- The Polkadot (DOT) blockchain and its sister network Kusama (KSM) tied in the first position in notable GitHub commits during the past 30 days.
- High GitHub commits on a given blockchain could signal the overall growth of the respective Dapps and DeFi projects.
Most layer-one blockchains are currently competing to build the much-needed infrastructure to seamlessly onboard mainstream cryptocurrency users through their respective DeFi protocols. As a result, competition between respective layer one blockchains has significantly increased despite a significant decline in total locked assets.
According to market aggregate data provided by defillama, the DeFi ecosystem on all blockchains had a total value locked (TVL) of about $37.59 billion, and a stablecoins market capitalization of approximately $124 billion as of reporting time.
The Ethereum (ETH) network remains the undisputed king of smart contracts, DeFi, and Dapp protocols in the crypto space. According to an on-chain analysis conducted by market intelligence platform Santiment, the Ethereum network registered over 1 million daily active address activities on September 13. Notably, the spike in Ethereum’s on-chain activity does not correlate to high network development or GitHub commits.
Top Blockchains By GitHub Commits in the Past 30 Days
During the past 30 days, the Polkadot (DOT) ecosystem and its sister network Kusama (KSM), which is used to test protocols before going live on the mainnet, led in GitHub commits, according to a report by Santiment. The third and fourth places were taken by Cardano (ADA) and Chainlink (LINK) respectively. The Cardano (ADA) network is the top smart contract blockchain with the highest GitHub commits in the past 30 days following its recent development updates.
For instance, the Cardano network anticipates launching the Midnight blockchain platform, a protocol focused on safeguarding sensitive commercial and personal data, on the Devnet soon.
The Cardano network has significantly benefited from the initiatives conducted by Input Output Global, including the development of Mithril to enhance security and network integrity through staking.
🔒How #Mithril facilitates strong security settings 💪
1/6: Security is of utmost importance in any cryptographic protocol, and #Mithril, built on #Cardano, makes it a top priority. It aims to enhance chain synchronization and state bootstrapping while ensuring robust security. pic.twitter.com/GXGsmlyv13
— Input Output (@InputOutputHK) September 13, 2023
The Chainlink network has remained an integral component of the DeFi growth during the cryptocurrency bear market. Moreover, the Chainlink BUILD has provided technical support to most Dapp developers in addition to crucial reliable price feeds.
As for the Polkadot and Kusama networks, their development status has remained relatively higher than others since they enable secure communication between blockchains at scale. In the recent past, institutional investors seeking to tap into DeFi protocols have used the Polkadot ecosystem to ensure future scalability and sustainable growth. For instance, the Polkadot Treasury recently funded the partnership between Google Cloud and OnFinality to help scale the development of Parachains.
.@googlecloud & @OnFinality now support two initiatives – both funded by the Polkadot Treasury – that help parachains scale by:
1️⃣ Simplifying + reducing costs of blockchain node infrastructure management
2️⃣ Boosting large-scale blockchain analyticshttps://t.co/eU8LXs1G6u
— Polkadot (@Polkadot) September 14, 2023
Market Outlook
The top blockchains identified to lead in GitHub commits have a total market capitalization of about $17 billion. With high network development recorded during the crypto bear market, the identity blockchains are expected to grow by a factor of more than 10x during the next bull rally, which is anticipated to be triggered by the fourth Bitcoin halving in 2024.
