A small-cap crypto project built on Kusama (KSM) has exploded over 188% this week, amid widespread momentum among Polkadot (DOT) ecosystem projects.
Moonriver (MOVR) is an Ethereum (ETH) compatible parachain built on Kusama.
The project serves as a canary network to test code for Moonbeam (GLMR), a smart contract platform for cross-chain connected applications.
MOVR is trading at $29.16 at the time of writing, up from $10.12 a week ago. The 201st-ranked crypto asset by market capitalization is also up more than 36% in the past 24 hours.
MOVR’s gains came amid a broader uptrend for Polkadot projects. Kusama, Polkadot’s canary testing network, is also big this week. KSM, the project’s native token, is trading at $50.01 at the time of writing, having gained over 52% in the last seven days.
Moonbeam’s own asset, GLMR, is trading at $0.47 at the time of writing. The 158th-ranked crypto asset by market cap is up more than 24% in the past week.
DOT itself has been trading sideways this week, but is up more than 60% in the past month.
According to the crypto analytics company, the Polkadot ecosystem remains one of the most active in terms of development activities Santiment.
The smart contract platform and Kusama each recorded 357.8 notable 30-day GitHub commits between late November and late December, ranking second among all crypto projects. Only fellow Ethereum rival Cardano (ADA) clocked more commits, with 540.
Santiment notes that it does not count routine updates and uses “sophisticated methodology” to only collect data for “real” GitHub commits.
The company says that a high level of development activity may indicate that developers are confident in the longevity of the blockchain and that new features will soon appear in the project’s ecosystem.
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Generated image: Midjourney
