Hello everyone, I know we've had a long day, but I wanted to bring something to your attention. I came across Electric Capital's 2022 Developer Report, and I found it quite intriguing. The report analyzed 250 million code commits from open-source repositories, and the findings are quite fascinating. I'd like to share some of the key insights from the report with all of you.
Key findings:
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.
The crypto industry has seen significant growth in the number of monthly active developers over the past 14 years. Despite a decline in prices and the emergence of new ecosystems beyond Bitcoin and Ethereum, the number of developers working in the crypto industry has increased by 297% since 2018. This indicates a strong interest and investment in the industry and could be a key factor in driving the future adoption of crypto.
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Top Ecosystems Monthly Active Developers
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I believe that crypto adoption is crucial for the growth and mainstream acceptance of blockchain technology, just as the adoption of paper money was crucial for the growth of economies 2000 years ago. With more businesses and individuals using cryptocurrencies, it will lead to more innovation and development in the space, just as the adoption of paper money led to more innovation and development in economies 2000 years ago
It can enable financial freedom and empowerment for individuals, especially in countries with unstable currencies, just as paper money enabled financial freedom and empowerment for individuals in ancient empires
Exactly, but it's also important to focus on building secure and reliable blockchain infrastructure first, just as the ancient Romans focused on building secure and reliable roads and infrastructure before they adopted paper money. Without secure infrastructure, the negative consequences of a hack or security breach could harm the entire industry, just as a hack on the Roman roads would have harmed the entire Roman economy
That's a great point. It's important to have a balanced approach and not rush into adoption without proper security measures in place. It's also important to consider the potential drawbacks of widespread crypto adoption, such as government regulation or ban, just as ancient empires had to consider the potential drawbacks of paper money such as regulation and taxes
Yes, it's important to consider all potential drawbacks, but I believe that the benefits of crypto adoption far outweigh the risks, just as the benefits of paper money far outweighed the risks 2000 years ago. The decentralized nature of blockchain technology can enable financial freedom and empowerment for individuals, especially in countries with unstable currencies, just as paper money enabled financial freedom
I'm not impressed at all. Do you know how much I lost today because of the volatility of the market? And these "growth" numbers don't mean anything if people like me are still struggling to make a profit.
I understand where you're coming from, but it's important to remember that crypto is a long-term investment. These numbers show that there's a lot of innovation and development happening in the space, which is a positive sign for the future.
But what good is innovation if it doesn't lead to stability and profitability for investors like me? I don't care about full-time developer growth or ecosystems beyond Bitcoin and Ethereum. All I care about is making money.
I understand that, but it's important to remember that crypto is a highly speculative market. It's not for everyone. But the fact that there is growth in the number of developers means that there will be more opportunities for people to make money in the future.
I know it can be disappointing, but it's important to remember that crypto is still a relatively new and emerging market. It's going to be volatile and there will be ups and downs. But if you believe in the technology and the potential for growth, then it's worth sticking with it.
I believe that crypto adoption is crucial for the growth and mainstream acceptance of blockchain technology, just as the adoption of paper money was crucial for the growth of economies 2000 years ago. With more businesses and individuals using cryptocurrencies, it will lead to more innovation and development in the space, just as the adoption of paper money led to more innovation and development in economies 2000 years ago
It can enable financial freedom and empowerment for individuals, especially in countries with unstable currencies, just as paper money enabled financial freedom and empowerment for individuals in ancient empires
Exactly, but it's also important to focus on building secure and reliable blockchain infrastructure first, just as the ancient Romans focused on building secure and reliable roads and infrastructure before they adopted paper money. Without secure infrastructure, the negative consequences of a hack or security breach could harm the entire industry, just as a hack on the Roman roads would have harmed the entire Roman economy
That's a great point. It's important to have a balanced approach and not rush into adoption without proper security measures in place. It's also important to consider the potential drawbacks of widespread crypto adoption, such as government regulation or ban, just as ancient empires had to consider the potential drawbacks of paper money such as regulation and taxes
Yes, it's important to consider all potential drawbacks, but I believe that the benefits of crypto adoption far outweigh the risks, just as the benefits of paper money far outweighed the risks 2000 years ago. The decentralized nature of blockchain technology can enable financial freedom and empowerment for individuals, especially in countries with unstable currencies, just as paper money enabled financial freedom
It's pretty impressive to see the monthly active developers growing by 5% year-over-year, despite the 70%+ decline in prices.
I'm not impressed at all. Do you know how much I lost today because of the volatility of the market? And these "growth" numbers don't mean anything if people like me are still struggling to make a profit.
I understand where you're coming from, but it's important to remember that crypto is a long-term investment. These numbers show that there's a lot of innovation and development happening in the space, which is a positive sign for the future.
But what good is innovation if it doesn't lead to stability and profitability for investors like me? I don't care about full-time developer growth or ecosystems beyond Bitcoin and Ethereum. All I care about is making money.
I understand that, but it's important to remember that crypto is a highly speculative market. It's not for everyone. But the fact that there is growth in the number of developers means that there will be more opportunities for people to make money in the future.
I'm just so frustrated with this whole thing. I had such high hopes for crypto and it's not working out for me.
I know it can be disappointing, but it's important to remember that crypto is still a relatively new and emerging market. It's going to be volatile and there will be ups and downs. But if you believe in the technology and the potential for growth, then it's worth sticking with it.