How Chainlink, Filecoin are keeping networks in check amid torrid market
- Chainlink and Filecoin were two projects that took development activity seriously.
- While Chainlink’s network growth fell, Filecoin’s social dominance increased.
The last 365 days have been eventful for most projects in the crypto space. On some days, there’s a lot to be excited about. On others, players just hope the day comes to an end within the twinkle of an eye.
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Despite the inconsistencies, there have been some who have rather focused on ensuring that their project doesn’t go into oblivion. Notably, some of the top ones include Chainlink [LINK] and Filecoin [FIL], two of whom have displayed immense commitment to development activity.
Sustaining growth since the past year
Usually, projects like Polkadot [DOT], and Cardano [ADA], have stayed at the top of these rankings, and that has not changed. However, Santiment noted that the dedication shown by Chainlink and Filecoin over the last year ensured that they jumped to the fourth and tenth positions, respectively, on the development activity charts.
Development activity measures how frequent and committed a project is to innovating and polishing its network. This metric is usually measured by considering the public GitHub repositories linked to a project.
A high development activity means an increase in the repositories. But when the metric decreases, it means code commits to a project have slowed down.
For Chainlink, its commitment to upgrades dates back to its obsession with cryptographic truth. This obsession also led to the development of the Cross-Chain Interoperability Protocol (CCIP). Defined as the ability of different blockchain networks to communicate with each other, CCIP seems to have been a game changer for Chainlink.
Its development has also been vital to the project’s integration with Base, Ethereum [ETH], and Polygon [MATIC]. Filecoin, on the other hand, has been backed by improvements with its decentralized data storage. This led Santiment to conclude that:
“Filecoin’s team is also starting to pick up some steam since July.”
Shaky adoption, increasing attention
Sometimes, a rise in development activity and impressive upgrades lay the groundwork for increased adoption. So, has it been the case with Chainlink and Filecoin? To analyze this, let’s look at the network growth.
According to Santiment, Chainlink’s network growth spiked to 3415 on 21 July. This sharp increase implied that a lot of new addresses were interacting with the network. However, that was the last time the metric experienced such growth.
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At the time of writing, Chainlink’s network growth was down to 1832, meaning traction gained by the project had dwindled. Meanwhile, Filecoin’s social dominance has been relatively majestic. At different intervals, since July, the metric significantly increased.
At press time, Filecoin’s social dominance was 0.11% as shown above. This means that the share of discussions referring to Filecoin, when compared with other projects, has been correspondingly impressive.