Solana and Polkadot Rising A lot Quicker Than Ethereum: Report

Solana and Polkadot are growing much faster than Ethereum, while Ethereum still has the largest developer ecosystem in Web3, as we can see in our latest Ethereum news today.

The five largest blockchain ecosystems in terms of developers are Polkadot, Cosmos, Ethereum, Solana, and Bitcoin, according to Electric Capital. However, Solana and Polkadot have had more active development than Ethereum at similar points in history. There’s nothing like a market boom to get people on board, but after the record prices of 2021, more developers joined the Web3 projects last year.

1 / Time for @ElectricCapital’s annual developer report: https://t.co/aiKIJnwYdm

We analyzed over 150 million repos and xM code commits to create these 100+ diagrams.

This was a collaborative effort: 150 people contributed via email and github! Thanks to all who helped.

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– Avichal – Electric⚡️Capital (¤, ¤) (@avichal) January 5, 2022

According to news reports from crypto investment firm Electric Capital, several protocol ecosystems outperform the largest developer ecosystem – Ethereum. Solana and Polkadot, but also Avalanche, Terra, NEAR all have faster ecosystem growth than Ethereum. The metrics to come to this conclusion are the length of days since the first “commit” or the changes to the code and the number of developers since launch. Judging by Ethereum at a similar stage, the six-tier 1 ecosystems have more active developers. Solana, Terra, BSC and Avalanche have emerged as the key new hubs for decentralized finance DEFI activity over the past year, with their networks providing applications for peer-to-peer lending, swaps and other transactions. Their token prices have risen on the charts and NEAR is also integrating the defi elements, causing the native token to hit a new high this week. After a few years of work, Polkadot launched “Parachains” at the end of December, which brought smaller blockchains into the network.

Electric Capital’s report contains several elements that put the growth of the ecosystem into perspective. First, it admits that not all commits are created equal in terms of time spent, and it limits the scope of application to open source code repositories, which results in the total number of developers being too low. The report breaks down developer data in a number of ways including looking at full-time, part-time, and one-time logs and developers. So if you look at the full-time developers, Solana, BSC, Polkadot and NEAR are still ahead of Ethereum, but Avalanche and Terra are not.

Source Electric Capital

The Electric Capital report also reveals retention levels across the logs and what makes developers stick with it. Ethereum gets the largest share of new Web3 developers, who average between 20-25% of the total every month. This equates to over 700 new developers for Ethereum per month. 30% of the developers who started Ethereum projects full-time in 2017 were in 2021, and across the Web3 space, retention was 30% over three years.

There is an easy realization that Bitcoin and Ethereum existed in different market settings compared to Solana and Terra. Bull runs are attracting more developers, and the success of BTC and ETH over previous bull cycles has helped create the larger crypto ecosystem that we can see today.

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