Top crypto projects keep BUIDLING
Looking at your portfolio these days is not pleasant and can be even terrifying. You may question the investments you did and at worst come to the conclusion to sell all your holdings before things head towards $0. This may or may not be the start of a longer bear period but it really does NOT matter for the projects and protocols with a great team and a long-term vision.
An early and leading indicator for the value creation and success of emerging platforms is developer engagement. Electric Capital did an outstanding job in analyzing 500K (!) code repositories and 160M (!) code commits and visualizing developer engagement of various layer-1, layer-2 and DeFi protocols. The full report is 130 pages long and I highly recommend you to scan through the deck.
I picked some highlights out of the deck for your own education and summarized below some of the key findings.
34,000+ new developers committed code in 2021 — the highest in history
Developer growth goes up with price but holds steady through bear markets
The largest ecosystems are Ethereum, Bitcoin, Polkadot, Cosmos, Solana, BSC, NEAR, Avalanche, Tezos, Polygon, and Cardano, each with 250+ monthly active developers
Ethereum continues to have the largest ecosystem of tools, apps, and protocols, and is 2.8x larger than the second largest ecosystem. One out of every five new developers coming into Web3 works on Ethereum.
Comparing average monthly active developers between December 2020 and December 2021, Solana grew 4.9x+ in 2021. NEAR is now the 6th largest ecosystem in 2021, with 4x+ growth. Polygon’s monthly developers grew by more than 2x, while Cardano was +90%, BSC was +80%, Cosmos was +70%, and Bitcoin was +10%.
Polkadot, Solana, NEAR, BSC, Avalanche, and Terra are growing faster than Ethereum did at similar points in its history
The full report provides many more insights into developer engagement.
HODL - Rizvi
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Excited to announce that the first episode of the “How to Web3” podcast has been recorded. How to Web3 is a podcast where I sit down with guests that are building for Web3 - from DeFi, NFTs, the Metaverse and more. It will be available on Spotify & Apple Podcast.
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