Which chain has the highest number of new cryptocurrency developers and has expanded the most?
Rapid increase in cryptocurrency developers
Venture capital firm Electric Capital, which specializes in crypto assets (virtual currency), released its 2022 developer report on the 17th. The number of new developers who created open source code for cryptocurrencies for the first time reached 61,127 (up 25.8% from the previous year), a record high.
Source: Electric Capital (all hereafter)
According to Electric Capital’s annual report, as of December 2010, the number of monthly active developers related to cryptocurrencies was 23,343 (up 5% from the previous year), a record high. In 2022, the market capitalization of the cryptocurrency market has fallen by 71% from its peak value, while the total number of developers is only 11% below its peak value.
The number of monthly active developers peaked at 26,500 in June 2022, and declined after the Terra (formerly LUNA) shock. Many of the 323 Terra developers confirmed in the first half of 2022 have migrated to Cosmos (ATOM) and Terra 2.0, but 180 have stopped their activities.
Individual chain developer base
The blockchain with the most developers is Ethereum (ETH), with 1,873 “full-time developers” contributing 10 or more commits per month, up 9% year-on-year. Polkadot (DOT) followed with 752, Cosmos with 511, and Solana (SOL) with 383.
Relation:Polkadot Strengthens Cross-Chain Functionality
Polkadot, in particular, has over 500 full-time developers in just 3.6 years, faster than Ethereum (4.5 years).
Ethereum has 5,819 “total developers” including full-time, part-time (10 or fewer contributions per month), and one-time (1 contribution per month), ending the last upward cycle (January 2018). ), a 5-fold increase compared to It accounted for 16% of new developers of all cryptocurrencies.
Among projects with over 1,000 total developers, Solana (+83%), Polygon (+40%), Cosmos (25%), and Polkadot (+2%) each grew in size.
1/ A new report by @Electric Capital shows that Solana is the fastest growing developer ecosystem, surpassing 2,000 total developers in 2022. It’s second in raw numbers only to Ethereum.
Let’s dig into the numbers.https://t.co/HQvPbQzQD2 pic.twitter.com/xV6pnoT7db
— Solana (@solana) January 17, 2023
Among them, the total number of developers of Solana exceeds 2,000, which is second only to Ethereum. Electric Capital pointed out that the “hackathon” held by Solana in September 2022, with about 18,000 participants, jumped from the previous 1,400 in a short period of time. He stressed that it is the fastest growing chain among major chains.
Solana co-founder Raj Gokal points out that one factor that attracts developers is that it can be built in Rust, a programming language used by major IT companies such as Microsoft, Google and Amazon.
On the other hand, blockchains such as Sui and Aptos, which adopt “Move”, which can be learned by engineers of Rust and Ethereum’s smart contract language (Solidity) in a few days, also increased 1000% and 700% year-on-year. , and the total number of developers for each exceeds 100 per month.
Relation:Sui Blockchain Announces Allocation Plan for Cryptocurrency “SUI”
DeFi, NFTs, EVMs
By use case, the number of DeFi (decentralized finance) monthly active developers decreased by 9% year-on-year to 3,901, but increased by 240% since the DeFi summer in September 2021. Of these, 50% are active on Ethereum.
More than 500 developers have entered the DeFi space each month over the past year, although it is trending downward from its peak in March 2022 (1,100).
The number of monthly active developers for NFTs (Non-Fungible Tokens) is just over 900, which remains flat year-on-year and represents a 299% increase from 232 in January 2021.
According to Electric Capital, EVM (Ethereum Virtual Machine) compatible chains such as Polygon (MATIC), BNB Chain (BNB) and Ethereum L2 (Layer 2) such as Arbitrum, Optimism (OP) are more cross-chain than native developers. There are many developers.
Among the chains, the number of dedicated developers has decreased by 28% YoY for Avalanche (AVAX), -23% YoY for BNB chain, and -19% YoY for Cero (CELO).
Relation:Cross-industry development program “Web3 Accelerator Beacon” Polygon and Solana become partners
Which chain has the highest number of new cryptocurrency developers and has expanded the most? ｜Annual Report 2022 Our Bitcoin News.