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Polkadot, Solana, NEAR, BSC, Avalanche and Terra are growing faster than Ethereum

After a report recently from crypto research firm Electric Capital, Ethereum competitors like Polkadot, Solana and Binance Smart Chain (BSC) are growing faster in terms of development activities.

There are currently more than 4,000 open source developers working on Ethereum every month – significantly more than the 680 developers who work on the Bitcoin network. Across all chains, the total number of monthly active developers is over 18,400, and the number of new code commits by developers reached a new all-time high (ATH) of over 34,000 in 2021.

The measurements Electric Capital has gathered from analyzing approximately 500,000 code repositories and 160 million code commits are changes or updates to the code. The report finds that Ethereum, Polkadot, Cosmos, Solana, and Bitcoin are the 5 ecosystems with the most developers.

Currently, Polkadot has around 1,500 developers in total, while Cosmos and Solana have around 1,000 developers.

Other active ecosystems include Cosmos, NEAR, which launched an $ 800 million developer fund in October, Tezos, Polygon, and Cardano, each with over 250 developers working monthly.

While Ethereum still dominates – more than 20% of new Web 3.0 developers have joined the ecosystem – competing networks have seen stronger growth.

“Polkadot, Solana, NEAR, BSC, Avalanche and Terra grow out of Ethereum at some point in history.”

Ecosystem developer since first commit | Source: Electric Capital

The report compared developers who worked an average of monthly between December 2020 and December 2021 and found that Solana had a growth rate of 4.9x, NEAR a growth rate of 4x, Polygon more than 2x, BSC by 80%, and Cosmos. had increased by 70%.

While developer growth is impressive for many early-stage projects, Ethereum still dominates that aspect. It continues to maintain the largest network of tools, dApps, and protocols, and is 2.8 times larger than its closest competitor, Polkadot.

Solana, Avalanche, BSC, NEAR and Terra have evolved into DeFi hubs in 2021 and are attracting more and more developers with increasing acceptance. DeFi’s full-time, monthly active grew 64%, and more than 500 new developers contributed code to a DeFi project every month except January.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.