The cryptocurrency industry has seen a significant increase in the number of developers working on various projects, according to a new report from Electric Capital. The firm, which has invested in several early-stage Tier 1 platforms and crypto startups including Bitwise, Gitcoin, dYdX Near Protocol, and Inmunefi, found that the number of developers in the crypto industry has doubled in recent years. two years.
Electric Capital got its data by identifying 250 million code commits in open source repositories, showing exponential growth in the number of developers joining the crypto ecosystem as time goes on. Despite the harsh crypto winter of 2022, the numbers did not stop growing.
The number of crypto developers has doubled since 2020
According to Electric Capitalthe number of monthly active crypto developers closed at 23,343 in December 2022. This number represented an increase of almost 100% from the beginning of 2020, when there were fewer than 10,000 active developers.
This significant growth in the number of developers working in the crypto industry is a positive sign for the future of the industry. Despite the significant drop in the bitcoin price, which plunged more than 76% from its all-time high of $69,000, the number of monthly active developers grew by 5%.
The report also shows exponential growth in monthly developer builds, with over 471,000 monthly code commits for open source cryptocurrencies. These numbers represented an 8% increase in full-time developers. According to the report, this is the most crucial data to highlight because they “contribute to 76% of all code confirmations.” For the first time in the history of cryptocurrencies, more than 61,000 programmers were working on developing cryptographic codes at the same time.
Bitcoin Developers Tripled Since 2018, But Alternatives Are More Appealing
The Bitcoin network experienced 3x growth in monthly active developers since 2018, from 372 developers to 946, while Ethereum experienced 5x exponential growth, increasing from 1,084 to 5,819 monthly active developers.
Solana, Polkadot, Cosmos, and Polygon have grown from fewer than 200 developers to over 1,000 since 2018. This growth in the number of coders working on these projects is a positive sign for their long-term prospects.
Despite the significant growth of Bitcoin and Ethereum, the data revealed that the vast majority (72%) of developers prefer to work on networks outside of Bitcoin and Ethereum. Solana, NEAR, and Polygon grew 40% year-over-year, reaching over 500 monthly active developers. This suggests that there is a growing interest in alternative blockchain projects and that developers are looking to contribute to the development of newer and more innovative projects.
On the other hand, although the NFT boom seems to be fading, these projects also registered a significant increase in their technical activity, reaching more than 900 monthly active developers writing code.
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