Investors and developers are often two sides of the same coin – literally. While there’s a tendency in the crypto industry to judge an asset and its future prospects by its price alone, development activity and developer interest are other powerful indicators to track.
An exchange of emotions
Data from Santiment revealed that Uniswap was the top performer when it came to development activity in the past month, with over 1,000 Github submissions counted per day.
🧑💻 #Uniswap $UNI has dominated the development activity leaderboard this past month, with a staggering 1,070 notable #github submissions per day from their developers. #Solana $SOL, #Cardano $ADA, #Polkadot $DOT, and #Kusama $KSO round out the top 5. https://t.co/UJe3KJLHib pic.twitter.com/GB1FhHs7Wx
— Santiment (@santimentfeed) March 17, 2022
A look at development activity reveals just how dramatic this increase has been. Santiment data showed a steep rise in development activity from close to zero in early January 2022 to almost 200 in mid March.
Adding to that, there has also been a sharp rise in weighted sentiment, which was around 1.88 on 16 March. This, again, was in spite of UNI’s overall fall in price. It seems then, there are other aspects of Uniswap’s ecosystem that might be behind investors’ positivity.
This update comes as UNI was trading at $9.19 after rising by 3.94% in the past 24 hours and then rising by 6.06% in the last week. However, UNI is a long way down from its all time high price of $44.97, according to Coinbase.
With the price of UNI going down for months, the token’s supply on exchanges has been on the rise since late January 2022. Since it started to taper off in March, the trend suggests that investors were selling their UNI tokens before something changed their minds.
It’s also key to remember that Uniswap had an important role to play during the early days of the Russia-Ukraine war, when it helped crypto donators change their assets into ETH. This helped smooth out the process and make it easier for officials to receive donations.
More to come soon?
Santiment’s leaderboard for development activity also pointed to another crypto which appeared to be floundering in terms of price but was still seeing healthy development activity. This was none other than Cardano.
What’s more, if founder Charles Hoskinson is to be believed, this is only the beginning of greater heights. Pointing to Cardano’s rising total value locked [TVL], Hoskinson previously said,
“What most also don’t understand is that many Cardano DApps are waiting for the Vasil hardfork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL”