Electric Capital 2022 Developer Report

The fourth annual Crypto Developer Report is here!

We analyzed 250M code commits and worked with over 300 contributors to produce the 2022 Electric Capital Developer Report.

This year, we also launched www.developerreport.com, a set of dynamic dashboards that showcases developer data across top crypto ecosystems.

The Electric Capital Developer Report provides deep analysis of developer activity within open-source crypto ecosystems. We look at developer activity because developer engagement is a leading indicator of value creation in emerging platforms like crypto. Developers build killer applications that deliver value to end users, which attracts more customers, which then draws more developers.

You can read the full report here. Below we summarize the key takeaways.

Executive Summary

We are 14 years into the creation of open-source crypto. In the first 7 years, 1,000 monthly active developers wrote code. In the last 7 years, crypto gained over 22,000 monthly active developers.

1. Monthly active developers grew +5% year-over-year, despite 70%+ decline in prices.

• 23,343 monthly developers as of December 2022.
• 471,000+ monthly code commits are made monthly toward open-source crypto.
• +8% YoY growth in Full-Time developers. Full-Time developer growth is the most important growth signal to track because they contribute 76% of code commits.
• All-time high of 61,000+ developers contributed code for the first time in 2022.

2. Crypto network value is back to January 2018 levels, but monthly active developers have increased +297% since 2018. Comparing the previous crypto winter to today:

• 3x growth in Bitcoin monthly active developers, from 372 to to 946.
• 5x growth in Ethereum monthly active developers, from 1,084 to 5,819.
• Solana, Polkadot, Cosmos, & Polygon grew from fewer than 200 devs to 1,000+ developers.

Play with the data at www.developerreport.com and contribute on our Github!

3. Major ecosystems are emerging beyond Bitcoin and Ethereum.

• 72% of monthly active devs work outside the Bitcoin and Ethereum ecosystems.
• Solana, NEAR, and Polygon grew 40% YoY and have 500+ total monthly active developers.
• Sui, Aptos, Starknet, Mina, Osmosis, Hedera, Optimism, and Arbitrum grew 50%+ YoY and have 100+ total monthly active developers.
• 3,901 developers work in DeFi every month across multiple chains, +240% since DeFi summer. 50% of DeFi developers are outside of Ethereum.
• 900+ developers write code monthly in NFTs across chains, +299% since 2021.

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This Content is for Informational Purposes Only

Any content included in this report is informational only and not an offer, solicitation or recommendation to buy or sell securities or pursue any particular investment strategy, and does not constitute the provision of investment advice. Electric Capital Partners, LLC (together with its affiliates, “Electric Capital”) does not provide advice of any kind through this report, its website or social media posts. Information in this report or any posts may not be used or relied upon in evaluating the merits of any investment. You should consult your own advisers as to business, financial, tax, legal, or other related matters concerning any investment.

Certain information has been obtained from third-party sources, including from portfolio companies of funds managed by Electric Capital. Content is as of the date posted and subject to change without notice. Electric Capital makes no representations about the enduring accuracy of information, or its appropriateness for a given scenario.?

Electric Capital may have previously held, currently holds, or will in the future hold token or equity interests in one or more of the ecosystems or projects mentioned in this report. A non-exhaustive list of investments made by funds managed by Electric Capital is available here: https://www.electriccapital.com/investments. Excluded from this list are investments (and certain publicly traded cryptocurrencies or other digital assets) for which the issuer has not provided permission for Electric Capital to disclose publicly. Electric Capital does not short tokens.