Despite crypto decline, developers continue to contribute to Web3 community
Blockchain developers have maintained their contributions to the Web3 community despite the recent market downturn, with Ethereum (ETH) leading the way as the strongest and largest community, according to a recent report from the VC investment firm Telstra Ventures.
According to the report, blockchain developer participation in Web3 communities has remained largely unphased during the recent market meltdown.
“Blockchain developer participation in Web3 communities remains robust, as measured by compound annual growth rates in the number of unique active contributors per project and per ecosystem each month,” the report states.
Ethereum has maintained its position as the largest and strongest developer community: since mid-2021, the ecosystem has consistently had over 2,200 monthly active contributors.
On a four-year basis, Ethereum’s contributor community has grown at a compound annual growth rate of 24.9%. The number of monthly active Ethereum contributors has fallen by around 9% since its peak in November 2021.
Solana (SOL), a so-called “Ethereum killer”, has also maintained its growth rate, but is still significantly behind Ethereum. At its peak, Solana had around 350 monthly active contributors, which dropped to around 260 contributors during the recent market crash.
The blockchain’s contributors have increased at a compound annual growth rate of 173% over the past four years. However, since SOL’s peak in November last year, the number of active contributors has fallen by 21%.
On the other hand, the flagship cryptocurrency has seen steady growth in the number of active developers over the past eight years. By mid-2021, Bitcoin (BTC) had over 400 monthly active contributors, which dropped to around 350 at the end of last year.
Bitcoin’s contributor community has seen a compound annual growth rate of 17.1% over the past four years, the report said, adding that the number of active contributors has grown by 8.2% since its peak last October.
The latest market crash, fueled by the collapse of the Terra‘s algorithmic stablecoin UST and the failure of some prominent crypto firms such as Celsius and Three Arrows Capitalhas removed around USD 2 billion from the total crypto market cap.
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Learn more:
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– SOL drops as thousands of wallets attacked on Solana, millions in USD stolen (UPDATED)
– The Solana team will open the doors of a physical store in New York to market Solana and Web3
– Bitcoin ATMs return to Tokyo, Osaka for the first time since 2018
– MicroStrategy’s Saylor says stepping down as CEO will allow him to focus more on Bitcoin
