- In the last year, Real World Assets (RWA) that represent physical assets have significantly grown in prominence.
- Among the leading RWA altcoin projects are Chainlink, Avalanche, and Internet Computer.
- However, the ranking changes when considering developer activity, as highlighted by Santiment’s recent analysis.
Explore the surge in developer activities around the top RWA altcoin projects and what it means for investors and the market.
Developer Activity Surges in Real World Asset (RWA) Altcoins
According to a recent report by Santiment, there has been a notable increase in developer activities among leading RWA altcoin projects. Over the past month, Chainlink (LINK) has emerged as the most prominent, largely due to its innovative developments and strong market performance.
Santiment’s Top 10 RWA Altcoins by Developer Focus
The crypto market has gained momentum with Bitcoin surpassing $71,000, creating a positive environment for altcoins as well. In this thriving scenario, RWA tokens have become increasingly popular among both investors and developers. Santiment’s analysis highlights that Chainlink (LINK) is at the top of the list of RWA altcoins with considerable developer focus. Synthetix (SNX) and Centrifuge (CFG) follow in the ranking. Santiment notes:
“Here are crypto’s top Real World Assets by development activity. These rankings are based on non-redundant GitHub activity and the 30-day average of daily activity. Chainlink remains the leader in this sector, with Maker, Oraichain, and Polymesh showing significant growth.”
The list features 10 RWA projects with the highest developer activity, including Chainlink, Synthetix, Centrifuge, Oraichain, Dusk Foundation, Maker DAO, Polymesh Network, Ixswap, Defactor, and Reserve Protocol. Noteworthy increases in developer activity were seen in Maker, Oraichain, and Polymesh.
Chainlink (LINK): Leading The Charge
Chainlink continues to follow broader market trends, indicating a slight correction for the altcoin. May was particularly profitable, with the price increasing by 44%. However, Chainlink recently struggled to break the critical resistance level of $18.78, causing its price to drop to $17.7. If the bearish momentum continues, a further drop to $16.55 is possible. Conversely, surpassing the current resistance could lead to a recovery, driving the price above $20.
Synthetix Network (SNX): Awaiting a Breakout
Although Synthetix does not rank among the top 50 or even top 100 crypto assets, it remains a significant RWA coin project. Valued at $876 million, SNX experienced growth during the recent AI hype but failed to sustain its upward trajectory, leading to a price consolidation below $3.15 but remaining above $2.33. A breakout on either side of these price points could result in a rally or further decline.
Maker (MKR): Facing Bearish Pressure
Currently priced at a three-month low of $2,384, Maker has been in a bearish trend since early April, falling from a high of $4,000. If the support level of $2,556 fails to hold, MKR could further decline to $2,271. However, bullish signals from the broader market could trigger a recovery, pushing MKR through the $2,693 to $3,159 resistance range, invalidating the bearish outlook.
Conclusion
In summary, the surge in developer activity in RWA altcoins like Chainlink, Synthetix, and Maker underscores the growing importance of these projects in the crypto space. For investors, keeping an eye on these developments and the associated market trends is crucial for making informed investment decisions. The increased developer focus is indicative of the potential for innovation and growth in this niche sector of the cryptocurrency market.
