Despite a year-long bad market, the number of developers flocking to the crypto business continues to climb.
According to an Electric Capital survey published on January 17, the number of active developers has more than doubled in the last two years. The researchers examined 250 million code commits, with over 300 people contributing to the report.
At the start of 2021, there were approximately 12,000 total monthly active developers. By the end of 2022, this figure had risen to roughly 24,000. Furthermore, it reached a high of slightly more than 26,000 monthly active developers in June 2022.
It was discovered that almost half of the active developers work part-time. By mid-December 2022, more than 7,000 full-time developers would be employed. According to the report, over 60,000 new developers will have worked with crypto code by 2022.
“Full-time developers account for 76% of commits and are the least likely to churn over time,” according to the survey.
Nonetheless, the number of active developers has decreased marginally since the middle of 2022, according to the research. This occurred in the midst of a deepening bear market and is expected to return when market sentiment does.
Furthermore, over the last two years, the number of new monthly repositories has climbed by 80%. According to the data, there will be 3,784 new monthly repositories by the end of 2022.
In terms of active developers, Ethereum remains the most popular ecosystem. As of December 2022, it had 5,734 total developers. This translates to almost a quarter of the total number of people working on Ethereum-related initiatives.
Polkadot and Solana were tied for second position at the end of last year, with roughly 2,000 total active developers each.
Cosmos came in second with just under 1,800 active developers, followed by Polygon with roughly 1,100. By the end of 2022, the Bitcoin network had only 920 active developers.
Sui Network, Aptos, Mina Protocol, Starknet, Osmosis, Hedera, Optimism, and Arbitrum expanded by 50% year on year.
Despite a 70% market drop in 2022, the figures show a strong crypto dev ecosystem.
According to Electric Capital investor Maria Shen, growth would be slower in 2020 or 2021, but commensurate with the previous bad cycle.
“Devs arrive during a bull, and growth stalls during a bear, so we should consider growth in the context of cycles.”
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