Cardano’s two-month streak at the top regarding monthly development activity ends.
In a tweet on Monday, Santiment reveals that Ethereum, on average, in the last 30 days, has seen the most notable development activities among other blockchain networks.
“Ethereum now has the highest 30-day rolling average of notable development activity, according to our algorithm for tracking notable daily github submissions,” Santiment wrote.
?? #Ethereum now has the highest 30-day rolling average of notable development activity, according to our algorithm for tracking notable daily #github submissions. https://t.co/DutNhUK1mK
Read here for more details on our development activity methodology: https://t.co/vWQCE4r4pv pic.twitter.com/Yr7sdoP26H
— Santiment (@santimentfeed) August 22, 2022
It is worth noting that Cardano previously held the position for two months in May and in June. Notably, the network has seen a flurry of development activity as it edges closer to the long-awaited Vasil upgrade. Moreover, about 1000 dApps are in development in anticipation of the hard fork.
However, Ethereum has surpassed this as the network is on the cusp of The Merge. On Monday, The Crypto Basic reported that Ethereum’s client for institutional staking, Teku, had received an upgrade in anticipation of The Merge.
For the uninitiated, The Merge is the expected migration of the Ethereum network from the Proof-of-Work (PoW) consensus model to Proof-of-Stake (PoS). The Merge will occur when the Ethereum execution layer is fused with its PoS chain called the Beacon chain.
The Merge is now expected to occur on September 15. Notably, developers completed The Merge launch on the final testnet, Goerli, nearly two weeks ago.
Deposits in the Ethereum staking contract have recently surged as investors get excited. This month alone, about 153,000 ETH has been added to the contract. As clarified by the developers, holders will not be able to withdraw staked ETH immediately after The Merge but will receive liquid ETH rewards on their staked assets.
Notably, pundits like Lark Davis and BitMex’s Arthur Hayes have expressed price optimism for the asset post-Merge, analyzing why the asset becomes deflationary. However, CoinShares CSO Meltem Demirors has expressed a contrary view, noting a lack of fresh institutional capital coming into Ethereum despite these new dynamics.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.