Developers are the core of a Blockchain project. They develop incredible applications that create interesting use cases and attract people to Blockchain. This often leads to price momentum that attracts more developers to the project, and the cycle continues. Here are the cryptocurrencies with the most developer activity lately, according to CNBC.
The most active cryptocurrency, Ethereum (ETH)
At the top of the list is Ethereum (ETH), the second largest cryptocurrency by market capitalization. A report by Electric Capital, a leading venture capital firm, stated that there were 1,873 full-time developers active on the network in 2022. This was the highest among all Blockchains last year. The leading altcoin also got off to a good start in 2023, ranking ninth in terms of developer activity since the year started, according to Santiment data.
According to the report, Ethereum has seen 219 notable GitHub commits to the open source code of the network since the start of 2023. cryptocoin.com As we have reported, developer activity may increase even more as Ethereum’s Shanghai update is scheduled for later this year. This highly anticipated update will allow users to withdraw staked ETH and accumulated staking rewards.
Polkadot (DOT) is also popular among cryptocurrency developers
Polkadot (DOT) was the second largest project in terms of developer activity in 2022, according to Electric Capital. According to the report, there were 752 full-time developers working on the network. Polkadot continued this momentum in 2023 as well. According to Santiment data, the platform saw its highest developer activity since the start of the year. The network saw 441 notable GitHub commits open source code. Polkadot also has ambitious plans for 2023. The network is preparing for the Asynchronous Backup Upgrade, which is expected to increase throughput in the network. After the upgrade, the network will be able to process 100,000 to 1,000,000 transactions per second without compromising its security.
Cosmos (ATOM): There are 511 developers
Cosmos recorded the third highest developer activity in 2022. According to the report, there were 511 full-time developers working on the network. Cosmos also has an ambitious roadmap for 2023 that could see further increases in developer activity. The first major upgrade to Cosmos will be the Cross-Chain Security Offering. Next will be v8-Rho Upgrade, v9-Lambda Upgrade, v10-Epsilon and v11-Gamma upgrades. All these upgrades could signal healthy developer activity for Cosmos in the months ahead.
As such, Santiment data shows Cosmos has the sixth highest developer activity in 2023, with 258 notable GitHub commits to its source code. This may be one of the reasons why Cosmos (ATOM) has witnessed a significant price increase since the start of the year, according to CNBC analysts.
Solana (SOL), which collapsed due to FTX, is also on the list
According to the Electric Capital report, at the end of 2022, there were 383 full-time developers working on Solana. The number of developers on the platform has increased 10x since 2018 and increased another 83 percent in 2022. However, FTX crashed, causing SOL prices to plummet, leading several Solana projects to migrate to other blockchain networks such as Ethereum and Polygon. Fortunately, Solana made a significant comeback in 2023.
In addition, on the platform, Solana Mobile Stack, an Android compatible mobile device called Solana Phone; There are a number of upgrades planned for the rest of the year. Other upgrades include items such as Firedancer and QUIC, Stake-heavy QoS, and local free markets. These upgrades could cause Solana’s developer activity to increase once again.
Biggest cryptocurrency continues to lead
Bitcoin (BTC) is still the market leader with a market cap of $436 billion at the time of this writing. The world’s oldest Blockchain network also ranked fifth in terms of developer activity last year. According to the Electric Capital report, in 2022 there were 300 developers working on the network. Bitcoin has experienced a devastating bear market over the past year. The world’s oldest cryptocurrency has dropped to $15,000 from its peak of $65,000 in November 2021. However, BTC made a significant recovery in 2023 and climbed from the $16,000 post-FTX range to over $23,000.
According to the Electric Capital report, as of 2022, there were 23,343 monthly active developers working in the crypto industry. This equates to an increase of 297 percent since 2018. Some other notable cryptocurrencies in Electric Capital’s report include Polygon, Kusama, NEAR, Cardano, and Tezos. This is in line with Santiment data, which puts Kusama and Cardano first and third, respectively, in terms of developer activity since early 2023.
Metaverse project Decentraland (MANA) and web3 messaging app Status (SNT) come in fourth and fifth according to Santiment findings. It is also worth noting that all these coins have recorded significant gains since the beginning of 2023. However, this is not the only metric to look at when evaluating a blockchain network. There are many more technical and fundamental indicators to review.
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