Investors and developers are often two sides of the same coin – literally. While there is a tendency in the crypto industry to judge an asset and its future prospects based on its price only, development activity and developer interest are other powerful indicators to track.
An exchange of emotions
Data from Santiment showed that Uniswap was the top performer in development activity over the past month, with over 1,000 Github submissions per day.
#uniswap $UNIA has dominated the development activity leaderboard for the past month, with a staggering 1070 #github submissions per day from their developers. #Solana $SOL† #cardano $ADA† #Dot $DOTand #kusama $KSO round out the top 5. https://t.co/UJe3KJLHib pic.twitter.com/GB1FhHs7Wx
— Santiment (@santimentfeed) March 17, 2022
A look at the development activities shows how dramatic this increase has been. Santiment data showed a sharp rise in development activity from nearly zero in early January 2022 to nearly 200 in mid-March.
Source: Holiness
Added to this is a sharp rise in weighted sentiment, which stood at around 1.88 on March 16. This was again despite UNI’s overall price decline. So it seems there are other aspects of Uniswap’s ecosystem that could be hiding behind investor positivity.
This update comes as UNI was trade at $9.19 after a 3.94% increase in the last 24 hours and then a 6.06% increase in the last week. However, UNI is well below its all-time high of $44.97, according to Coinbase†
Source: Holiness
With the price of UNI falling for months, the supply of tokens on exchanges has risen since the end of January 2022. Since it started to decline in March, the trend suggests investors were selling their UNI tokens before anything changed.
Source: Holiness
It is also important to remember that Uniswap played an important role during the early days of the Russia-Ukraine war when it helped crypto donors convert their assets into ETH. This helped smooth the process and make it easier for officials to receive donations.
More coming soon?
Santiment’s development activity leaderboard also pointed to another crypto that appeared to be struggling in terms of price, but still saw healthy development activity. This was none other than Cardano.
Moreover, if founder Charles Hoskinson is to be believed, this is just 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 to launch in June to take advantage of pipelining. So it looks like we haven’t seen anything on TVL yet”