Since 2018, the number of Bitcoin and Ethereum developers has tripled, but alternative projects are more popular
According to a new report by Electric Capital, the number of developers working on crypto projects has surged significantly. Over the past two years, the firm has invested in several early-stage Layer-1 platforms and crypto startups, including Bitwise, Gitcoin, dYdX Near Protocol, and Inmunefi.
The Number Of Cryptocurrency Developers Has Doubled Since 2020
According to Electric Capital, there were 23,343 crypto developers active per month in December 2022. The number of active developers has almost doubled since the beginning of 2020 when there were fewer than 10,000.
The significant growth in the number of crypto developers indicates the industry’s future success. While bitcoin’s price dropped more than 76% from its all-time high of $69,000, the number of monthly active developers grew by 5%.
BTC Devs Tripled Since 2018, But Alternatives Are More Attractive
Since 2018, the Bitcoin network has seen a threefold increase in monthly active developers, from 372 to 946, while Ethereum has seen a fivefold increase, from 1,084 to 5,819 monthly active developers.
Since 2018, Solana, Polkadot, Cosmos, and Polygon have grown from less than 200 to over 1,000 developers. The increased number of coders working on these projects is a good sign for their long-term prospects.
Despite Bitcoin and Ethereum’s rapid growth, the data revealed that the vast majority (72%) of developers prefer to work on networks other than Bitcoin and Ethereum. Solana, NEAR, and Polygon all increased by 40% year on year, reaching over 500 monthly active developers. This suggests that there is a growing interest in alternative blockchain projects and that developers want to help develop newer, more innovative projects.