Crypto trading has taken the back seat in the digital economy in 2022, with the market remaining under the bears' control for most of the year. Furthermore, traders have seen their faith rocked by the consecutive failures of centralized exchanges. These intermediary marketplaces have been the powerhouse of the industry since its humble beginnings. Now, they seem to crumble under mounting allegations of scams, lawsuits, and solvency concerns. Meanwhile, they make a convincing case for the imminent decentralization of crypto…
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Crypto Sector Records Massive Influx Of Developers In 2020
The crypto sector has witnessed a massive increase of developers in 2020, similar to the record in 2017. This increase has largely been towards major projects like Ethereum, Polkadot, Tezos, and Cardano.
More Crypto Developers In 2020
In a comprehensive report, analytical firm Electric Capital analyzed the rising trend of developers in recent years. What is noticeable is that the number of people contributing to crypto projects has started to rise again in 2020.
The peak level was reached in 2017 when the ICO craze was the dominant trend in the crypto sector. The ‘’crypto winter’’ slowed down many projects in 2018 with fewer developers interested in the ecosystem. However, there has been a resurgence in the number of developers flocking to crypto projects in 2020. The report indicated a 15% increase in developers’ number in the crypto space than in 2019.
Ethereum, Polkadot, and Tezos Dominate
A major difference from the trend in 2020 to that of 2017 is the number of projects developers are interested in. In 2017, the crypto sector was messy, with developers trying on different blockchain platforms.
There is a bit of stability in 2020 with the developers focusing on a few quality projects rather than various altcoins. The proof is that for the 200 largest projects (excluding Bitcoin and Ethereum), the number of developers increased by + 13%. In comparison, it fell by 30% for the other projects.
If we compare the number of crypto developers in the third quarter of 2019 with the third quarter of 2020, several big winners emerge. Not surprisingly, Ethereum (ETH) is making tremendous progress, with 300 more developers than last year. It is followed by Polkadot (DOT), Tezos (XTZ), and Cardano (ADA), whose number of developers has also jumped this year.
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Notably, the number of crypto developers dedicated to Bitcoin (BTC) remained broadly the same from 2019 to 2020. A big loser also emerges from the year: Eos (EOS), whose developers have fallen sharply. Other projects that have also seen a significant exodus include XRP from Ripple, Steem, and Waves.
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