While the crypto market witnessed a significant bloodbath in April, layer 2 networks saw substantial developer activity, signaling strong confidence in these projects despite the latest drop in the value of their tokens natives.
A Tweeter by crypto data analytics platform Santiment revealed that the top ten Layer 2 networks were selected by counting each project's non-redundant GitHub activity and averaging their daily activity over the past 30 days.
According to Santiment, analysts obtained projects' GitHub activity from their repositories through a back-testing process to ensure that only the teams' efforts to improve and innovate were included. A project's GitHub activity can be used to determine whether the team is actively working on the protocol. High developer activity could also reduce the likelihood of a project being an exit scam.
Using Santiment's methodology, analysts found that Ethereum-based scaling protocol Optimism became the top network with the highest development activity of 541.33 commits, or 146% of more than the next project. Conversely, its native token, OP, has plunged more than 17% over the past 30 days.
Following Optimism is permissionless decentralized network Starknet, which recorded 220.23 development activity. Despite Starknet's strong activity, its native token, STRK, lost approximately 36% of its value in April.
Arbitrum came in third with developer activity of 110.77, while its native asset, ARB, fell 32% during the same period. This was followed by modular scaling protocols Cartesi, Immutable Their native assets also saw notable double-digit declines.
The bottom four projects on the list are layer 2 Bitcoin sidechain MintLayer and Ethereum-based networks Polygon, MetisDAO, and Mantle, with development activity of 23.53, 20.43, 7.87, and 5.33. Like other projects, their native tokens also recorded substantial losses in April.
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