crypto and blockchain
The cryptocurrency industry has seen a significant rise in the number of developers working on various projects, according to a new report by Electric Capital.
Electric Capital, which has invested in many blockchain platforms, early Layer-1 and krypto start-ups, such as Bitwise, Gitcoin, dYdX Near Protocol and Inmunefi, found that the number of developers in the crypto industry had doubled over the past two years.
Electric Capital obtained its data by identifying 250 million software commitments across open-source warehouses, showing a dramatic growth in the number of developers joining the Krypto ecosystem over time.
Despite the cruelty of the 2022 crypto winter, the numbers have not stopped growing.
The number of crypto developers has doubled since 2020:
According to “Electric Capital”, the number of active krypto developers closed monthly amounting to 23,343 software developers in December 2022.
This figure represents 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 a significant drop in the price of bitcoin, which fell more than 76% from an all-time high of $69,000, the number of active developers per month grew by 5%.
The report also shows a dramatic growth in developer monthly construction, with more than 471,000 commitments per month for open source cryptocurrencies.
These figures represent an 8% increase in the number of full-time developers.
According to the report, this is the most important part of the data to highlight as it contributes to 76% of all code obligations.
For the first time in the history of cryptocurrencies, there were more than 61,000 programmers developing crypto code at the same time.
The number of bitcoin developers has tripled since 2018:
Bitcoin has seen a 3-fold growth in active developers per month since 2018, rising from 372 to 946 developers, while Ethereum has experienced an exponential 5-fold growth, with the number of developers increasing from 1,084 to 5,819 active developers per month.
Solana, Bulcadot, Cosmos and Polygon have gone from less than 200 developers to more than 1,000 developers since 2018.
This growth in the number of programmers working on these projects is a positive sign of their long-term perspectives.
Despite the significant growth in the number of Bitcoin and Ethereum developers, data revealed that the vast majority (72%) of developers prefer to work on networks other than Bitcoin and Ethereum.
On the other hand, although the NFT boom appears to be fading, these projects have also recorded a significant increase in their technical activity, reaching more than 900 active developers per month writing code.