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Blockchain developers show increased activity amid market decline
Despite a significant correction in the digital asset market, blockchain developer activity continues to rise, disproving claims that the "crypto market is dead."
According to the latest report from Santiment, development activity has increased by 11–26% across the top ten crypto ecosystems over the past month. Analysts highlight that the Harmony network saw the highest surge, with its activity growing by 26%, while the number of developers increased by 4.7%. Gnosis followed closely with a 25% rise, though it was the only blockchain to experience a 2.2% drop in contributors.
Strong performance was also recorded by Avalanche and Arbitrum, with activity increasing by 23% and 20%, respectively. Despite the overall market downturn, Ethereum saw a 13% growth in development activity and a 1.9% increase in active contributors.
The BNB Chain ecosystem recorded a 17% rise in development engagement, while widely used blockchains Polygon and Solana saw growth of 19% and 17%, respectively. Cosmos also reported a 9% increase in activity, along with a 2.8% rise in the number of developers.
Market downturn and price drop
This surge in developer activity comes amid a significant decline in the overall cryptocurrency market. According to CoinGecko, the total market capitalization has dropped by approximately 10% in the past 24 hours, falling to $2.84 trillion.
Investor sentiment has also deteriorated, with the Crypto Fear and Greed Index plunging from 49 to 10 points, shifting from a neutral state to extreme fear.
The prices of major cryptocurrencies also tumbled but have since started to recover.
Meanwhile, Tether has signed a memorandum of understanding with Guinea to explore the potential adoption of blockchain and peer-to-peer technologies in the country.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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