A valuable part of the fundamental analysis of the cryptocurrency market is to follow the project’s live development activity. Think of that as being able to sit in an R&D room of the companies you are looking to buy some stocks.
This is possible because most projects are being built as open-source software, which means their development is public information that can be watched, and used with other data — such as the market capitalization — for unique insights. The largest platform for open-source development is GitHub.
In this context, Finbold collected results shared by the developer Lukas Masuch in a GitHub repository, ranking 62 projects in the category ‘Smart Contract Platforms’, in order to find out which have the best score according to Masuch’s index.
“All projects are ranked by a project-quality score, which is calculated based on various metrics automatically collected from GitHub and different package managers.”
— Lukas Masuch’s ranking, method description
Top 5 smart contract platforms on GitHub
“Smart Contract Platforms: Blockchains that host smart contracts or decentralized applications.”
— Lukas Masuch’s ranking, category description
Not surprisingly, the highest score goes to Ethereum (ETH), the leading smart contract platform by market cap, and the second largest among all other cryptocurrencies. Ethereum Network is also the pioneer in creating smart contract solutions.
ETH scores 53 according to Masuch’s methodology, with over 230,000 stars, given by GitHub users as an indicator that they liked the open-source project. Ethereum’s score is even higher than Bitcoin (BTC), as shown in this previous report.
Interestingly, with a $191.70 billion market cap by press time, ETH has $833 dollars for each star.
Polkadot (DOT), a layer-zero blockchain, gets second place with a score of 46 and 37,000 stars. Considering its $4.92 billion market cap, DOT has $133 dollars for each star.
Solana (SOL) comes in third, with 45 points and 23,000 stars, resulting in $349 dollars for each star, with SOL’s $8.04 billion market cap.
Notably, the higher the result on the ‘market cap/stars’ division, the more overbought a cryptocurrency is according to this market indicator.
Cardano (ADA) scores 40 points with 15,000 stars, coming above Chia (XCH) in the fifth position with 37 points, and 13,000 stars.
ADA has a $8.64 billion market cap, resulting in around $576 per star, while XCH is the one with the remarkably lower market capitalization, despite its developing activity fundamentals, with $231 million, resulting in around $17 dollars per star — being the most oversold crypto according to this metric.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
