What is one of the most important, if not the most important attribute a crypto currency should have? If we are looking from the economic perspective, it should be its price with its market capitalization. This can be a valid metric to measure against. But in my opinion, there are more metrics to look at to determine a successful crypto project. One of these is of course demand of the coin or token. This demand is driven by the users using the ecosystem of the native coin which brings me to today’s article. We can say that the bigger an ecosystem is the higher the chance of great demand. But how can we get a big and thriving ecosystem? By having a lot of applications and developers who are working on them! In this article I want to talk about the developers in the crypto space, their activity, and their behavior. All of the following information were gathered from the following report, so if I misinterpret something you are free to check out the report yourself 😊. With that being said, let’s start with the summary.
Overview Of Crypto Development
Let’s start with a general overview of the complete crypto development in recent years. The following graph shows the development of the monthly devs compared to the market capitalization. Over 18 thousand developers are currently working on crypto projects, whether it is full or part time. The graphic suggests that the number of devs is increasing over the years and that there is no decline in sight. Furthermore, there seems to be a correlation between the market capitalization and the number of developers. The higher the market capitalization is growing the more developers are joining. This seems to make sense because every growing industry needs workforce as it is growing. Another interesting fact is that during the last bear market the number of developers seemed to stay very stable. For me this indicates two things: first the developers are believing in what they are doing and want to stick around. Secondly, the industry is strong enough to keep its workforce during bad times which is a clear sign of robustness.
Ecosystem With Most Developers
The next portion of this report covers the ecosystems and blockchain projects in more detail. Here, I want to take a look with you at the following graph. It shows the amount of developers in the top two coins which are Bitcoin and Ethereum compared with the number of developers in the top 200 projects and the number of developers outside of the top 200. It is very amazing that the top 200 almost have as many developers as outside of the top 200. This indicates to me that there is a lot of variety in this industry which triggers more competition which also triggers growth and innovation. Furthermore, it is clear that Ethereum is the largest ecosystem so far. It is followed by Polkadot and Cosmos. In number four is Solana and in number five is Bitcoin. Furthermore, you can clearly see that Bitcoins growth is not as big as the one of Ethereum which is very interesting. In my opinion it is not a big concern towards Bitcoin that it does not have as many developers as it is still a very relevant project but the more interesting fact to take from this is that Ethereum is manifesting its place in the crypto world. Although a lot of people are saying that Ethereum is dead, this graph should indicate otherwise. Another interesting fact to look at is the growth rate of other projects. Here the “smaller” projects like Solana are catching up so it is also important to take them into consideration! For more details you can check out the report.
Conclusion
The growth of the crypto developers is a great sign not only to the crypto community but also to the rest of the world. It signalizes that this technology is growing well and is acquiring more and more know-how and professionals. This report has also more details about the top blockchain projects and is also going into more detail in DeFi protocols. For this article I wanted to share the general overview to keep it short. With that being said, check out this report yourselves because it is very interesting in my opinion!
Report:
report
Published by ga38jem on
LeoFinance
On 20th January 2022