As a seasoned analyst with years of experience navigating the cryptosphere, I can confidently say that the recent development activity rankings for Real-World Assets (RWA) are reflective of the market trends we’ve been observing. It’s no surprise to see Chainlink (LINK), Synthetix (SNX), and Centrifuge (CFG) leading the pack, given their established presence in this sector.
TL;DR
- Chainlink (LINK) leads in Real-World Assets (RWA) development activity, followed by Synthetix (SNX) and Centrifuge (CFG).
Despite missing the list, Mantra (OM) saw a 1,700% increase this year, with some predicting it could soon lead the RWA category.
No Change Among the Leaders
In recent months, real-world assets (RWA) have become more popular as a result of increased token values. These assets, which represent tangible items or properties in reality, are tokenized and operate within the blockchain system via smart contracts.
This week, crypto analysis platform Santiment highlighted the top 10 tokens based on their monthly development activity, with Chainlink (LINK) leading the pack at a score of 501.93. The token showed impressive performance during the first quarter of the year, reaching over $21 in mid-March.
Nevertheless, it has experienced a significant decline over the past few months and is currently valued around $11.20 (as per CoinGecko’s data). Its market capitalization is currently estimated to be about $6.8 billion, placing it as the 18th largest cryptocurrency in the market.
According to the rankings, Synthetix Network (SNX) comes in at number two with a score of 233.93, while Centrifuge (CFG) follows closely behind in third place with a score of 96.1.
In this update, tokens such as Oraichain Token (ORAI), Dusk (DUSK), Maker (MKR), and IX Swap (IX) are also showing similar trends. Notably, these four tokens maintained the same relative positions as they were in Santiment’s previous analysis when looking at the top seven.
In the latest ranking, Polymex (POLYX) has moved up and currently sits at number 8, while Defactor (FACTR) has made some progress to secure a spot among the top 10. Creditcoin (CTC) is now in ninth place following its higher position in the previous rankings.
Which One is Missing… Again?
In the meantime, Mantra (OM), a standout in the Real World Asset (RWA) sector, was left out of the selection. However, this token’s price has soared this year, increasing from just $0.05 on January 1 to $1.40 by the end of July.
OM headed south in the following weeks, settling at around $0.91, which represents a whopping 1,700% increase year-to-date (YTD). It is worth mentioning that the asset did not make the list in July, either, despite being close to its best shape at that time.
Some industry figures have commended OM for its outstanding recent performance and foresee more progress ahead. Notably, Crypto Coach (a popular X user with around 200,000 followers) has stated that OM continues to excel among altcoins, maintaining solid levels even during market downturns.
“The price of OM hasn’t mirrored its current impressive fundamentals just yet, but it seems that the final iteration of Testnet Dukong is nearly here. It’s predicted that MANTRA will take the lead in the RWA category soon,” the supporter stated.
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2024-08-31 10:51