Much of cryptocurrencies are focused on traders and investors so there is a tendency to sometimes forget about the people making the most of possible trades – the developers. Finally, Electric Capital’s Maria Shen released a report on developer activity over the past year, and the numbers are astounding.
Come on Not trained yet podcast, Shen spoke with journalist Laura Shin about why it’s time for the field to take a closer look at its programmers and smart contract creators.
We will definitely make it
Shin and Shen were quick to note that 2021 is a peak year when it comes to developer activity, even if the Bitcoin price has both ups and downs. Shen noted,
“I think, first of all, 2021 is just going to be a year with a lot of all-time highs. First of all, there is an all-time high monthly developer. Currently, we are standing at over 18,000 monthly developers across Web3. And that number is up 75% from last year. ”
It’s important to note that the report only counts open source developers. Shen emphasized that the total number of developers in Web3 could be significantly higher.
Coming to the report, Electric Capital noted that the clear winner in terms of its ecosystem is none other than Ethereum. The report states,
“Ethereum continues to have the largest ecosystem of tools, applications, and protocols, and is 2.8 times larger than the second largest ecosystem. One in five new developers joins Web3 and works on Ethereum.”
Meanwhile, the top four are Polkadot, Cosmos, Solana, and Bitcoin. During the podcast, Shen also made sure to note that more than 34,000 developers have entered the field in 2021 – more than in any other year in the industry. [admittedly brief] History.
But what does the number of developers tell us about Web3 and crypto projects in general? The CEO of Electric Capital said,
“Even so, I think overall, looking at open source development is a very good way to see where the trend lines are going. And of course, a lot of very important projects are open source and also have huge communities contributing to them. ”
Getting dev and dirty
The Electric Capital report came just before the market plunged into a rare state of extreme fear. This came after the king coin fell below $42,000.
However, the developer activity report shows that the crypto industry is much more than just price performance.
Bitcoin Fear and Greed Index is 10 – Extreme Fear
Current price: $41,789 pic.twitter.com/xPsBPG8q8z– Bitcoin Fear and Greed Index (@BitcoinFear) January 8, 2022