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Report Draws Attention to Altcoins, Favorite of Cryptocurrency Developers

Electric Capital, a crypto-focused venture capital firm, has released its “Developer Report” that provides insight into the growth of the crypto industry over the past seven years. The report was compiled by analyzing 250 million code entries in open source repositories.

According to the report, the number of monthly active developers in the crypto industry has increased from 1,000 in the first seven years of the open-source cryptocurrency world to over 22,000 in the last seven years. As of December 2022, there were 23,343 monthly active developers in the crypto industry, representing 5% annual growth despite a 70% drop in prices.

The report also states that more than 61,000 developers contributed code for the first time in 2022, with a significant portion of these developers being full-time contributors, accounting for 76% of code contributions. The report highlighted the emergence of new ecosystems beyond Bitcoin and Ethereum, with 72% of monthly active developers working outside of these two main ecosystems.

Report Highlights Altcoins, Favorites of Cryptocurrency Developers Apart from Bitcoin and Ethereum

Solana, NEAR and Polygon have more than 500 monthly active developers, showing 40% growth over the previous year, while Sui, Aptos, Starknet, Mina, Osmosis, Hedera, Optimism and Arbitrum have grown by 50%+ year-on-year to over 100. has more than one monthly active developer.

The report revealed that the number of developers working on DeFi has increased by 240% since the summer of DeFi, and 50% of DeFi developers work outside of Ethereum. Additionally, more than 900 developers code monthly in the NFT domain across chains, an increase of 299% since 2021. The report concludes by stating that developer engagement is an early and leading indicator of value creation on emerging platforms, as developers build applications that deliver value to end users, which attracts more customers and therefore more developers.

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