Following Bitcoin’s third halving, activity in the development on the Tron and Bitcoin Cash blockchain platforms has dropped dramatically.
In recent days, there has been a lot of quiet in the world of cryptocurrencies. After the third Bitcoin halving, given the lateralization of the BTC market, members of the cryptocurrency community seem to be resting from the almost frantic work that they continually do. One sign of this is the fact that the activity on the Tron and Bitcoin Cash blockchains has plummeted.
Situation in the World of Cryptocurrencies
Since the birth of cryptocurrencies eleven years ago, the world of cryptocurrencies has been characterized by truly frantic levels of activity. That is something normal, considering that the core of the community that revolves around blockchain technology is comprised of developers from around the world. Those men and women, enthusiastic about blockchain ideas and values, provide their knowledge to improve cryptocurrencies.
However, after Bitcoin’s third halving, the world of cryptocurrencies has experienced a general cooling. Even though proposals and ideas for cryptocurrencies continue to be developed, overall activity levels are not as high as in the days before the halving.
This is perfectly observable in the price of the main cryptocurrency on the market. Even though it has not suffered a collapse, its increase has not been so important as to consider that a bullish rally has started. For this reason, it is in a phase known as a lateral market, with no upward or downward movement, and basically in a temporary stagnation.
However, there is a more direct way of looking at this drop in activity in the world of cryptocurrencies. This is the true collapse in development that occurred on several of the world’s major blockchain platforms. These include Tron, Bitcoin Cash, and EOS, which had a drop in activity in more than 50% of their development in the second quarter of 2020.
Drop in Activity of Tron, Bitcoin Cash, and EOS
Two things have been characterized this period after Bitcoin’s halving. First, there was an announcement of major code updates to several of the world’s main cryptocurrencies, including the upcoming release of ETH 2.0 and Tron 4.0.
Second, there has been a deep drop in developer activity on the blockchains of major cryptocurrencies like Tron, EOS, and Bitcoin Cash, according to a study by blockchain and artificial intelligence investment firm Outlier Ventures. That document outlines 86% collapse in EOS activity, 63% in that of Bitcoin Cash, and 53% in that of Tron.
Other cryptocurrencies like Bitcoin and Ethereum have suffered less aggressive declines in their activity, with a drop of around 20%. There has also been a minor, but equally relevant, decline on the Ripple and Stellar blockchain platforms. At the same time, Cardano has experienced a 580% increase in its activity.
This would demonstrate that there is a cooling in the activity of the world of cryptocurrencies, at a time when nobody knows what else will happen on the Bitcoin market after the halving. For this reason, most users do not keep the usual working levels.
By Alexander Salazar