Ethereum is attracting more activity even though its competitor reached a critical point in its development.
Ethereum is the most popular smart contract platform when considering the number of full-time developers. According to the Developer Report, which gets its data from GitHub, Ethereum had 1,889 full-time developers, more than 10 times those working on Cardano (153), a competing platform, and more than triple those working on Polkadot (621), on October. 1st.
Developers Prefer Ethereum: Competitors Fight
In particular, there are more developers contributing code to the Bitcoin blockchain (340) than those working on Solana (268) and BNB Chain (163). Technically, these platforms should have more code requirements because they support launching decentralized applications (Dapps).
Developer Report defines a “full-time developer” as someone who ships code at least ten times a month. Looking at the trends and based on the commits submitted in each of the major blockchain source codes on GitHub, there are at least 1,889 developers who have been actively offering code and improving Ethereum.
Based on this data, Ethereum appears to be establishing itself as a platform of choice for developers and competing protocols, including Solana (SOL) and Cardano (ADA), could struggle to match.
Ethereum, Solana, Cardano, Bitcoin and other popular networks are public ledgers. As such, the community continually improves its code. Since they are public, the number of developers submitting code and actively reworking the platform is critical.
Typically, the developer count will not only measure how healthy the protocol is but also the level of activity. Whenever multiple developers submit code, it indicates that the blockchain is generating interest, which can contribute to the launch of a robust and secure network that can anchor innovation. This can also decentralize the platform from the developer’s perspective because no one person is trusted to improve the source code.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $28.00 and $30.00 support levels. The bulls were active near the $31.20 area. A base was formed and the price started a decent rise above the $33.50 level.
There was a push above the $35.00 level and the 55 simple moving average (4-hours). The pair even rose above the $36.50 level. A high was formed near $38.80 and the price is now consolidating gains. It is trading well above the 23.6% Fibonacci retracement level of the upward move from the low of $31.30 to the high of $38.80.
Cardano Is Building Up, Why Is ADA Lagging Behind?
Ethereum is attracting more activity even though its competitor reached a critical point in its development. For example, Cardano is in the Basho phase, where Charles Hoskinson, the founder, and Input-Output Global (IOG), the blockchain development wing, are building to improve performance and scale. Some of the key features that the team plans to launch include Hydra, the layer 2 scaling solution that is being tested, and sidechains such as Milkomeda and Atala PRISM, which are being tested. Despite these developments, Ethereum continues to dominate decentralized finance (DeFi) activity, considering total value locked (TVL), according to DeFiLlama. As of October 31, Ethereum manages over $22 billion in assets, while Cardano controls approximately $198 million.
On the charts, ADA is also fighting against ETH. ADA is down approximately 40% against ETH from the 2023 highs. However, prices have remained stable over the past three months, if you look at the price action on the daily chart.
By Leonardo Pérez
