Cryptocurrency Electric Capital, a focused venture capital firm, has released its 2022 Developer Report, which provides insight into the growth of the crypto industry over the past seven years.
The report was compiled by analyzing 250 million code entries in open source repositories.
According to the report, the number of monthly active developers in the crypto industry has grown from 1,000 in the first seven years of the open-source cryptocurrency world to over 22,000 in the last seven years.
As of December 2022, there were 23,343 monthly active developers in the crypto industry, representing 5% annual growth despite a 70% drop in prices.
The report also states that more than 61,000 developers contributed code for the first time in 2022, with a significant portion of these developers being full-time contributors, accounting for 76% of code contributions.
The report also bitcoin and Ethereum It was emphasized that new ecosystems are emerging beyond these two ecosystems and that 72% of monthly active developers work outside of these two main ecosystems.
Report Highlights Altcoins, Favorites of Cryptocurrency Developers Apart from Bitcoin and Ethereum
Solana, NEAR and polygon It has more than 500 monthly active developers, showing 40% growth compared to the previous year. Sui, Aptos, Starknet, Mina, Osmosis, Hedera, Optimism and Arbitrum It has more than 100 monthly active developers, showing 50%+ growth compared to the previous year.
The report also revealed that the number of developers working on DeFi has increased 240% since the summer of DeFi, with 50% of DeFi developers working outside of Ethereum. In addition, more than 900 developers code monthly in the NFT domain across chains, an increase of 299% since 2021.
The report concludes by stating that developer engagement is an early and leading indicator of value creation on emerging platforms, as developers build applications that deliver value to end users, which attracts more customers and therefore more developers.
*Not investment advice.
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