According to a recent report by VC investment company Telstra Ventures, blockchain developers have continued to contribute to Web3 communities despite the most recent market downturn, with Ethereum (ETH) leading the pack as the strongest and largest community.
The report claims that despite the recent market collapse, participation by blockchain developers in Web3 communities has largely remained unaffected.
According to compound annual growth rates in the number of unique active contributors per project and per ecosystem each month, "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.
Since mid-2021, the ecosystem has consistently had more than 2,200 monthly active contributors, maintaining its position as having the largest and most robust developer community.
The contributor community for Ethereum has expanded at a compound annual growth rate of 24.9 percent over the past four years. Since its peak in November 2021, the number of monthly active Ethereum contributors has decreased by about 9%.
The so-called "Ethereum killer," Solana (SOL) has kept up its growth rate but is still far behind Ethereum. At its height, Solana had about 350 monthly active contributors; during the most recent market crash, that number fell to about 260 contributors.
Over the past four years, the number of contributors to the blockchain has grown at a rate of 173 percent compound annual growth. However, SOL's number of active contributors has decreased by 21% since its peak in November of last year.
On the other hand, over the past eight years, the number of active developers has steadily increased for the leading cryptocurrency. By late last year, there were only about 350 active monthly contributors left in Bitcoin (BTC), down from over 400 in mid-2021.
According to the report, the number of active contributors to Bitcoin has increased by 8.2 percent since its peak in October of last year, representing a compound annual growth rate of 17.1 percent over the past four years.
The most recent market crash, which was caused by the demise of Terra's algorithmic stablecoin UST and the failure of some well-known crypto companies like Celsius and Three Arrows Capital, has erased about USD 2 trillion from the market capitalization of all cryptocurrencies.
By fLEXI tEAM