Electric Capital, a venture capital firm, has published in its 2022 developer research report that the number of monthly active developers in the cryptocurrency field has seen significant growth, notably outside Bitcoin and Ethereum.
According to the report, there are now 23,343 monthly active developers working in the crypto space, with a particular surge in activity among Bitcoin and Ethereum developers.
Specifically, the report found that the number of monthly active developers working on Bitcoin has tripled to 946, while the number working on Ethereum has increased by a staggering five times to 5,819.
Major ecosystems outside of Bitcoin and Ethereum are emerging, with 72% of monthly active developers working outside of these two ecosystems, with Solana, Near, and Polygon totaling more than 500 monthly active developers.
While Bitcoin and Ethereum have long been dominant players in the field, the report reveals that ecosystems outside of these two giants are now thriving. In fact, 72% of monthly active developers are currently working on projects outside of Bitcoin and Ethereum.
Bitcoin & Ethereum Account For 28%, While Others Are Emerging
The report highlights three emerging projects in particular, Solana, Near, and Polygon, which together have attracted over 500 monthly active developers. This suggests that the crypto space is becoming increasingly competitive, with new players rising to challenge established leaders.
Additionally, a number of up-and-coming projects have seen significant growth in recent months. These projects include Sui, Aptos, Starknet, Mina, Osmosis, Hedera, Optimism, and Arbitrum, which have all grown by 50% or more year-over-year and have attracted 100 or more total monthly active developers.
The report also indicates that the DeFi space is particularly hot right now, with 3,901 developers working on DeFi projects across multiple chains every month, representing a growth of 240% since the DeFi summer.
Furthermore, 50% of DeFi developers are working outside of the Ethereum ecosystem. Additionally, NFTs are also becoming increasingly popular, with more than 900 developers writing code monthly across chains, a growth of 299% since 2021.
According to the report, a record 61,127 new developers wrote open-source code in the crypto field last year, the highest number ever recorded in history. This surge in new developer activity was even more remarkable given that it occurred during a market upswing, with many new developers drawn to the space by the potential for financial gain.
The report also found that this increase in new developer activity is significant when compared to previous years. In 2017 and 2018, the number of new developers contributing open-source code was 44,263. Furthermore, 52% of monthly active developers started contributing in 2022.
Moreover, the report states that the number of monthly active developers reached an all-time high in June 2022, the highest number of monthly active developers since 2009.
However, since that all-time high, the number of monthly active developers fell by -11%. Nevertheless, still, the report suggests that the crypto field is becoming increasingly attractive to new talent and that this trend is expected to continue in the future.
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