Electric Capital released a report that discusses project development trends in the cryptocurrency market. By several metrics, technical development is at its strongest since 2017.
Crypto research firm Electric Capital published a report on Dec. 10 on development trends. The report provides new insights into the technological underpinning of crypto. Overall, the employment trends indicate that the space is maturing and that opportunities are moving towards top projects.
To obtain the data, Electric Capital looked at over 276,000 code repositories and 89 million code commits. This effort is open source and anyone can contribute to it.
Of the highest note was the fact that the number of new developers rose for the time since 2017. Developers’ ranks grew 15% in 2020. A full 80% of active developers entered the market in the last two years. Most of them work on high-quality projects. The firm defined high-quality projects as those within the top 200 ecosystems by network value.
Bitcoin, Ethereum, and DeFi are among the most active segments. The Bitcoin ecosystem received over 70% of new developers in the last three years. Meanwhile, Ethereum grew by over 300 new developers per month.
Unsurprisingly, developers also flocked to DeFi, which has been the talk of 2020. Since the start of the year, there has been a 67% increase in monthly active developers.
Polkadot and Filecoin Gain Developers, While EOS Loses Them
Developer growth has varied by project focus. Companies involved in Bitcoin and those that have experienced mainnet launches are experiencing this in particular. Polkadot and Filecoin, two projects which launched to much pomp, saw a tremendous spike in developer influx.
Polkadot doubled its developer count between Q3 and Q4 2020, while Filecoin tripled its count. EOS, on the other hand, lost 88 developers per month on average.
Developers have flocked to the top 200 projects, and developer numbers among these are at an all-time high. The report also notes that both number count and development activity are growing among “frequent” as well as “infrequent” developers.