Altcoins

Uniswap Surpassing Cardano in One Crucial Metric: Analytics Firm Santiment

Crypto analytics firm Santiment says that the decentralized crypto exchange Uniswap (UNI) continues to dominate when it comes to development activities.

According to a Santiment tweet, Uniswap is the fastest-developed asset in the past 30 days with 1,430 daily submissions on the software development platform GitHub.

The firm also highlights Ethereum (ETH)-competitors Solana (SOL) and cross-chain interoperability protocol Polkadot (DOT) as seeing continued development momentum.

“We’ve seen many of the usual suspects continue their reign among the top development activity leaders, like UNI, SOL, and DOT.

In our latest insight, we look at whether their trajectory is moving in the right direction while prices are suppressed.”

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Source: Santiment/Twitter

Santiment digs deeper into the details in its Insights newsletter, where it says that tracking project development activity when the crypto markets are down is a preferred metric.

Last month Uniswap accounted for 1,070 daily GitHub submissions, and Santiment now says of the project’s continued growth,

“Uniswap is head and shoulders above the nearest project in terms of daily notable updates to its GitHub. Uniswap’s development activity has absolutely exploded since mid-January, going from a slightly above average developed altcoin to the top developed by over 3x the nearest project.

And the shocking thing is that UNI just continues to rise in daily submissions after its initial surge at the beginning of the year. The price of this DeFi [decentralized finance] asset has taken a beating over the past year, but this is still a ‘development’ worth keeping an eye on.”

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Source: Santiment Insights

Back in 2021, Ethereum-rival and scalable decentralized blockchain platform Cardano (ADA) led the way with daily GitHub submissions, but Santiment reports the project has fallen to sixth place with 304 adds.

“Cardano is no longer a top 10 market cap asset after its continued fall from grace as 2022 has progressed.

Throughout 2021, it was THE #1 developed asset according to its notable GitHub submissions.

And this likely had a lot to do with its tremendous decoupling from the rest of the markets in August. As of now, its development rate has normalized a bit.”

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Source: Santiment Insights

Solana ranks second with 408 GitHub submissions per day, and Santiment points out that despite SOL cooling off from its October 2021 “mania,” the project continues to grow steadily.

“Solana is a relatively newer asset, being publicly traded for about two years now. That said, the development activity really took a sharp step upward right before the SOL mania all-time high in late October.

After peaking about three months ago, the development rate has calmed down mildly. But at 408 submissions per day, the team behind Solana is clearly looking to constantly improve the asset.”

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Source: Santiment Insights

Regarding Polkadot, Santiment notes the project has dropped off since last year in productivity but DOT still ranks fourth with between 325 and 334 daily GitHub submissions.

“Polkadot’s development team has zig-zagged with their development rates over the past year, and is not quite putting up the staggering 450+ submission per day rate that it was at points in 2021.

But the 16th market cap-ranked cryptocurrency is still sitting in a good place with 334 GitHub submissions per day.”

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Source: Santiment Insights

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