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Blockchain data aggregator Artemis unveils top cryptocurrency faces dips over 26% in last 3 month

According to recent data, a protracted slump in the market has resulted in a fall of more than 26% in the number of weekly active developers over the period of the last three months.

According to Artemis, a company that aggregates data from blockchains, the four most prominent smart contract platforms have seen even larger drops in the amount of developer engagement. Among them are Ethereum (Symbol: ETH), Polkadot (Symbol: DOT), Solana (Symbol: SOL), and Cosmos (Symbol: ATOM). The amount of ether (ETH), dot (DOT), sol (SOL), and atm (ATOM) that was transferred decreased by 30.5%, 43.6%, 48.4%, and 48.9%, respectively.

Developers of blockchains are responsible for a variety of tasks, including the creation of smart contracts to power decentralised apps, the upkeep and modification of infrastructure, and the development of blockchain architecture. The amount of work that blockchain developers put in is one of the most important metrics that can be used to evaluate the effectiveness of a smart contract platform. A platform that only has a small number of developers will undoubtedly have a tough time growing.

On the other hand, on September 8th, a researcher on cryptocurrencies and the founder of Tascha Labs named Tascha Che tweeted that she did not see the pattern to be particularly worrying. In addition to that, she added that the drop could be traced back to the withdrawal of “tourist investors” and “tourist constructors.” In addition to this, it would provide actual builders the “peace and quiet” necessary to get their job done.

Developer activity is said to have a “flywheel impact” on the sector, according to a second Twitter user who is a research analyst for Binance, who said that it would be a “important signal” to take into consideration in the future.

Interplanetary File System (IPFS), a decentralised data storage system, and Internet Computer, a blockchain network, were two of the few leading platforms for smart contracts. IPFS was one of the few leading platforms for smart contracts. These two platforms had respective growth rates of 206.6% and 21.7% during the last year.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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