Despite Crypto Downturn, Developers Continue Contributing to Web3 Communities

Source: AdobeStock / Seventyfour

 

Blockchain developers have maintained their contributions to Web3 communities despite the latest market downturn, with Ethereum (ETH) leading the way as the strongest and largest community, according to a recent report by VC investment firm Telstra Ventures.

Per the report, blockchains developers’ participation in Web3 communities has largely remained unphased during the recent market meltdown.

"Blockchain developers’ participation in Web3 communities remains robust, as measured by compound annual growth rates in the number of unique active contributors per project and per ecosystem each month," the report said.

Ethereum has maintained its position as the largest and strongest developer community: since mid-2021, the ecosystem has consistently had over 2,200 monthly active contributors.

On a four-year basis, Ethereum's contributor community has grown at a 24.9% compound annual growth. The number of monthly active Ethereum contributors has dropped by around 9% since its peak in November 2021.

Source: telstraventures.com

Solana (SOL), a so-called "Ethereum killer," has also maintained its growth pace but still lags behind Ethereum significantly. At its peak, Solana had around 350 monthly active contributors, which dropped to around 260 contributors during the recent market crash.

The blockchain's contributors have increased at a 173% compound annual growth rate over the past four years. However, since SOL's peak in November last year, its number of active contributors has dropped by 21%.

Source: telstraventures.com

On the other hand, the flagship cryptocurrency has seen steady growth in the number of active developers over the past eight years. In mid-2021, Bitcoin (BTC) had over 400 monthly active contributors, which dropped to around 350 by late last year.

Bitcoin’s contributor community has seen a 17.1% compound annual growth rate during the past four years, the report said, adding that the number of its active contributors has grown by 8.2% since its peak in October last year.

Source: telstraventures.com

The latest market crash, fueled by the collapse of Terra's algorithmic stablecoin UST and the failure of some prominent crypto firms like Celsius and Three Arrows Capital, has wiped off around USD 2trn from the overall crypto market capitalization.

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