Ethereum Has Most Developers, But These Newer Chains Are Growing Fast

The year of the Merge saw the number of Ethereum developers jump to 5,000, a 400% rise compared to 2018

article-image

Source: Shutterstock / Maurice Norbert, modified by Blockworks

share

Crypto-focused early-stage VC firm Electric Capital has found that while Ethereum has the most developers in total, a majority of monthly active developers are working on other ecosystems.

Despite a bear crypto market in 2022, developers continued to create and progress towards mass adoption of decentralized applications (dApps). The crypto industry added 5% more developers in 2022 year-on-year, despite a 70% plunge in cryptoasset prices, the report released on Tuesday showed.  

The year was a rocky one for cryptoassets, given the tightening monetary policy and a string of bankruptcies, stirring fears of liquidity due to contagion. Yet, the industry captured over 61,000 first-time developers — an all-time high. Since the creation of Bitcoin in 2009, there are now more than 23,000 developers in the industry.

Total monthly active developers based on crypto ecosystems GitHub; Source: Electric Capital

Core blockchain developers focus on designing the front-end and back-end of a proposed blockchain network, which will then be used as a foundation by others. Even after a blockchain is built, they continue to develop new features and technology to improvise or activate upgrades for better functionality.

Electric Capital found that developer activity in 2022 was far busier than the previous crypto winter of 2018, when bitcoin plunged 65% 

Since 2018, the number of monthly active developers rose nearly 300% for Bitcoin. For Ethereum, developer count quintupled from 1,084 to 5,819 in that time period.

Some devs opt for emerging blockchains

The year of the Merge was significant for Ethereum, and its share of new developers for the stands at 16%.

But developers working on the Solana, NEAR and Polygon protocols rose 40% year-on-year, and added more than 500 total monthly active developers combined.

Loading Tweet..

Sui, Aptos, Starknet, Mina, Osmosis, Hedera, Optimism and Arbitrum were other blockchains that absorbed developer activity.

Those working on software for non-fungible tokens saw a 300% jump since 2021.

Developer engagement is an “early and leading indicator of value creation,” according to the VC firm. “Developers build killer applications that deliver value to end users, which attracts more customers, which then draws more developers,” it added.

And what about Bitcoin, recently? Although developers working on the OG crypto tripled from 372 to 946 since 2018, year-over-year, the total has flat lined.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM

article-image

The side events were the places to be at Consensus 2024, according to attendees

article-image

Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them

article-image

I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right

article-image

Also, the ETF hype train can count out at least one member