Cointelegraph Team
Cointelegraph
Despite crypto market turbulence, active contributors across Bitcoin, Ethereum, and Solana’s top projects have increased by an average of 71.6% per year since January 2018, according to a new report.
The findings come from an August 2 report sent to Cointelegraph by technology investment firm Telstra Ventures, which found that Solana had the most significant annual increase in monthly-active contributors, growing at a compound annual growth rate of 173% since January 1, 2018.
Contributors are developers who push updates to code on GitHub, a code repository for computer programs.
Ethereum was second with a 24.9% compound annual growth of monthly contributors since 2018 and Bitcoin was third with a “slow and steady” 17.1% yearly increase.
Telstra also noted that it found Ethereum to have the “largest and strongest” developer community out of the three blockchains. The network had nearly 2,500 monthly active contributors in April, which fell to over 2,000 contributors in July, coinciding with a fall in the crypto price.
The higher number of active contributors could be due to the greater deal of output needed to prepare for the upcoming Merge in which the network transitions into Proof-of-Work consensus.
The amount of monthly active contributors on Ethereum in July was more than four times higher than Bitcoin’s 400 contributors and nearly seven times higher than Solana’s 350 contributors.
Total contributor count to top Ethereum projects - Telestra
The report however noted that the contributor count fell by 9% since last November, coinciding with a fall in the cryptocurrency's price since its peak.
VC investment opportunities
The technology investment firm also found that among the top ten fastest growing projects across Bitcoin, Ethereum and Solana, around 40% of projects have not had any venture capital backing, meaning that investment opportunities remain abundant.
Those projects include Ethereum-based investment protocol OlympusDAO, smart contract developer ApeWorx, maximum extracted value (MEV) researcher Flashbots, and Solana-based NFT standard MetaPlex.
Venture capital funding in crypto throughout 2022 has shifted focus from decentralized finance (DeFi) to Web3 applications, according to research from Cointelegraph in July. Web3 investments accounted for 42% of the $14.67 billion invested in crypto projects in Q2, bringing the first half total to $29.33 billion.
Telstra Ventures is a technology-focused venture capital firm with 84 companies in its portfolio of investments and $30 billion in assets under management. It has invested in blockchain companies Blockdaemon and FTX exchange.
Data were derived from 1,000 active organizations that contribute more than 30,000 open source projects on Bitcoin, Ethereum, and Solana. Eligible projects for study have at least 100 stars in GitHub repositories and were active between January and April 2022.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.