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Number of devs Increased During Crypto Winter: Electric Capital Report

Ethereum is the top blockchain for developer activity, but a few other chains have made inroads.

Despite an almost 70% collapse in cryptocurrency prices, the overall number of monthly active Web3 developers increased 5.4% to more than 23,300 during the last year.

According to an Electric Capital research released on January 16, “full-time” developers – those who contribute to 76% of Github commits — rose 15.2% to over 7000, while “one-time” builders decreased 6.2% to over 3,500 during the same time period between December 2021 and December 2022.

Despite the fact that the crypto market capitalization began its protracted decline from its all-time high (ATH) of $2.9 trillion in November 2021, monthly developer activity did not begin to decline until June 2022, after the metric reached a record high of roughly 26,500.

This decline was ascribed in part to a decrease in developer activity in the Terra ecosystem following its catastrophic collapse in May 2022.

From June to September, the number of weekly active Web3 developers fell by 26%.

However, 61,127 new Web3 developers entered the market in 2022, the largest ever recorded and a 25.8% increase over 2021.

In fact, between 2014 and 2020, more new Web3 developers published their first line of open-source crypto code (109,723). (101,054).

Ethereum continues to dominate developer activity, increasing its full-time developer count by 9% to 1,873 — more than the next three largest ecosystems combined — Polkadot (752), Cosmos (511) and Solana (511). (383).

However, developer counts on non-Ethereum chains are catching up. The Cosmos and Solana networks increased 34% and 36%, respectively, while Starknet, one of the mid-sized ecosystems, increased 214% in developer count in 2022.

According to the research, following Terra’s demise, only 28 (9%) of the original Terra developers remained for Terra 2.0, while 143 (42%) quit and relocated to other ecosystems.

Many former Terra developers transferred to Cosmos, 42 out of 143, more than any other ecosystem.

Electric Capital explained that because some projects are close-sourced, there are many more Web3 developers than are accounted for in the report.


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