Who looks at Bitcoin (BTC), which has more than $403.5 billion in capitalization and 41.3% market dominance, and Ethereum (ETH), which is responsible for more than $189.5 billion in volume and a 19.4% share in the cryptocurrency market, according to data from CoinMarketCap On Wednesday afternoon (18), one would think that the dominance of crypto assets also extends to projects under development in the respective blockchain networks.: Bad mistake. This is revealed by a report released this week by venture capital firm Electric Capital, which focuses on cryptocurrency, blockchain, fintech and related fields.
According to Electric Capital, by December 2022 there were 250 million code commits, which represent the state in which a particular code is being developed, in open source repositories. This can be understood from the average rate of 22,000 developers per month over the past seven years, a figure that was 1,000 developers per month between 2009 and 2015.
Despite the 70% drop in cryptocurrency prices on average, the document revealed that monthly active developers grew by 5% last year compared to the previous year and reached 23,343 in December, although the number was much lower than the 61,000 developers who contributed. with symbols. , a record also reached in 2022.
The annual growth for full-time developers has been 8%, which is considered relevant as they account for a 76% slice of crypto-token confirmations, which was over 471k per month last year.
Compared to the crypto winter of 2018, the survey revealed that the value of the crypto network returned to January levels of that year, despite a 297% increase in monthly active developers. Since then, active Bitcoin network developers have gone from 372 to 946 while Ethereum developers have jumped from 1,084 to 5,819. For Solana, Polkadot, Cosmos, and Polygon developers, growth has gone from less than 200 to over 1,000.
The report further noted that 72% of its monthly active developers operate outside of the Bitcoin and Ethereum platforms. Which helps justify a 40% growth rate for projects at Solana, Near Protocol, and Polygon, which have more than 500 monthly active developers. Even greater growth, by more than 50%, in Sui, Aptos, Starknet, Mina, Osmosis, Hedera, Optimism and Arbitrum networks, which have more than 100 monthly active developers.
Electric Capital also reported that 3,901 developers are working on decentralized finance (DeFi) projects each month across multiple networks, a 240% increase from Summer DeFi, a term used to refer to the boom in the industry in mid-2020. , 50% is DeFi Developers outside the Ethereum network, pioneers of smart contracts.
According to the document, 900 developers wrote non-fungible tokens (NFTs) tokens per month in 2022, up 299% from the previous year.
Conversely, other recent surveys reveal that 91% of cryptocurrencies are already dead since the 2014 crash, while 97 projects involving cryptocurrencies are left for the dead realm in 2022, as reported by Cointelegraph Brasil.