CRYPTO DEVELOPERS ACTIVITIES

The big gainers of the next crypto bull run are been built right. The last developer report from VC firm Electric Capital is focused on. Some projects continue to build despite the bear market. Because crypto is a significant open source, we have an unprecedented ability to measure developer adoption and fundamental traction in an emerging state. 72% of crypto developers are working on projects or protocols that are not part of Bitcoin or Ethereum ecosystems. Not only that but 50% of Defi developers are outside of Ethereum which sounds very interesting. The first part of the report gives the complete overview of devs and begins celebrating crypto's 14th anniversary. This was marked by the first Bitcoin block which was produced at around 30 pm on Thursday the 8 of January 2009. The numbers of crypto developers were mostly flat it took 7 years for the crypto industry to surpass 1,000 Devs.

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In the subsequent 7 years, crypto has added 22,000 Devs and still counting. Not surprisingly, the dev activities are highly correlated to the crypto market. What is surprising is, the dev doesn't seem to drop after the bull market top. 2019, dev activities remain steady and started to grow and we may see the same phenomenon again in 2023. The biggest difference between the previous crypto circle and the current one is that the number of Devs almost quadrupled. In the current cycle, the number of Devs only pull 2.5x which is consistent with diminishing return on large-cap cryptos. What is interesting is that 50% of Devs joined just last year. The catch is that 50% of monthly active Devs commit 1 to 10 days per month. The author assumes the Devs that only commit to 1 to 10 days per month are part-time workers. Conversely, Devs that work 2 to 28 a month are assumed to be full-time.

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Per time and full-time, devs currently have roughly 500k monthly code commit. Full-time devs are contributing the lion's share at about 350k per month, the remaining commitments come from the per-time devs who come and go as crypto price rights and falls. Interestingly, the number of thper-timeme and full-time devs both increased by roughly 8% in 2022. The all-time high for dev activity was in June last year at about 26k. This is very interesting because it was shortly after Terra's collapse.

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I wonder if this is because the crypto devs were scrambling to make sure that their crypto project was completely disconnected from Terra's collapse. Considering that the crypto industry added 60k devs last year, this begs the question of why they are only around 23k monthly active devs now. The author revealed, it is because the 40k devs who left were part-timers or those who only contributed crypto code once. As I said earlier, only 28% of these 23k devs are working on Bitcoin and Ethereum. This percentage has also been constant in recent years and the percentage of devs working on the top 200 crypto ecosystems by value has grown and 72% of devs are now working there.