- The new results show that Ethereum reigns supreme in terms of developer activity, with 4,000 monthly active developers out of a total of 18,000.
- However, competitors like Polkadot, Solana, and Avalanche have shown faster growth than Ethereum at similar times in history.
The Ethereum (ETH) network, which ranks second in market capitalization after Bitcoin, has the largest number of developers in the blockchain ecosystem. However, a new report on January 6 shows that blockchains from other altcoins are fast emerging, giving Ethereum a run for its money.
According to cryptocurrency research firm Electric Capital, Polkadot, Solana, and Binance Smart Chain (BSC) networks are growing rapidly in terms of developer activity. The total number of monthly active developers across all networks exceeded 18,400, according to the report. Of these, more than 4,000 open source developers work on Ethereum.
The company also analyzed approximately 500,000 code repositories and 160 million pledges (code updates). Of that, he pointed out that the highest number of code pledges is more than 34,000 in 2021.
Ethereum’s competitors are growing strongly
Also, after Ethereum, Polkadot, Cosmos, Solana, and Bitcoin were the largest developer ecosystems. Polkadot has about 1,500 developers, while Cosmos and Solana have 1,000 developers each. Bitcoin is in fifth place with just over 680 developers.
Other ecosystems with monthly active developers included NEAR Protocol, Tezos, Polygon, and Cardano, each with more than 250 monthly active developers. NEAR itself launched an $ 800 million developer fund in October aimed at growing its decentralized financial systems (DeFi).
More than 20% of new network developers have recently joined the Ethereum ecosystem, further consolidating their leadership position. However, the report shows that rival networks have seen better days in terms of growth than Ethereum.
Polkadot, Solana, NEAR, BSC, Avalanche, and Terra are growing faster than Ethereum at similar points in their history.
Between December 2020 and December 2021, the average monthly active developers in Solana grew 4.9 times. NEAR numbers quadrupled, and Polygon numbers doubled. In second and first place are Cosmos and BSC, which saw active developers increase 70% and 80% on average monthly, respectively.
These figures show impressive developmental growth among early-stage projects, while Ethereum, which was the first performer, sees less growth. However, the network is still king, with the largest network of DApps, protocols, and tools. The developer ecosystem is also 2.8 times larger than the ecosystem of its closest rival, Polkadot.
In particular, the high gas rates on Ethereum have led developers to other less expensive networks. Over the past year, networks like Solana, Avalanche, BSC, NEAR, and Terra have become DeFi hubs with increased encryption adoption.
In addition, the report highlights that the number of monthly full – time DeFi active contributors increased by 64% last year. In addition, more than 500 new developers participated in the coding of DeFi projects every month last year, except January.