a sharp step up last October, reaching its all-time high of more than 550 daily submissions in January 2022. Since then however, Github’s dev community contributions have gradually decreased.
Filecoin (FIL), Polkadot (DOT), and Kusama (KSM) were ranked as the next most developer-active projects, with 342 and 325 (for both POL and KSM) daily Github submissions respectively.
Santiment also included Cardano (ADA), Status (SNT), Flow (FLOW), IOTA (MIOTA) and Cosmos (ATOM) among the top 10 most frequently developed cryptocurrency protocols. All of them, except for Cardano, garnered less than 300 daily Github submissions.
The growth of Web 3.0 developers ran rampant last year as the number of open-source contributors surpassed 18.5K, almost doubling the 10K decentralized code developers of 2020.