Ethereum dominates among developers but competitors growing faster

Although the Ethereum ecosystem has more developers than other networks, they are growing at a faster pace.

According to Electric Capital, the cryptocurrency research firm that studies blockchain development, such competitors as Polkadot and Solana are experiencing faster development activity than their Ethereum counterparts. The report was released by Electric Capital on January 6.

It was revealed that Ethereum has more than 4,000 active open-source developers per month — significantly more than the 680 on the Bitcoin network. The total number of monthly active developers across all chains was greater than 18,400. In addition, the record for the most code commits made by new developers was broken in 2021 with 34,000.

These measurements were made by analysing around 500,000 code repositories as well as 160 million code commits. Code commits are updates or changes to code. The report found that Ethereum, Polkadot and Cosmos are the largest five developer ecosystems.

According to the report Polkadot boasts around 1,500 developers, while Cosmos & Solana have around 1000 each.

Cosmos, NEAR, which launched a $800 million developer fund last October, Tezos and Polygon each had more than 250 monthly developers, were other active ecosystems.

Although Ethereum is still the dominant platform — more than 20% new Web3 developers have joined it ecosystem — other networks have experienced greater growth.

“Polkadot and Terra are growing faster that Ethereum at similar points in its historical history.”

Ecosystem growth since the first commit – Electric Capital

The report compares the average monthly active developer between December 2020 and December 2021. It noted that Solana grew by 9.9 times, NEAR experienced a 4X growth rate and Polygon had more than twice as many monthly developers. Over the course of 2021, Cosmos saw a 70% rise in its average monthly active developer and BSC 80%.

Although the growth rates for early-stage projects are impressive, Ethereum remains the king. It continues to have the largest ecosystem of tools, dapps and protocols, which is 2.8 times greater than Polkadot.

Related: Vitalik says that Ethereum is 50% complete.

Terra, Avalanche and BSC have been designated DeFi hubs in the last year. This has helped attract more developers as DeFi adoption grows. It reported that the number of DeFi monthly active contributors grew 64% and that more than 500 developers contributed code to DeFi projects every month except January.

Close Bitnami banner