According to recent news, there has been an increase in the number of developers working on some popular digital currencies such as Ethereum. It has boosted the strength of Web3 and it is expected to continue this trend in the future.
News reported that developers are contributing to major ecosystems’ growth. Telstra Ventures informs us that Solana, Ethereum, Bitcoin are the most prominent digital currencies. Telstra Ventures in Australia is an established investing arm.
The report also compares the strength of each ecosystem. According to available data, Ethereum seems to have a stronger and more visible developer community than any other.
The information also indicated that opportunities still exist in the three digital currencies. The observations are that the ETH network still has many unfunded opportunities. It was reported, however that only half of these top-ranked projects could be used by investors.
Ethereum leads with active contributors
A strong ecosystem is defined by the amount of contributors it has. This is the primary indicator of its strength. The ecosystem’s popularity and well-known status are also important. Popularity and usage are the main factors that draw attention to other digital currency networks.
Further, Telstra conducted an extensive investigation into the activity of developers within all three ecosystems over the past four years. Based on the obtained data, it was found that Eth’s community increased 24.9%. It was calculated starting January 1st 2018.
Given the state of crypto markets today, this is no surprise. After the November plunge in digital currency prices, only 9.9% of monthly Eth network contributors had dropped as of July 2022. This information shows that developers are not affected by the crypto winter.
The steady rise in contributors to this digital token is also due to more factors. Eth Merge, a planned event is one prominent example. This is an event designed to change the proof-of-work (PoW), blockchain system, to one that’s Proof-of-stake. The Merge is intended to increase interest among contributors.
At the moment, there are more than 2,500 contributors to this ecosystem. Since the beginning of the year, this figure has stood at the end each month.
BTC and SOL Devs Growth
SOL also experienced a compound yearly rate of growth of around 173% during the same time period as ETH. The price of SOL reached its peak at $204. Its rate dropped to around 21% with slightly more than 250 active contributors.
BTC continues to grow at an average 8% per month since November, when it was at its highest point.
Featured Image from Pixabay – Chart from TradingView.com