A number of ERC-20 crypto projects continue to focus on technological development despite the recent high volatility and low liquidity in the crypto market. This action not only boosts the intrinsic value of their respective native cryptoassets but potentially increases investor confidence in these projects.
In a Wednesday report this week the leading behavior analysis platform Santiment highlighted the top 10 most developed ERC-20 cryptocurrencies that have not only captured significant market attention but have also demonstrated substantial technological advancements and community support.
Chainlink (LINK) emerges as fastest-developing ERC-20 crypto project
According to the report, Chainlink (LINK) emerged as the fastest-developing ERC-20 crypto project in July 2024. In other words, LINK was the leading ERC-20 crypto project by development activity.
Data on Santiment shows that Chainlink, the industry-standard web3 services platform connecting the world’s data and systems to blockchains, recorded a total development activity count of 12,673 in July.
Notably, Santiment’s development activity contributors count is a metric that indicates the unique number of people (represented as Github accounts) that have contributed to a public Github repository in an organization that is followed.
Read also: A Deep Dive into Chainlink (LINK)
Status (SNT) takes the second spot.
The second most developed project in the ERC-20 sector in July 2024 was Status (SNT), an open-source, decentralized crypto communication super app.
SNT’s development activity has surpassed 6,000 in the past 30 days at the time of writing, per Santiment data.
Ether (ETH) makes top 10.
The report further showed that Ethereum’s native token Ether (ETH) was among the top 10 ERC-20 cryptoassets with notable development activity in July 2024. ETH’s overall July development activity count was around 4,500 according to data on the market intelligence platform. The count is up over 54% in the past 30 days at the time of writing.
While there was no major upgrade on Ethereum in July 2024, the blockchain network underwent a historic upgrade in March 2024—the dencun upgrade. Coming after the Merge, the upgrade introduced the so-called ‘photodanksharding’ feature on the largest smart contract platform, resulting in reduced gas fees on Ethereum layer 2 (L2) networks and high scalability for the proof of stake (PoS) blockchain.
Beyond the project’s technological advancements, the Ethereum ecosystem recorded other significant developments in July 2024, including the launch of the first-ever Ether exchange-traded funds (ETFs) in the United States. On July 23, the Chicago Board Options Exchange (CBOE) listed nine ETH ETFs for trading in the U.S, from several issuers, including BlackRock, Grayscale, Franklin Templeton, VanEck, and 21Shares amongst other global asset managers.
More so, other top rising projects in the ERC-20 space by development activity in July included the stablecoin sUSD, Synthetix (SNX), Safe (SAFE), dYdX (DYDX), Decentraland (MANA), Mask Network (MASK) and Nine Chronicles Gold ($WNCG).
Read also: What is Ethereum?
Read also: U.S SEC drops investigation on Ether: What It Means for Ethereum’s future
LINK and ETH in the market
Despite its emergence as a fast-developing ERC-20 crypto project in recent months, LINK’s price has been bearish since late May 2024 with its market capitalization above $7.3 billion at press time. The 17th largest cryptoasset by market valuation has plummeted over 31% in the past 60 days. LINK is changing hands at $12 at the time of writing.
ETH, on the other hand, has yet to find a bottom since the Ether ETF-triggered sell-offs. The cryptoasset is trading below $3,000 at the time of writing with traders expecting a short-term rebound around $2,800. On a longer timeframe, crypto analysts believe ETH could create a new all-time high by year-end, factoring in heavy inflows from both retail and institutional investors.
Read also: Ethereum and Altcoins: What are the Opportunities in the Altcoin Market?
