The cryptocurrency industry can be ranked in various ways. Rankings by market cap remain the most popular method, although the developer activity is also worth paying attention to. Cardano, Kusama, and Polkadot have taken a strong lead over the rest of the pack, which is rather interesting.
Crypto Developer Activity Soars In 2021
It is always good to see developers and coders contribute to existing cryptocurrency and blockchain projects. However, keeping the code up-to-date and making adjustments or improvements is crucial in an ever-changing industry. While one would expect the currencies ranked by market cap to have a similar status among developer activity, that is far from the case.
First of all, Bitcoin is nowhere in the top 15 for developer activity throughout 2021. That is somewhat surprising, although the project has been around the longest of them all. Even so, Bitcoin can use many improvements and additions to maintain its dominant market leader moving forward. There is plenty of upkeep for the world’s leading cryptocurrency, but less so than a lot of other projects throughout 2021.
Instead, the leader projects by developer activity are Cardano, Kusama, and Polkadot. That is a rather interesting top three, although it also makes much sense. Cardano has undergone some big changes throughout 2021, and Polkadot – and by extension, Kusama – began introducing parachain slots. Nevertheless, all ecosystems are checking off significant milestones lately, and there is still more to be done.
What is remarkable is how close these three projects are close together for developer activity throughout 2021. There is little activity separating all three, confirming these teams are hard at work quarter over quarter. Moreover, they have inched out a substantial lead over Ethereum, Gnosis, and Solana. Very intriguing statistics that confirm there is more to individual projects than their market cap may indicate.
What About DeFi?
The year 2021 has been rather interesting for decentralized finance for numerous reasons. Hundreds of projects and protocols came to market, and dozens disappeared as quickly. It is a very competitive yet volatile space where users still have many issues and concerns. Some projects have achieved a status of “legitimacy,” whereas others are still laying out their foundation today.
The Most Developed Cryptos on @Github in 2021 🚀
— CryptoRank Platform (@CryptoRank_io) January 3, 2022
Per Santimant, DeFiChain is the leader DeFi project for developer activity throughout 2021. It is a prominent protocol that has not made too many media headlines. However, its users seem happy with how things are progressing for the project, including its high throughput, Turing-incomplete security, and ease of deployment of DeFi applications. Its network is anchoring to the Bitcoin blockchain for additional security.
Other DeFi projects noting strong developer activity include Mdex, Sifchain, UMA, Pancakeswap, Synthetix, MakerDAO, and others. All of these names are somewhat established in the space already, indicating new protocols and services will face a steep uphill battle.