Hedera, Cardano Dominate Web3 Development Activity: Price Action to Rebound?

Dfinity (ICP), Hedera (HBAR), and Cardano (ADA) emerged as the top three blockchains by Web3 development activity in the past 30 days.

This milestone has further helped to spark positive sentiments for native digital assets of Dfinity, Hedera, and Cardano.

Also, market participants are hoping to see if the huge development activity will equate to price performance for ICP, HBAR, and ADA.

The Top Protocol per Development Count per Santiment

The Development Activity metric represents a project’s number of commits in its GitHub repositories.

Notably, DFinity leads development activity with 597.27 GitHub commits in the last 30 days, per data from crypto analytics provider Santiment. Hedera came second with 428.47 development activity count, followed by Cardano with 426.17.

The position of ICP, Hedera, and Cardao at the top of the chart indicates high development activity within their blockchain ecosystem. It also reflects the commitment of their respective teams to continuous improvement.

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Other blockchains featured in the top 10 spot include Chainlink, Starknet, Optimism, Polkadot, Kusama, Ethereum, and DeepBook Protocol.

Usually, the development activity metric is used to gauge the growth and adoption of a project. The more development activity a project has, the better the possibility that its product will grow and be adopted by users.

The metric also helps to show how many community members are developers and, most importantly, whether the developers are active contributors.

Ultimately, development activity events are an important indicator of value in a blockchain ecosystem.

The DFinity, Hedera, and Cardano Ecosystems

DFinity’s development update in the last 30 days comes amid progress across multiple fronts in the ecosystem.

Recently, the DFinity Foundation, a major contributor to the Internet Computer Protocol (ICP) blockchain, secured a long-term collaboration with the UNDP.

The United Nations Development Programme (UNDP) is a UN initiative that targets Micro, Small and Medium Enterprises (MSMEs) globally.

Regarding Hedera, the Monetary Authority of Singapore (MAS) recently integrated the cross-border trade payment services network in trials.

This integration demonstrates Hedera’s uniqueness amongst traditional and blockchain alternatives. Hedera offers the speed, security, and cost efficiency to enable faster and more secure cross-border transactions.

Additionally, speculations were raised that Hedera might launch HUSD as a MiCAR-compliant stablecoin for the EU market. This comes after USDT’s removal from European exchanges in 2024.

On the part of Cardano, the blockchain is set to undergo the Plomin hard fork upgrade. This upgrade will make Cardano the first blockchain in the crypto industry to achieve full decentralization.

Dev Activities and Price Correlation

The ongoing development activities around Dfinity, Hedera, and Cardano coincide with the upsurge in the prices of their associated cryptocurrencies.

The ICP coin was trading at $8.84, up over 3.8% in the last 24 hours. However, the trading volume decreased by 36% to $115 million, while the market capitalization increased by 3% to $4.2 billion.

Meanwhile, analysts have a short-term target of $17.44 this quarter and a long-term target of $79.5.

Similarly, HBAR and ADA prices experienced an increase of 2.1% and 3.3% on the daily chart, respectively. It is important to note that the surge in these cryptocurrencies comes amid an uptick in the broader market.