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Battle for most active DApp developers heats up between Cardano and Ethereum ahead of upgrade

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  • Cardano has surpassed Ethereum in terms of the number of GitHub commits per month.
  • Ethereum leads when it comes to the network with the most active developers.

The Cardano (ADA) – Ethereum (ETH) competition continues to stiffen over time. This is reflected in a Blockchain Development Trends Report by Outlier Ventures crypto investment group. Outlier analyzed the top 50 blockchains in terms of native asset market cap between July 2020 and June 2021.

Notably, Cardano has surpassed Ethereum in terms of the number of GitHub commits per month. GitHub commits are an estimated indicator of a blockchain community’s underlying health. Results show that Cardano led with 701 GitHub code repositories, 24 percent higher than its commits from the previous year. Ethereum came in second with 447 and IOTA third with 394. Filecoin and NFT-centric blockchain Flow came in fourth and fifth with 368 and 305 respectively.

Moreover, Ethereum and Cardano ranked first and second in terms of monthly active developers, with 168 and 165 respectively. Other protocols exhibited triple-digit-percentage growth year-over-year. They include Avalanche, Ocean, Terra, and Cosmos.

Cardano and developer activity

Over time, these figures have been given due consideration as they have been strong indicators of developments. For instance, in Q2 2020, Outlier Ventures produced a report showing a “substantial rise in developer activity” on Polkadot and Cosmos. A few months down the line and Polkadot’s DOT was ranking among the top ten cryptocurrencies by market cap. Meanwhile, Cosmos’s price rose 438 percent last year.

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Still, the same report pointed out that EOS, Bitcoin Cash, and TRON were facing massive dips in developer activity. True to this, the three blockchains have in the past year fallen out of public favor. Other platforms with higher emphasis on DeFi applications (DApps) and NFTs have been shining brighter. Both EOS and TRON have DApps but have not been gaining much traction, according to data from DeFi Llama. Nonetheless, coins from the three networks have experienced noteworthy gains in the past year.

Last year, DApps had explosive growth following increased crypto community discourse on their “third-party-less” financial services. Soon thereafter came the NFT rush. Initially, both DeFi and NFTs were exclusively available on Ethereum due to their smart contracts capabilities. Other networks such as Solana, and soon, Cardano have begun picking up the trend. Cardano is looking forward to launching smart contracts on its network this weekend.

Bumpy road

The road for Cardano, however, has been filled with stumbling blocks. In some sort of “counteractive” style, Ethereum developers, among others, criticized Cardano’s smart contracts this week after DApp issues. Cardano’s first DApp, a decentralized exchange known as Minswap, shut down its testnet following a “concurrency” issue.

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Essentially, a single block represents a single transaction. This is a big setback for transaction-heavy DeFi applications which rely on blockchain-based smart contracts for every function. Nonetheless, Cardano has defended its smart contract design saying it is a feature, not a bug. Its design improves security and reduces the probability of unexpected fees. More so, concurrency issues like the aforementioned are avoidable.

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Ethereum

Crypto Analyst Nicholas Merten Makes Massive Ethereum Prediction for End of Bull Cycle – Here’s His Target

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Prominent crypto analyst Nicholas Merten says that top smart contract platform Ethereum (ETH) may grow another 325% before the current bull cycle comes to an end.

In a new strategy session, the host of DataDash tells his 458,000 YouTube subscribers what he thinks it will take for Ethereum to eventually smash the $20,000 level.

“If everything goes perfect for Ethereum, if we get that opportunity to be able to get ETH to launch properly, people using roll-ups, whether it be zero-knowledge roll-ups or optimistic roll-ups, generally ‘layer-2 solutions,’ we could see a $20,000 Ethereum this cycle. I know it sounds crazy but when you look at the logarithmic chart we’ve seen these kinds of percentage returns before.”

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Rollups are solutions that execute transactions outside the main Ethereum chain, but record transaction data on it. The two types of roll-ups are zero-knowledge (ZK) rollups and optimistic rollups.

The closely followed analyst says that if Ethereum maintains solid fundamentals, a rally to the $20,000 may not be as overly optimistic as it sounds. He notes that such a gain would only be about half of what ETH achieved in the first five months of 2021.

“I think it’s very reasonable we could see this kind of price level. Somewhere between our neutral and optimistic target. To play it safe, I would say that we’ve got a really solid steady stream of price action for Ethereum ahead of us. The key thing to understand is that there are periods of this cycle where Ethereum outpaces Bitcoin, which makes these higher targets reasonable.”

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Ethereum is currently trading for $4,685 at time of writing, up 7% over the last week while Bitcoin has remained almost completely sideways in the same timeframe.

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Ethereum price builds the momentum to hit new all-time highs

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  • Ethereum price develops an entry condition before a test of $5,000.
  • The outperformance of Bitcoin is likely to be sustained.
  • Downside risks remain but are limited.

Ethereum price is up more than 16% for the week, reflecting a resurgence of buying pressure despite the last three weeks of uncertainty. Point and Figure Analysis indicates a bullish entry opportunity is present.

Ethereum price action prepares for another run at $5,000

Ethereum price is positioned to be the primary leader in the cryptocurrency space again. It has broken out above the upper trendline of the bear flag it was trading in, denying any short sellers an opportunity to continue further selling pressure. The $4,800 price level is the final resistance zone that bulls must cross to put Ethereum at new all-time highs.

A double-top at $4,800 currently exists on the $50/3-box reversal Point and Figure chart. That double-top top creates what is likely the final buying opportunity before Ethereum hits its new all-time high. Therefore, the hypothetical long setup is a buy stop order at $4,850, a stop loss at $4,600 and a profit target at $6,250. The projected profit target is derived from the Vertical Profit Target Method in Point and Figure Analysis.

Conservative traders may wish to wait for a pullback from the current double-top and then look for a triple-top to develop. Additionally, conservative traders could wait for a Bear Trap, Bearish Fakeout, or Bearish Shakeout pattern before going long.

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ETH/USDT Daily Ichimoku Chart

However, downside risks remain. Ethereum could very quickly develop a deep retracement towards the $3,300 level despite a breakout above the former bear flag. Hidden bearish divergence is now present on the daily Ichimoku chart, warning traders that the current upswing may be a false move. A daily close that returns Ethereum inside the bear flag would likely trigger a move south and invalidate any bullish entry opportunities on the Point and Figure chart.

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Ethereum-Based Altcoin Erupts 280% in Just Seven Days After Announcing New Gaming Partnership

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An altcoin that specializes in financial services is surging after forging a new partnership with one of the hottest metaverse games.

The price of Request Network’s native token REQ exploded 280% to the upside as news spread that popular virtual world The Sandbox (SAND) had started using Request’s basket of accounting services.

The altcoin rose from $0.20 to $0.76 in a matter of days. At time of writing, REQ is trading for $0.73.

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According to the project’s website,

“Payment experiences should be free from artificial barriers imposed by closed ecosystems. We work together with leading innovators and organizations in the decentralized financial (DeFi) ecosystem to create seamless financial experiences.”

Main features of the Request Network include generating invoices to receive payments in different cryptocurrencies as well as accounting tools for financial management.

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The Sandbox co-founder Sebastien Borget says that only Request Network offered the scope of solutions needed to ensure efficient workflow.

“Payments and accounting are challenging for large companies that deal in crypto. Making manual payments to large numbers of blockchain wallet addresses, and recording the transactions took up precious time and energy from the team each month.

We really needed a way to automate payments to our employees and contractors, and easily account for the company’s crypto transactions and assets during annual financial audits.

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Using Request Finance has helped us slash the time we spent on making crypto payments by 90% every month. That frees up our time and mental resources to focus on building a better platform for our community of creators and gamers.”

Request Network has forged a number of partnerships as well, including with Maker (MKR), Aave (AAVE), Ocean Protocol (OCEAN), and The Graph (GRT).

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