The overall developer activity is down for most of the leading crypto assets while the core updates seem to be increasing as we are reading in our latest cryptocurrency news today.
A new report published by the blockchain investment company Outlier Ventures found a drop in the overall developer activity of more than 20% on average across 12 leading blockchains and crypto projects. The company’s’ blockchain developer report, for the second quarter of the year, the firm noted that the development dropped by half for top markets including EOS, Tron, and Bitcoin Cash. Despite the retraction, the company noted that some of the signs of strong developer activity surrounding the crypto projects with Cardano and Theta seeing an increase in core code updates by 931% and 580% respectively.
EOS got the biggest drop in development after the mainnet launch in June, recording a drop of 86% fall in the building taking place. Bitcoin cash saw the second-largest decline in activity by falling 63% as Outlier Ventures saying that most of the drop was due to the Bitcoin SV fork that happened in November 2018. Tron also saw a huge retracement in development with a 53% drop in activity. Cardano, Ethereum, Bitcoin, and Corda saw their activity drop by 20% while Ripple, Stellar, and Hyperledger got to see slight drops year-over-year.
Cosmos (ATOM) and Polkadot, were the only projects to increase the overall developer activity by increasing 15% and 44% respectively. The report measured the number of weekly commits and code updates for the 30 open-source protocols by market cap. The code updates for other crypto assets such as MakerDAO, EOS, and TRON saw huge decreases of 98%, 94%, and 96% respectively. On the other hand, VeChain, NEO, Crypto.com, BSV, IOTA, Cosmos, and Polkadot posting declines as well. However, more than 50% of the projects got to see some increase in code updates including Bitcoin, Chainlink, and Ethereum Classic.
As per the other reports, Chainlink and kyber network surged in price due to the strong developer activity and the expanding utility of the tokens. The Kyber Network is working to launch Kyber DAO and Katalyst by the end of Q2 2020 which added to the investors’ optimism. LINK and KNC increased by more than 80% in April and it seems that there are more gains to come.
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