Top 7 Crypto Projects by Developer Activity (Dec 2024)

The top crypto projects by developer activity for December 2024 are Internet Computer (417.8 commits), ChainLink (288.93 commits), Hedera (243.13 commits), Starknet (236.77 commits), Cardano (186.4 commits), Optimism (155.6 commits), and Kusama (148.87 commits).

1. Internet Computer (ICP)

Internet Computer ranks first with an impressive 417.8 commits. The project’s unique approach to enabling dApps that run directly on the blockchain has drawn significant attention from developers.

Key updates

1. Recognition as the fastest blockchain: Internet Computer has been acknowledged as the fastest blockchain in terms of transactions per second (TPS). On-chain analytics platforms like Cryptogics and Chainspect have highlighted ICP's superior speed, with real-time TPS reaching 1,365 and maximum recorded TPS at 25,621.
2. Community grant to Copute: The DFINITY Foundation awarded a community grant to Singaporean DePIN startup Copute. This grant aims to enhance Copute's decentralized computing engine by integrating ICP's blockchain technology, fostering innovations in gaming and AI.
3. Advancements in decentralized AI: ICP is actively developing decentralized AI solutions by running AI models as smart contracts directly on its blockchain. This approach ensures model integrity, data confidentiality, and resilience against disruptions, positioning ICP at the forefront of secure and trustworthy AI development.

2. ChainLink (LINK)

ChainLink takes the second position with 288.93 commits. As the leading decentralized oracle network, ChainLink remains a cornerstone for smart contract development.

Recent developments:

1. Launch of Chainlink data streams on Avalanche: Chainlink introduced its low-latency Data Streams on the Avalanche mainnet, initially powering GMX V2's decentralized perpetual and spot markets. This service provides high-frequency financial market data, enhancing the performance and reliability of DeFi applications.
2. Integration of Chainlink CCIP by Aave for GHO stablecoin: Aave, a leading DeFi protocol, integrated Chainlink's Cross-Chain Interoperability Protocol (CCIP) to enable cross-chain transfers of its decentralized stablecoin, GHO. This integration aims to enhance GHO's utility and accessibility across multiple blockchain networks.
3. Collaboration with Swift on tokenized asset transfers: Chainlink collaborated with Swift, the global financial messaging network, to facilitate tokenized asset transfers across multiple blockchains. This partnership aims to streamline the integration of traditional financial systems with blockchain technology, promoting the adoption of tokenized real-world assets.

3. Hedera (HBAR)

Hedera secures the third position with 243.13 commits. Goes to show why its renowned for its enterprise-grade solutions and energy-efficient Hashgraph consensus algorithm.

Recent achievements:

1. Significant price surge: Hedera's native token, HBAR, experienced a substantial increase, surging by 460% over a month. This growth elevated HBAR into the top 20 cryptocurrencies by market capitalization. The surge is partly attributed to potential integrations with systems like the Federal Reserve’s FedNow payment system, aiming to enhance blockchain interoperability.
2. Ambitious market capitalization goals: Analysts have highlighted Hedera's potential to capture a significant share of the global stock and derivatives markets. With a target market capitalization of $5 trillion, projections suggest that HBAR's value could reach $100, reflecting confidence in Hedera's technology and industry partnerships.
3. Advancements in tokenization solutions: In Q3 2024, Hedera launched the Asset Tokenization Studio (ATS), an enterprise-grade solution designed to streamline the digitization of real-world assets. This initiative positions Hedera at the forefront of the tokenization revolution, facilitating applications across various sectors, including carbon credit tokenization and fractional ownership in real estate.

4. Starknet (STRK)

Starknet comes in fourth with 236.77 commits. As a ZK-Rollup solution for Ethereum, Starknet is designed to provide scalability while maintaining decentralization and security.

Key highlights:

1. Launch of StarkGate v2.0 on mainnet: Starknet has introduced StarkGate v2.0 on its mainnet, enhancing multi-chain bridging capabilities. This upgrade offers an improved user experience and supports a wider range of tokens, facilitating seamless interactions between Ethereum and Starknet's DeFi ecosystem.
2. Upcoming token unlock: On December 15, 2024, Starknet plans to unlock 64 million STRK tokens, representing approximately 3.05% of the total supply. This scheduled release aims to distribute tokens to early supporters and investors, aligning their interests with the growth of the Starknet ecosystem.
3. Implementation of parallel execution: In August 2024, Starknet's v0.13.2 upgrade introduced parallel execution, allowing the network to process multiple transactions simultaneously. This enhancement significantly improves transaction speed and efficiency, reinforcing Starknet's position as a leading Layer 2 scaling solution for Ethereum.

5. Cardano (ADA)

Cardano ranks fifth with 186.4 commits, continuing its strong focus on scalability, interoperability, and sustainability. Despite dropping a few spots, its development activity remains impressive.

Recent advancements:

1. Significant price increase: In November 2024, Cardano's ADA experienced a substantial surge, rising from $0.33 to $1.22 within thirty days—a 180% increase. This growth positions ADA among the most promising cryptocurrencies for 2025, with analysts suggesting the potential for double-digit prices.
2. Weekly development progress: As of November 22, 2024, Cardano's core technology teams released components compatible with the latest Cardano node, including DB Sync and Cardano wallet updates. The ledger team shared the ImpSpec framework, and performance teams enhanced benchmarking and analysis tools. Additionally, preparations for the Pythagoras era and community voting on the Cardano constitution are underway.
3. Advancements in governance and decentralization: Cardano continues to emphasize community governance through initiatives like the Constitutional Convention, which will vote on the Cardano constitution. The community is also considering renaming the Chang #2 upgrade to the Plomin hard fork, reflecting ongoing efforts to enhance decentralization and community involvement.

6. Optimism (OP)

Optimism takes the sixth position with 155.6 commits. Focused on reducing gas fees and increasing transaction speeds, Optimism has seen notable developer traction this month.

Recent highlights:

1. Kraken's $42.5 million grant from Optimism: The cryptocurrency exchange Kraken secured a $42.5 million grant from Optimism to develop "Ink," a Layer 2 solution on the Optimism blockchain. This initiative aims to enhance scalability and reduce transaction costs for users.
2. Optimism's $3 Billion allocation for public goods funding: Optimism has earmarked 850 million OP tokens, valued at approximately $3.3 billion, to fund public goods projects. This substantial allocation underscores Optimism's commitment to fostering development and innovation within the Ethereum ecosystem.
3. Anticipation of significant token unlock: Optimism is scheduled to unlock over 386 million OP tokens, which could introduce notable sell-side pressure if early investors choose to liquidate their holdings. This event is part of Optimism's planned token release schedule and may impact the token's market dynamics.

7. Kusama (KSM)

Kusama ranks seventh with 148.87 commits. It remains a testing ground for cutting-edge features before they are deployed on Polkadot, driving innovation at a fast pace.

Recent developments:

1. Evrloot launches Free-To-Play RPG on Moonbeam: Evrloot, a blockchain-based role-playing game, has launched a free-to-play campaign on Polkadot's Moonbeam chain, which is closely associated with Kusama. This development showcases the expanding gaming ecosystem within the Kusama and Polkadot networks.
2. Kusama's significant price surge: Kusama's native token, KSM, experienced a remarkable increase of over 110% in late November 2024. This surge reflects growing investor interest and activity within Kusama's experimental blockchain environment.
3. Introduction of Agile Coretime sales: Kusama achieved a milestone by selling its first batch of Agile Coretime, allowing developers to purchase up to four weeks of uninterrupted blockspace for their app chains. This initiative aims to enhance flexibility and accessibility for developers testing new projects on the network.

Final thoughts

Tracking development activity offers key insights into projects best positioned to succeed in the dynamic crypto space but still, there are many factors that contribute to a token's price.

At MC² Finance, you can dive deeper into crypto analysis with tools like the Token Authenticity Score and Hype Score, helping you evaluate projects with confidence.

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