The Ethereum ecosystem still has a lot more developers than competing networks, but they are catching up faster.
Ethereum rivals such as Polkadot, Solana, and Binance Smart Chain (BSC) are growing faster in terms of development, according to crypto research firm Electric Capital, which released its findings on the blockchain development ecosystem in a new report on Thursday.
It found that over 4,000 active open source developers a month are working on Ethereum – far more than the 680 developers working on the Bitcoin network. Across all chains, the total number of active developers per month was more than 18,400 people, and the record for the number of code confirmations for new developers in 2021 was broken – more than 34,000.
The measurements were collected by analyzing approximately 500,000 code repositories and 160 million code confirmations, which represent code changes or updates. The report notes that Ethereum, Polkadot, Cosmos, Solana, and Bitcoin are among the top 5 ecosystems for developers overall.
According to the report, Polkadot has only about 1,500 developers, while Cosmos and Solana have about 1,000 developers.
Active monthly developers include Cosmos, Near, which launched a $ 800 million developer fund in October, and Tezos, Polygon, and Cardano, each with over 250 monthly active developers.
While Ethereum remains dominant – over 20% of new Web3 developers have joined the ecosystem – competing networks are showing even more growth.
“Polkadot, Solana, NEAR, BSC, Avalanche and Terra are growing faster than Ethereum in similar periods of history.”
Growth of the developer ecosystem since the first commitment. Source: Electric Capital
The report compares the average monthly developer activity between December 2020 and December 2021, noting that Solana grew 4.9 times, Near – 4 times, and the number of Polygon developers more than doubled. Cosmos achieved a 70% increase in average monthly active developers and an 80% increase in BSC during 2021.
While the early development rates of many projects are impressive, Ethereum is still king. The ecosystem continues to support the largest network of decentralized tools, applications and protocols and is 2.8 times larger than its closest competitor, Polkadot.
On the subject: “We have passed 50% of the way,” says Vitalik about the development of Ethereum.
Solana, Avalanche, BSC, Near, and Terra have evolved into Decentralized Financial Centers (DeFi) over the past year or so, and as their use grows, they attract more developers. Monthly active DeFi contributors have grown by 64%, with over 500 new developers contributing tokens to the DeFi project every month of the past year, with the exception of January.