One would have thought that the turmoil in the cryptocurrency market would scare off developers. But Electric Capital’s annual developer report reveals just the opposite. It turns out that despite the collapse of several top crypto markets, developers continue to be interested in blockchain technology.
There are more and more cryptocurrency developers!
Crypto continues to prove that it has use cases across industries, even in an asylum for example. Also, as it shows its usefulness, developers are increasingly interested in the underlying technology, the blockchain. Trial, the number of full-time cryptocurrency developers has increased significantly in 2022, according to a report by Electric Capital. This number has reached an all-time high, and despite the bear market tightening, it continues to rise.
Forbes media reported this information through a chirp on January 17, 2023.” Developers continue to resort to cryptocurrencies despite theAndbear market“, reads the publication. It appears that more than 23,000 individual developers worked on the blockchain in December of last year. “23,343 monthly developers as of December 2022the Electric Capital report expressly states.
Constantly evolving numbers
In addition, casual, part-time, and full-time developers contributed 250 million code commits. That said, one of the key players in Electric Capital’s annual developer report reacted to the topic. Indeed, Maria Shen, who is also a partner at Electric Capital, said: “Especially in a bear market, it’s really important to monitor the health of full-time developers“.
Furthermore, the report states:Monthly active developers up over 5% year-over-year, despite prices down over 70%“. He further states that “More than 471,000 code commits are made for open source cryptocurrencies every month“.
The Electric Capital report states that “Developer engagement is an important early indicator of value creation on emerging platforms“. It makes it clear that developers build applications that deliver value to end users. This attracts more customers to crypto platforms and therefore even more developers.”Because cryptography is largely open source, we have a unique and unprecedented ability to understand an emerging industry that could be worth trillions.“, the report points out.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to convey information related to this ecosystem with my pen.