- Polkadot has been ranking high in terms of development activities.
- The combination of chains and dApps in the ecosystem might be a contributor.
Compared to chains like Ethereum [ETH], Polkadot’s [DOT] rate of development activity remained high over the last week. While this may not imply much on its own, it may provide insight into the future of both DOT and the Polkadot, when combined with other indicators.
How much are 1,10,100 DOTs worth today?
Polkadot leads in dev activity
As per a 19 March post by Proof of GitHub, Polkadot had the highest developmental activity out of its competitors. Looking back at the previous days, Polkadot was also at the forefront of development activity.
GitHub Daily Development Activity:
#1: 311 Polkadot / Kusama
#2: 226 NEM
#3: 153 Aptos
#4: 113 Celo Euro
#5: 113 Celo
#6: 113 Celo Dollar
#7: 94 Ethereum
#8: 78 ChainLink
#9: 74 Ribbon Finance
#10: 68 Zus pic.twitter.com/JrkfxoOeRo— ProofofGitHub (@ProofofGitHub) March 19, 2023
Moreover, there was an increase in Polkadot’s development activity on 18 March, according to Santiment. As of this writing, the development activity metric rose beyond 100, marking its highest level in four months. There was a symmetry between the press time level on Santiment and GitHub.
Source: Santiment
Understanding Polkadot’s high-dev activity
Examining Polkadot’s ecosystem may shed light on the phenomenon of persistently high levels of development activity. Like its test network Kusama, Polkadot features numerous chains inside its infrastructure, which host a wide variety of decentralized applications (dApps).
The total development activity in the ecosystem can be increased by adding all the commits made by developers across all the chains and dApps. Yet, the developers are constantly improving the network, which reflects positively on the developer count.
A high development activity may indicate that the project is actively seeking new ways to innovate and enhance, which may improve its prospects for long-term success. A strong team of developers and contributors dedicated to the project’s success can also be indicated by a project’s high level of development activity.
Observing DOT’s price and volume trend
Source: TradingView
Development activity on Polkadot has been on the rise, but the cryptocurrency’s price hasn’t fared as well. However, as of this writing, it had gained over 3% and was trading roughly at $6.5. According to the daily timeframe chart, it was now on a slight uptick after several weeks of downturn.
Source: Santiment
Realistic or not, here’s DOT market cap in BTC’s terms
The DOT volume also indicated that there had been little action. The volume was above 275 million as of the time of writing, with no apparent surges.
Despite the market downturn, developers still seem eager to ship in the Polkadot ecosystem. If the projects reach a critical mass, DOT and other tokens in the ecosystem may gain momentum when the bull market gets underway.
