- The number of new cryptocurrency and blockchain developers is growing for the first time since 2017
- New monthly cryptocurrency and blockchain developers grew 15% in 2020, increasing for the first time since 2017
- 80%+ of all active developers today came in the last two years
- There is a flight to quality: high quality ecosystems are growing while others are shrinking
- Monthly active cryptocurrency and blockchain developers have stayed flat even as new developers joined due to developer loss outside of the Top 200 ecosystems by network value
- The number of developers outside of the Top 200 by network value decreased by 30% from December 2018
- Developer activity is particularly strong across Bitcoin, Ethereum, some Layer 1s, and Decentralized Finance
- Bitcoin ecosystem has 70%+ more developers than it did 3 years ago
- 300+ new developers per month commit to the Ethereum ecosystem
- 67% increase in monthly active developers in Decentralized Finance since January 2020
Complete findings from the Developer Report are available here.
Why Analyze Developer Activity?
Crypto networks are new open platforms on which new applications will be built. An early signal of adoption on an emerging platform is engagement from developers. Developers build the applications that deliver value to end users and customers, which attracts more developers. The crypto stack is uniquely open source, allowing us to analyze and understand developer engagement in an unprecedented way.
About Electric Capital
Electric Capital is a venture firm that invests in cryptocurrencies, blockchain based businesses, fintech companies, and marketplaces. We compile code, profile nodes, analyze blockchains and open source projects, help secure cryptonetworks, and write software to help our portfolio companies understand their ecosystems. We publish an annual Developer Report that is the industry standard for understanding the developer ecosystems across cryptonetworks. Electric Capital and its founders have invested in crypto companies such as Anchorage, Bitwise, Celo, Derivadex, Elrond, Mina, Mobilecoin, Oasis, and NEAR.
Disclosure
The Developer Report is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in the report constitutes a solicitation, recommendation, endorsement, or offer by Electric Capital or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Electric Capital has positions in some of the projects mentioned in the report. For a list of past and present investments, please visit electriccapital.com.
Media Contact:
Priscilla Reed
[email protected]
SOURCE Electric Capital
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