According to a new report, active contributors to Bitcoin, Ethereum and Solana’s top projects have grown by an average of 71.6 percent per year since January 2018.
These findings are based on a Telstra Ventures report dated August 2, 2018. It found that Solana saw the largest annual increase in monthly active contributors. This compound annual growth rate was 173%, as of January 1, 2018.
Contributors are programmers who make changes to code on GitHub. This code repository is for computer programs.
Ethereum came second, with a 24.9% compound annual increase of monthly contributors from 2018, while Bitcoin was third, with a 17.1% annual increase.
Telstra also stated that Ethereum has the strongest and largest developer community of all three blockchains. In April, the network had almost 2,500 active contributors per month. This fell to more than 2,000 contributors by July, which coincided with a drop in crypto prices.
This could be because of the higher output required to prepare for the Merge, in which the network will transition into Proof-of Work consensus.
In July, the number of active monthly contributors to Ethereum was nearly seven times greater than Solana’s 350 contributors.
Telestra: Total contributor count for top Ethereum projects – Telestra
However, the report noted that the number of contributors has fallen by 9% from November last year. This coincides with a drop in cryptocurrency’s value since its peak.
VC investment opportunities
Technology investment firm found that around 40% of the top ten fastest-growing projects in Bitcoin, Ethereum, and Solana did not have venture capital backing. This means that there are still plenty of investment opportunities.
These projects include OlympusDAO an Ethereum-based investment protocol, ApeWorx a smart contract developer, Flashbots the maximum extracted value (MEV), researcher Flashbots and MetaPlex, a Solana-based NFT-standard MetaPlex.
Related: Block Earner GM: Crypto yields shift to lower risk investors
According to Cointelegraph research, venture capital funding in crypto has moved from Decentralized Finance (DeFi), to Web3 Applications throughout 2022. The 42% of $14.67 billion spent in crypto projects during Q2 was made up of Web3 investments, bringing the total for the first half to $29.33 trillion.
Telstra Ventures, a venture capital firm that focuses on technology, has 84 investments and $30 billion under management. It has made investments in Blockdaemon, a blockchain exchange, and FTX.
Data was derived from 1000 active organizations that contributed more than 30,000 open-source projects on Bitcoin, Ethereum and Solana. The eligible projects that are eligible for study must have at least 100 stars in GitHub repositories, and be active between January 2022 and April 2022.