Ethereum is king among developers, but competitors recording faster growth

Ethereum is king among developers, but competitors recording faster growth

                                                                                                                                                                                                                                          As per the latest figures, the Ethereum ecosystem has more than any of its rival networks’ share of developers, but the others are apparently catching up faster.


Ethereum’s competitors like Polkadot, Binance Smart Chain and Solana are reportedly growing faster where development activity is concerned, according to fresh data from crypto research firm Electric Capital. The firm has released its new report on the blockchain development ecosystem on January 5.


The findings reveal that more than 4000 monthly active open-source developers are currently working on Ethereum, which is considerably more than the 680 who are working on the Bitcoin network. 


Across all chains, the report said that the total monthly active developers are presently measured at 18,400, whereas the record for the number of code commits by new developers in 2021 had been broken, with more than 34,000 in number.


The measurements have been obtained by analyzing around 500,000 code repositories and over 160 million code commits (changes or updates to the code). 


The report has also noted that Ethereum, Cosmos, Solana, Polkadot, and Bitcoin are the five largest developer ecosystems among several others.


While Polkadot has around 1500 developers, both Cosmos and Solana are comprised of 1000 each.


Other active ecosystems concerning monthly developers are Cosmos, Tezos, Near (that had launched an $800-million developer fund back in October), and, Polygon and Cardano (each having over 250 active monthly developers).


While Ethereum is still dominating in terms of developers, more than 20 per cent of new Web3 developers have already joined its ecosystem as rival networks have seen greater growth in the last one year especially.


The report said that Polkadot, NEAR, Solana, BSC, Avalanche, and Terra “are growing faster than Ethereum did at similar points in its history.”


The report has also compared the average monthly active developers between the time period December 2020 and December 2021 and observed that Solana had grown by 4.9 times, Near recorded a 4x growth rate, while Polygon’s monthly developers had more than doubled. 


At the same time, Cosmos had a registered 70 per cent increase in average monthly active developers, and BSC’s increase had been 80 per cent over the course of 2021.


Although the development growth figures sound extremely impressive for mostly early-stage projects, Ethereum is still claiming its spot at the top. The ecosystem continues retaining the largest network of tools, protocols and decentralized applications, being 2.8 times larger than its closest rival, Polkadot.


Solana, BSC, Avalanche, Near and Terra have emerged as DeFi hubs in the last one year, attracting a huge number of developers as adoption increases. 


The report noted that DeFi’s full-time monthly active contributors have grown by 64 per cent, and over 500 new developers have contributed code to a DeFi project every month in the year 2021 aside from January.


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