Developer activity registered a new high level; the highest level since the beginning of the pre-crisis year
Developer activity for Ethereum peaked at seven months. Judging by previous trends, this blockchain activity has been a definitive indicator of the medium-term trend of the cryptography in question. As such, the high level of activity of the Ethereum developer indicates an optimistic medium-term trend for Ethereum.
According to a 2017 study by JP Vergne, professor at UCL School of Management, “The best indicator of a cryptocurrency’s exchange rate is the amount of developer activity around it“.
An analyst at Santiment reported: “Santiment is indicating that #Ethereum is reaching #Github development rates not seen since February (a 7-month high)! $ ETH continues to defend itself as the most innovative network in #crypto, including the many ERC-20s under its umbrella“.
Driven by DeFi projects, Ethereum’s blockchain user activity has seen a massive increase to unparalleled levels since 2017 in various sectors.
A cryptic enthusiast named Qiao Wang suggested that the majority of the population is still trying to understand DeFi.
This indicates that conventional and existing crypto users are not familiar with DeFi and most of its underlying concepts. The decentralized aspect of DeFi platforms increases the level of complexity for beginners to navigate across platforms.
However, the DeFi space is only in its early stages of growth, rising from $ 1 billion to $ 8 billion in the past 4 months.
According to Wang, the more people try DeFi products, the faster they realize and understand its fundamental aspects.
Wang explained in a tweet: “Many people try to reason about DeFi on an abstract level. I made that mistake myself. But reality is the only way to really appreciate what is going on is to use the products. Spend a week to trade / lend / manage assets and you will understand why these things are fundamentally interesting.“
ETH developer activity will increase as more people start using DeFi. The ETH developer community is expected to focus on the slow release of ETH 2.0 next year.