Major ecosystems are emerging beyond Bitcoin and Ethereum, says 2022 Developer Report

Rick Steves

The document reveals that there are now 23,343 crypto monthly active developers in crypto.

Open-source crypto is an endeavor that started 14 years ago. In the first 7 years, 1,000 monthly active developers wrote code but it has grown to more than 22,000 monthly active developers in the last 7 years, according to the 2022 Developer Report.

Released by Electric Capital, the developer report is based on 250 million code commits across open-source repositories and works as an industry standard for understanding the landscape across crypto developer ecosystems.

More active developers despite 70% drop in crypto prices

The document reveals that there are now 23,343 crypto monthly active developers in crypto. Key highlights of the 2022 Developer Report include:

1. Monthly active developers grew +5% year-over-year, despite 70%+ decline in prices.
23,343 monthly developers as of December 2022.
471,000+ monthly code commits are made monthly toward open-source crypto.
+8% YoY growth in Full-Time developers. Full-Time developer growth is the most important growth signal to track because they contribute 76% of code commits.
All-time high of 61,000+ developers contributed code for the first time in 2022.

2. Crypto network value is back to January 2018 levels, but monthly active developers have increased +297% since 2018. Comparing the previous crypto winter to today:
3x growth in Bitcoin monthly active developers, from 372 to to 946.
5x growth in Ethereum monthly active developers, from 1,084 to 5,819.
Solana, Polkadot, Cosmos, & Polygon grew from fewer than 200 devs to 1,000+ developers.

3. Major ecosystems are emerging beyond Bitcoin and Ethereum.
72% of monthly active devs work outside the Bitcoin and Ethereum ecosystems.
Solana, NEAR, and Polygon grew 40% YoY and have 500+ total monthly active developers.
Sui, Aptos, Starknet, Mina, Osmosis, Hedera, Optimism, and Arbitrum grew 50%+ YoY and have 100+ total monthly active developers.
3,901 developers work in DeFi every month across multiple chains, +240% since DeFi summer. 50% of DeFi developers are outside of Ethereum.
900+ developers write code monthly in NFTs across chains, +299% since 2021.

“Please help the community by adding your repo to the mapping”

Developer engangement has been seen as an early and leading indicator of value creation in emerging platforms as they build killer applications that deliver value to end users, which attracts more customers, which then draws more developers.

Electric Capital’s Developer Report was first published in 2019, tracking only 3,000 crypto ecosystems and 21,000 repositories. This year, with the help of more than 250 contributors, the report tracked over 9,000 ecosystems and over 163,000 repositories specifically dedicated to crypto, comprised of over 124 million lines of code.

“Finding, tracking, and mapping these crypto repositories is a community effort. Thank you to the 250+ contributors who added repositories to the Crypto Ecosystems Github”, Electric Capital said in the announcement. “If you are working in open-source crypto, please help the community by adding your repo to the mapping.”

Read this next

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.

blockdag

Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, USD, May 17 ,2024

Overall, both the Federal Reserve’s policy and the US dollar’s outlook are shrouded in some degree of uncertainty.

Market News, Tech and Fundamental, Technical Analysis

Ethereum Technical Analysis Report 17 May, 2024

Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3200.00, which is the top of the previous impulse wave i.

Digital Assets

Hong Kong adopts digital yuan payments through Chinese banks

Hong Kong has launched a pilot program enabling digital yuan payments through major Chinese banks, marking the first instance of China’s digital currency project being deployed outside the mainland.

Retail FX

Saxo Bank increases client assets five-fold to $116 billion

Copenhagen-based broker Saxo Bank has achieved a major milestone, surpassing $116 billion (DKK 800 billion) in client assets.

Inside View

ISDA says US Basel III “endgame” to heighten market risk capital

ISDA further explained that, by requiring banks to hold additional capital that is misaligned with levels of risk, the proposal would significantly reduce capital market access for US end users and businesses, restrict the ability of businesses to hedge exposures to changes in commodity prices, and increase the cost of everyday consumer goods, including food and gasoline.

<