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Developer Report (Published: December 2020)

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We fingerprinted 276,000+ code repositories and 89 million code commits to create this 2020 Developer Report.
The Developer Report deeply analyzes developer activity across all open source crypto ecosystems.

Created by Electric Capital
https://www.electriccapital.com

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Developer Report (Published: December 2020)

  1. 1. Developer Report January - October 2020
  2. 2. The Developer Report is built on proprietary data from Electric Capital Electric Capital is a venture firm that invests in cryptocurrencies & blockchain based businesses. We compile code, profile nodes, analyze blockchains and open source projects, help secure cryptonetworks, and write software to help the crypto industry understand developer adoption across ecosystems. Twitter: @ElectricCapital Data Pipeline Curtis Spencer Twitter: @jubos Contributor Avichal Garg Twitter: @avichal Data Pipeline Ken Deeter Twitter: @puntium 2 Author Maria Shen Twitter: @MariaShen
  3. 3. Why analyze developer activity? 3 1. Crypto networks are new open platforms on which a new applications will be built. 2. An early signal of adoption on an emerging platform is engagement from developers. Developers build the applications that deliver value to end users and customers, which attracts more developers. 3. The crypto stack is uniquely open source, allowing us to analyze and understand developer engagement in an unprecedented way.
  4. 4. 1. The number of new crypto developers is growing for the first time since 2017 a. New monthly crypto developers grew 15% in 2020, increasing for the first time since 2017 b. 80%+ of all active developers today came in the last two years 2. There is a flight to quality: high quality ecosystems are growing while others are shrinking a. Monthly active crypto developers have stayed flat even as new developers joined due to developer loss outside of the Top 200 ecosystems by network value b. The number of developers outside of the Top 200 decreased by 30% from December 2018 3. Developer activity is particularly strong across Bitcoin, Ethereum, some Layer 1s, and Decentralized Finance a. Bitcoin ecosystem has 70%+ more developers than it did 3 years ago b. 300+ new developers per month commit to the Ethereum ecosystem c. 67% increase in monthly active developers in Decentralized Finance since January 2020 Executive Summary 4
  5. 5. Overview 5
  6. 6. December 1 - 31, 2019: 1,277 New Developers +15% The last time new crypto developers increased for more than 3 months was December 2017 at peak Bitcoin prices... ...but new monthly developers grew 15% since start of 2020 December 1 - 31, 2017: 2,550 New Developers October 1 - 31, 2020: 1,470 New Developers The number of new crypto developers is growing for the first time since 2017 6Overview
  7. 7. And monthly active developers seem to be flat/slightly up in 2020... 7Monthly active is the sum of unique developers who were active in the preceding 28 days Jan 1, 2020 Developers: 8,212 October 31, 2020 Developers: 8,739 There is a slight 6% increase since Jan 2020, but falls within historical noise. Overview
  8. 8. ...Because developers are consolidating into high quality ecosystems in the top 200 by Network Value 8 ...while Developers outside of the Top 200 have decreased 30% 2018 Winter Developer High December 15, 2018 Other Developers: 5,328 October 31, 2020 Other Developers: 3,684 Top 200 Developers increased by 13% since December 2018... 4850 Some developers worked in both Top 200 and Other, so the sum of Top 200 and Other is greater than total unique developers in crypto October 31, 2020 Developers: 5,469 Overview
  9. 9. There are areas of strong developer growth... 9Overview
  10. 10. Bitcoin monthly active developers have grown 70%+ in 3 years 10 +71% October 31, 2020 Developers: 361 October 31, 2017 Developers: 211 OverviewMonthly active is the sum of unique developers who were active in the preceding 28 days
  11. 11. Ethereum monthly active developers have grown 215%+ in 3 years 11 October 31, 2020 Developers: 2,325 +215% October 31, 2017 Developers: 738 OverviewMonthly active is the sum of unique developers who were active in the preceding 28 days
  12. 12. Decentralized finance developers increased by 67% since January 2020 12 +67% October 31, 2020 Developers: 925 January 1, 2020 Developers: 554 OverviewMonthly active is the sum of unique developers who were active in the preceding 28 days
  13. 13. Who left crypto, who remains, and who joined? Let’s segment by: 1. Developer Types a. Frequency of Contribution…………………………………………………………………………….....…..14 b. Start Date……………………………………………………………………………………………………...20 2. Ecosystem Types a. Size of Ecosystem…………………………………………………………………………………………….29 b. Top 200 Ecosystems by Network Value…….……………………………………………………….....……60 c. Layer 1 Ecosystems………………………………………………………………………………….........…..70 d. Decentralized Finance……………………………………………………………………………………...104 13Table of contents
  14. 14. Developers By Frequency of Contribution 14
  15. 15. Looking across all crypto developers... 15Developers | by frequency of contribution
  16. 16. October 31, 2018 Developers: 9,533 Jan 1, 2020 Developers: 8,212 October 31, 2020 Developers: 8,739 October 31, 2019 Developers: 9,083 There are 8,000+ monthly active developers in crypto Since early 2018 16 A developer is active if they contribute a code commit to a crypto ecosystem Developers | by frequency of contributionMonthly active is the sum of unique developers who were active in the preceding 28 days 8,000 monthly active developers
  17. 17. Most developers contribute fewer than 10 days in 1 month 17 75% of developers contributed fewer than 10 days in October 2020 Infrequent Contributors Frequent Contributors Developers | by frequency of contribution
  18. 18. We can categorize developers based on frequency of contribution 18 Infrequent Contributors Active fewer than 10 days per month Frequent Contributors Active for 10 or more days per month Infrequent Contributors: Active fewer than 10 days per month Frequent Contributors: Active for 10 or more days per month Developers | by frequency of contribution
  19. 19. Year over Year, infrequent Contributors decreased by 13% while Frequent Contributors stayed relatively flat 19 October 31, 2020 Developers: 5,891 2,798 January 1, 2020 Developers: 5,573 2,840 Infrequent developers fell 13% since October 2018, though it’s still within normal fluctuations October 31, 2019 Developers: 6,156 October 31, 2018 Developers: 6,767 2,976 2,848 Frequent developers numbers are steady and stayed flat with slight 2% gain since October 2018 Developers | by frequency of contribution Infrequent Contributors: Active fewer than 10 days per month Frequent Contributors: Active for 10 or more days per month
  20. 20. Developers By Start Date 20
  21. 21. We find each developer’s first commit date to pinpoint their start date 21 For example, 1,971 developers committed code for the first time in a crypto ecosystem in July 2019 Developers | by start date
  22. 22. 1200+ new developers join crypto every month in 2020 22 2020 New Developers Developers | by start date
  23. 23. December 1 - 31, 2019: 1,277 New Developers +15% The last time new crypto developers increased for more than 3 months was December 2017... ...but new monthly developers grew 15% since start of 2020 December 1 - 31, 2017: 2,550 New Developers October 1 - 31, 2020: 1,470 New Developers 15% growth in monthly new developers in crypto since December 2019 23Developers | by start date
  24. 24. Yearly new developers in 2020 already exceeded new developers from 2017 24 Only through October 2020 2020 New Developers already exceeded 2017 New Developers Developers | by start date
  25. 25. 45% of new developers in 2020 were active in the last 90 days 25 45% of new developers in 2020 were active in the last 90 days Developers Developers | by start date
  26. 26. 40%+ of currently active monthly developers started in 2020 26 40%+ of all developers started in 2020 Earlier Developers | by start date Proportion of Monthly Active Developers by Start Date
  27. 27. 80%+ of all active developers came in after Bitcoin prices peaked in December 2017 80%+ of currently active developers started after Bitcoin’s all time high in 2017 27 Earlier Developers | by start date Proportion of Monthly Active Developers by Start Date
  28. 28. Switching to looking at ecosystems... 28
  29. 29. Ecosystems By ecosystem Size 29
  30. 30. Protocol Developers Community Developers 1. Community Developers are working on decentralized applications, documentation, tooling, wallets, and anything else furthering the project. 2. Protocol Developers include developers working only on the core protocol. Ecosystems are comprised of community and protocol level developers 30Ecosystems | by ecosystem size
  31. 31. We can count the number of crypto ecosystems that are active per month 31 An ecosystem is active if there was a code commit in one of its repositories Ecosystems | by ecosystem size
  32. 32. Active ecosystems crossed over 800 in 2018 and have stayed above this level 32 October 31, 2020 Active Ecosystems: 816 Ecosystem All Time High March 31, 2019 Active Ecosystems: 995 January 1, 2018 Active Ecosystems: 744 Ecosystems | by ecosystem size
  33. 33. October 31, 2020 Active Ecosystems: 816 Ecosystem All Time High March 31, 2019 Active Ecosystems: 995 Active ecosystems decreased by 18% since the all time high Ecosystem Count 33 -18% Ecosystems | by ecosystem size
  34. 34. October 31, 2020 Active Ecosystems: 816 The number of crypto ecosystems have grown 143% since 2017 34 Ecosystems have grown 143% since Jan 2017Jan 2017 Active Ecosystems: 335 Ecosystems | by ecosystem size
  35. 35. Let’s segment ecosystems by number of developers... 35Ecosystems | by ecosystem size
  36. 36. Ecosystems with 2-10 developers are the source of the overall drop 36 October 2020 Active Ecosystems: 423 Ecosystem All Time High March 31, 2019 Active Ecosystems: 560 -24% 221 160 17 16 200 182 23 14 9 Small Ecosystems: 2-10 developers Single Developer Ecosystems: 1 developer Medium Ecosystems: 11-50 developers Large Ecosystems: 51-100 developers Mature Ecosystems: 100+ developers Ecosystems | by ecosystem size
  37. 37. Ecosystems with 1 developer have stayed flat around 200 since 2018 37 160 17 16 200 14 There have been around 200 ecosystems with 1 developer since 2018 October 2020 Active Ecosystems: 423 Small Ecosystems: 2-10 developers Single Developer Ecosystems: 1 developer Medium Ecosystems: 11-50 developers Large Ecosystems: 51-100 developers Mature Ecosystems: 100+ developers Ecosystems | by ecosystem size
  38. 38. 2019 Q3 to 2020 Q3 Change Bigger team size category Stayed within the same category Smaller team size category Dead (0 developers) We can track how ecosystems changed size categories from 2019 q3 to 2020 q3 38 ...and break down how these ecosystems changed team sizes in 2020 Q3 We can look at the size of ecosystems in 2019 Q3... Ecosystems | by ecosystem size Percent of Ecosystems that Changed
  39. 39. Ecosystems with 100+ developers did not fall below that level by 2020 q3 39 100% of ecosystems with 100+ devs stayed within the same category 2019 Q3 to 2020 Q3 Change Bigger team size category Stayed within the same category Smaller team size category Dead (0 developers) Ecosystems | by ecosystem size Percent of Ecosystems that Changed
  40. 40. Ecosystems with 31-50 developers in q3 2019 were the most prone to losing developers 40 70%+ of developers who had 31-50 developers in Q3 2019 decreased team size by Q3 2020 2019 Q3 to 2020 Q3 Change Bigger team size category Stayed within the same category Smaller team size category Dead (0 developers) Ecosystems | by ecosystem size
  41. 41. Ecosystems with fewer than 10 developers are likelier to be abandoned 41 25% of ecosystems with fewer than 10 devs and 56% of ecosystems with 1 dev are dead one year later 2019 Q3 to 2020 Q3 Change Bigger team size category Stayed within the same category Smaller team size category Dead (0 developers) Ecosystems | by ecosystem size
  42. 42. We can take a snapshot of ecosystems in 2019 & 2020 to see how developer numbers changed 42Ecosystems | by ecosystem size
  43. 43. 2019 q3 vs 2020 q3 43Ecosystems | by ecosystem size
  44. 44. We can benchmark 2020 q3 team size against 2019 q3 to assess Developer growth 44 The y-axis indicates the average monthly developers in 2020 Q3 The x-axis indicates the average monthly developers in 2019 Q3 2019 Q3 2020Q3 Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  45. 45. Most ecosystems with more than 100+ devs today grew or stayed the same Size 45 Polkadot, Cosmos, Bitcoin, and others grew across 2019 Q3 and 2020 Q3 same size gained developers lost developers Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  46. 46. same size gained developers lost developers Ethereum gained 300+ average monthly developers since q3 2019 46 Ethereum: 2019 Q3: 1,985 2020 Q3: 2,296 Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  47. 47. Zooming in...Polkadot, Tezos, Cardano had 100+ devs in Q3 2019 and gained more developers by Q3 2020 47 Had 100+ developers in 2019 Q3 and gained more developers 2020 Q3 Ecosystems with 100 developers in Q3 2019 same size gained developers lost developers Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  48. 48. same size (1x) gained developers lost developers Polkadot doubled their developer Count 48 Polkadot: 2019 Q3: 189 2020 Q3: 384 gained 100% m ore developers (2x) Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  49. 49. same size (1x) gained developers lost developers gained 100% m ore developers (2x) Filecoin broke into the 100+ category by growing devs 3x 49 gained200% m oredevelopers(3x) Filecoin: 2019 Q3: 37 2020 Q3: 113 Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  50. 50. same size gained developers lost developers Bitcoin, cosmos, Lightning, and Hyperledger all stayed the same size 50Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  51. 51. same size gained developers lost developers Eos lost an average of 88 monthly active developers 51 EOS: 2019 Q3: 195 2020 Q3: 107 Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  52. 52. gained developers lost developers Zooming in further to ecosystems with 20+ developers... 52Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  53. 53. gained200% m oredevelopers(3x) Celo, Nervos, Algorand, Gnosis, Solana now have close to 2x their developers in 2019 q3 53 gained 100% m ore developers (2x) gained developers lost developers Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  54. 54. gained200% m oredevelopers(3x) The graph, oasis, Chainlink, and others now have more than 2x their developers in 2019 q3 54 gained 100% m ore developers (2x) gained developers lost developers Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  55. 55. gained200% m oredevelopers(3x) gained 100% m ore developers (2x) gained developers lost developers Near, Flow, Avalanche, Uniswap, Balancer, Arweave, & others now havemore than 3x their developers in 2019 Q3 55Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  56. 56. Zooming into Ecosystems with <50 developers & filtering out small network value ecosystems... 56Ecosystems | by ecosystem size
  57. 57. Holo, Omisego, Zilliqa, Ark, SKALE, & Others roughly stayed the same size 57 gained 100% m ore developers (2x) gained200% m oredevelopers(3x) Roughly stayed the same size same size Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  58. 58. gained 100% m ore developers (2x) gained200% m oredevelopers(3x) same size Algorand, Solana, Thorchain, Synthetix, & others have close to 2x their developers in 2019 q3 58Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  59. 59. Chainlink, Avalanche, Uniswap, Arweave, Crypto.com, Balancer, Matic & others havemore than 2x developers 59 gained 100% m ore developers (2x) gained200% m oredevelopers(3x) same size Ecosystems | by ecosystem sizeGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  60. 60. Ecosystems By Top 200 in network value 60
  61. 61. 14% more developers working in the top 200 since January 2020 61 October 31, 2020 Developers: 5,469 Jan 1, 2020 Developers: 4,810 +14% Ecosystems | by Top 200 in Network Value
  62. 62. Most developers have consolidated into the top 200 ecosystems 62 ...while Developers outside of the Top 200 have decreased 30% 2018 Winter Developer High December 15, 2018 Other Developers: 5,328 October 31, 2020 Other Developers: 3,684 Top 200 Developers increased by 13% since December 2018... 4850 Some developers worked in both Top 200 and Other, so the sum of Top 200 and Other will be greater than total unique developers in crypto October 31, 2020 Developers: 5,469 Ecosystems | by Top 200 in Network Value
  63. 63. 2018 Winter Developer High December 15, 2018 Other Developers: 5,328 October 31, 2020 Other Developers: 3,684 4850 October 31, 2020 Developers: 5,469 Developers in the Top 200 ecosystems are at all time highs 63 Top 200 Developers in 2020 Q3 are at all time highs Ecosystems | by Top 200 in Network ValueSome developers worked in both Top 200 and Other, so the sum of Top 200 and Other will be greater than total unique developers in crypto
  64. 64. Some developers worked in multiple ecosystem categories, so the sum of these categories will be greater than total unique developers in crypto Even excluding Bitcoin and Ethereum, top 200 ecosystems are still growing 64 Even excluding Bitcoin and Ethereum, the Top 200 Ecosystems are still growing October 31, 2020 Other Developers: 3,684 2,325 361 2,937 Ecosystems | by Top 200 in Network Value
  65. 65. Frequent and infrequent contributors both increased in the top 200 ecosystems 65 +18% October 31, 2020 Developers: 3,588 Jan 1, 2020 Developers: 3,038 +6% 1,881 1,772 Ecosystems | by Top 200 in Network Value Infrequent Contributors: Active fewer than 10 days per month Frequent Contributors: Active for 10 or more days per month
  66. 66. Looking at Top 10 Gainers across all Top 200 ecosystems… Ethereum gained the most developers 66 Ethereum gained the most developers from 2019 Q3 to 2020 Q3
  67. 67. Excluding ethereum from the top 10 gainers, we see... 67 Filecoin: Incentivized testnet announced June 2020 Near: “Stake Wars” announced June 2020 Cardano: Friends and Family Testnet announced May 2020 Oasis: Incentivized testnet - Dec 2019 Release candidate - Jun 2020 Mainnet- Nov 2020
  68. 68. Filtering to Top 10 gainers in ecosystems with 100 devs or fewer... 68 Near: “Stake Wars” announced June 2020 Chainlink: Grants + Hackathons in August 2020 Chainlink VRF on Ethereum October 2020 Oasis: Incentivized testnet - Dec 2019 Release candidate - Jun 2020 Mainnet- Nov 2020 Solana: Serum announces it will be building on Solana July 2020
  69. 69. Filtering to Top 10 gainers in ecosystems with 30 devs or fewer... 69 Avalanche: Testnet launched June 2020 Mainnet launched September 2020 Balancer: Adding tokens and UI changes Uniswap: UNI tokens announced September 2020 Arweave: Nest.land development Yearn.Finance: Launched July 2020 Most developers contribute to documentation in iearn-finance/docs
  70. 70. Ecosystems By Layer 1 70
  71. 71. 12% more developers working in layer 1 Ecosystems since January 2020 71 +12% October 31, 2020 Developers: 5,027 January 1, 2020 Developers: 4,472 Ecosystems | by Layer 1
  72. 72. Since April 2020, more developers work in layer 1 Ecosystems than other crypto ecosystems 72 Winter 2018 Developer High December 15, 2018 Other Developers: 5,961 October 31, 2020 Other Developers: 4,135 4,289 5,027 Some developers worked in both Layer 1s and Other, so the sum of Layer 1s and Other will be greater than total unique developers in crypto Since April 2020, more developers work in Layer 1 ecosystems than other crypto ecosystems Ecosystems | by Layer 1
  73. 73. January 1, 2020 Other Developers: 4,468 Removing Ethereum & Bitcoin, layer 1 ecosystems are still gaining developers 73 2,325 361 2,460 October 31, 2020 Other Developers: 4,135 2,199 1,961 402 Ecosystems | by Layer 1 Some developers worked in multiple ecosystem categories, so the sum of these categories will be greater than total unique developers in crypto
  74. 74. January 1, 2020 Other Developers: 4,468 There are now almost as many developers working in Ethereum as other Layer 1 ecosystems combined 74 2,325 361 2,460 October 31, 2020 Other Developers: 4,135 2,199 1,961 402 There are now almost as many developers working in Ethereum as other Layer 1 ecosystems combined, excluding Bitcoin Ecosystems | by Layer 1 Some developers worked in multiple ecosystem categories, so the sum of these categories will be greater than total unique developers in crypto
  75. 75. Both frequent and infrequent contributors are increasing for layer 1 ecosystems 75 +14% +9% January 1, 2020 Developers: 2,836 October 31, 2020 Developers: 3,243 1,784 1,636 Ecosystems | by Layer 1 Infrequent Contributors: Active fewer than 10 days per month Frequent Contributors: Active for 10 or more days per month
  76. 76. Layer 1 bitcoin 76
  77. 77. The number of Bitcoin developers have stayed around the same since 2019 77 January 1, 2020 Developers: 402 October 31, 2020 Developers: 361 Bitcoin developers have commonly fluctuated between 350 - 450 since 2018 Ecosystems | by Layer 1 | Bitcoin
  78. 78. Bitcoin monthly active developers have grown 70%+ in 3 years 78 +71% October 31, 2020 Developers: 361 October 31, 2017 Developers: 211 Ecosystems | by Layer 1 | Bitcoin
  79. 79. Bitcoin has maintained above 100 monthly active frequent contributors 79 Bitcoin has mostly maintained above 100 monthly active frequent contributors Dec 6, 2018 Developers: 100 Ecosystems | by Layer 1 | Bitcoin Infrequent Contributors: Active fewer than 10 days per month Frequent Contributors: Active for 10 or more days per month
  80. 80. Between 45 - 120 new developers contribute to bitcoin per month since 2017 80 Developers Ecosystems | by Layer 1 | Bitcoin
  81. 81. The number of new developers That join Bitcoin increased after 2017 Bull Run 81 Post 2017: 45-120 new developers join per month Pre 2017: 20-60 new developers Developers Ecosystems | by Layer 1 | Bitcoin
  82. 82. Bitcoin ecosystem BUIDL* WAVEs 82*This naming is a nod to the original hodl waves visualization Ecosystems | by Layer 1 | Bitcoin We can color code the age distribution developers that contribute commits in Bitcoin… ...spikes in warmer colors (red, yellow) indicate increased commits from newer developers
  83. 83. Looking only at bitcoin core, 50% of the monthly commits are from DEVS INVOLVED for 5 years or more 83Ecosystems | by Layer 1 | Bitcoin ~20% of developers in 2020 have been developing in Bitcoin Core for 5+ years... ...and they contribute 50% of monthly commits
  84. 84. Layer 1 Ethereum 84
  85. 85. Ethereum has consistently increased monthly active developers 85 October 31, 2020 Developers: 2,325 +16% +19% January 1, 2020 Developers: 1,961 January 1, 2019 Developers: 1,651 Ecosystems | by Layer 1 | Ethereum
  86. 86. Ecosystems outside of ethereum have lost developers since Oct 2019 86 2,325 October 31, 2020 Developers: 6,732 -11% October 31, 2019 Developers: 7,595 2,053 +13% Ecosystems | by Layer 1 | Ethereum
  87. 87. infrequent contributors increased 22% while frequent contributors increased 13% in ethereum since jan 2020 87 October 31, 2020 Developers: 1,507 January 1, 2020 Developers: 1,234 818 727 +22% +13% Ecosystems | by Layer 1 | Ethereum Infrequent Contributors: Active fewer than 10 days per month Frequent Contributors: Active for 10 or more days per month
  88. 88. Since 2018, 300+ new developers commit to the Ethereum ecosystem each month 88 Since 2018, 300+ new developers join Ethereum each month Ecosystems | by Layer 1 | Ethereum
  89. 89. Roughly a quarter of new developers in crypto contribute to the ethereum ecosystem 89 26% of new developers from October 2020 were in the Ethereum ecosystem Ecosystems | by Layer 1 | Ethereum
  90. 90. Layer 1 Ecosystems All Layer 1 Ecosystems 90
  91. 91. Ethereum, Bitcoin, Polkadot, Cosmos, Tezos, Cardano, EOS are the biggest Layer 1 ecosystems 91 same size (1x) gained developers lost developers gained 100% m ore developers (2x) Ecosystems | by Layer 1 | AllGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  92. 92. Holo, zcash, harmony, zilliqa, Fetch, Ark, Spacemesh, & others have maintained roughly the same number of developers 92 same size (1x) gained developers lost developers gained 100% m ore developers (2x) Ecosystems | by Layer 1 | AllGo to https://electric-capital.github.io to see which repositories we count & help add new ones Roughly stayed the same size
  93. 93. Near, Oasis, Flow, Avalanche, Dfinity, & Mobilecoin increased average monthly developers by 100% 93 gained 100% m ore developers (2x) same size (1x) gained developers lost developers Ecosystems | by Layer 1 | AllGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  94. 94. Monero, Tron, Stellar, & Diem (Libra) maintained 51-100 developers between 2019 q3 and 2020 q3 94 Developers that maintained 51-100 developers in 2019 Q3 and 2020 Q3 Ecosystems | by Layer 1 | AllGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  95. 95. Celo, nervos, Near, Oasis Labs, & Algorand grew into the 51-100 developer category in 2020 q3 95 Developers that maintained 51-100 developers in 2019 Q3 and 2020 Q3 Developers that grew into the 51-100 developer category in 2020 Q3 Ecosystems | by Layer 1 | AllGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  96. 96. Bitcoin Cash, NEO, XRP, Waves, & Ethereum Classic dropped out of the 51-100 developer category in 2020 q3 96 Developers that maintained 51-100 developers in 2019 Q3 and 2020 Q3 Developers that dropped out of the 51-100 developer category in 2020 Q3 Ecosystems | by Layer 1 | AllGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  97. 97. Let’s filter to Ecosystems with more than 60 developers in the last month.... 97
  98. 98. 5 years 10 years We can compare growth by looking at Developers from the day of the first commit 98 3 years1 year The day of the first commit in each ecosystem Ecosystems | by Layer 1 | 60+ Devs
  99. 99. Ethereum, Polkadot, and Cosmos outpace other layer 1 platforms in growth 99 Ethereum, Polkadot, and Cosmos are the fastest growing Layer 1 ecosystems Ecosystems | by Layer 1 | 60+ Devs
  100. 100. at 3 years since first commit….polkadot has more developers than ethereum at the same point in time 100 Polkadot outpaces Ethereum Ecosystems | by Layer 1 | 60+ Devs
  101. 101. Filtering to new Smart Contract Platforms launched less than 3 years ago 101
  102. 102. Binance smart contract platform outpaces other layer 1 ecosystems at the same point of development 102Binance Coin is indexed to Binance Smart Contract’s first commit date 2 years1 year Binance has more developers than other new smart contracts at the same point in time Ecosystems | by Layer 1 | New Smart Contract Platforms
  103. 103. Near is within 20 devs of ethereum at the 2 year mark, can it keep growing in year 3? 103Binance Coin is indexed to Binance Smart Contract’s first commit date Near is one of the fastest growing Layer 1 ecosystems at the 2 year mark after Polkadot and Ethereum 2 years1 year Ecosystems | by Layer 1 | New Smart Contract Platforms
  104. 104. Ecosystems Decentralized Finance 104
  105. 105. 67% increase in monthly active Defi developers since January 2020 105 +67% October 31, 2020 Developers: 925 January 1, 2020 Developers: 554 Ecosystems | Decentralized Finance
  106. 106. Defi developers increased +110% since 2019 while other developers decreased -8% 106 -8% +110% 925 441 January 1, 2019 Developers: 8,163 October 31, 2020 Developers: 7,542 Some developers worked in both Decentralized Finance and Other, so the sum of Decentralized Finance and Other will be greater than total unique developers in crypto Ecosystems | Decentralized Finance
  107. 107. Frequent and infrequent developers in defi have both increased since beginning of 2020 107 +81% +45% January 1, 2020 Developers: 334 October 31, 2020 Developers: 606 334 220 Ecosystems | Decentralized Finance Infrequent Contributors: Active fewer than 10 days per month Frequent Contributors: Active for 10 or more days per month
  108. 108. We can take a snapshot of defi ecosystems in 2019 & 2020 to see how developer numbers changed 108
  109. 109. Lightning, Maker, Gnosis, Chainlink, Keep, Synthetix, Uniswap, Balancer, & more gained developers 109 same size gained developers lost developers Ecosystems | Decentralized FinanceGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  110. 110. Kyber, Augur, Loopring, Ren, Akropolis, Band, Connext, loopring all roughly stayed the same size 110 gained developers lost developers gained 100% m oredevelopers (2x)gained200% moredevelopers(3x) Ecosystems | Decentralized FinanceGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  111. 111. Uniswap, balancer, Yearn, MCDEX, Acala, & more gained 200%+ developers 111 gained developers lost developers gained 100% m oredevelopers (2x)gained200% moredevelopers(3x) Ecosystems | Decentralized FinanceGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  112. 112. Yearn & acala are the biggest new Defi ecosystems in q3 2020 112 UMA 2020 Q3 Yearn: 16 average monthly developers Acala: 11 average monthly developers 2019 Q3 0 developers Ecosystems | Decentralized FinanceGo to https://electric-capital.github.io to see which repositories we count & help add new ones
  113. 113. Looking at the top 5 Biggest gainers in Decentralized Finance... 113 Chainlink: Grants + Hackathons in August 2020 Chainlink VRF on Ethereum October 2020 Balancer: Adding tokens and UI changes Uniswap: UNI tokens announced September 2020 Yearn.Finance: Launched July 2020 Most developers contribute to documentation in iearn-finance/docs Ecosystems | Decentralized Finance
  114. 114. Most defi ecosystems have small teams of fewer than 25 monthly developers 114 Most Defi Ecosystems Ecosystems | Decentralized Finance
  115. 115. Filtering to just Ecosystems with 25+ monthly developers... 115Ecosystems | Decentralized Finance
  116. 116. 116 3 years1 year 5 years We can index monthly active developers to the day of the first commit in each ecosystem The day of the first commit in each ecosystem Ecosystems | Decentralized Finance
  117. 117. 3 years1 year 5 years Yearn.finance is one of the fastest growing defi ecosystems Yearn.finance has 42 monthly active developers <1 year after first public commit Recent increase driven by community contributions in documentation in iearn-finance/docs 117Ecosystems | Decentralized Finance
  118. 118. 1. The number of new crypto developers is growing for the first time since 2017 a. New monthly crypto developers grew 15% in 2020, increasing for the first time since 2017 b. 80%+ of all active developers today came in the last two years 2. There is a flight to quality: high quality ecosystems are growing while others are shrinking a. Monthly active crypto developers have stayed flat even as new developers joined due to developer loss outside of the Top 200 ecosystems by network value b. The number of developers outside of the Top 200 decreased by 30% from December 2018 3. Developer activity is particularly strong across Bitcoin, Ethereum, some Layer 1s, and Decentralized Finance a. Bitcoin ecosystem has 70%+ more developers than it did 3 years ago b. 300+ new developers per month commit to the Ethereum ecosystem c. 67% increase in monthly active developers in Decentralized Finance since January 2020 Executive Summary 118
  119. 119. Thank you to everyone who gave feedback on early drafts 119 Anatoly Yakovenko @aeyakovenko Aliaksandr [Sasha] Hudzilin @AliaksandrH Anne Fauvre @AnnieFauv Austin Virts @austinvirts Ben Sparango @bennybitcoins Bruno Skvorc @bitfalls Casey Caruso @caseykcaruso Corey Soreff @csoreff Dawn Song @dawnsongtweets Dmitriy Berenzon @dberenzon Eddy Lazzarin @eddylazzarin Evan Mair @ETM612 Rene Reinsberg @followrene Ian Lee @ianjohnlee Jane Lippencott @janehk Katherine Wu @katherineykwu Linda Xie @ljxie Marek Olszewski @marek_ Matt Taylor @mattytay Meltem Demirors @Melt_Dem Mildred Idada @MI_Idada Steve Lee @moneyball Muneeb Ali @muneeb Siddhartha Dutta @NihilistSid Scott Moore @notscottmoore Kevin Owocki @owocki Raj Gokal @RajGokal Ryan Shea @ryaneshea Eric Williams @sciencethedata Tiffany Gao @TiffanyYijiaGao Yulian Lavysh @yulianNEAR Dominic Tsang Praneeth Srikanti @bees_neeth
  120. 120. Appendix & Methodology 120
  121. 121. Layer 1 Ecosystems 121Appendix & Methodology
  122. 122. Decentralized Finance Ecosystems 122Appendix & Methodology
  123. 123. Help map the crypto ecosystem We’ve opened our ecosystem map on GitHub so that anyone can contribute: 1. Check our ecosystem mapping via https://electric-capital.github.io 2. Submit a new ecosystem via our form through https://airtable.com/shrN4vZMlBLm3Dap8 3. Or submit a pull request in https://github.com/electric-capital/crypto-ecosystems We will use this data for our reports going forward. 123
  124. 124. Commit Counting Methodology: Not all code commits are created equal. 124 1. Forks: Only new code counts towards developer activity. We omit code and developer activity from merging changes from the upstream codebase. 2. Fingerprinting: Fingerprinting is a technique used to identify commits originating from upstream projects. We look at the files and lines changed, the commit message, committer, author and associated dates. 3. Commits from Integrating Open Source Libraries: Integrating common libraries does not count toward code activity. 4. Branches: We look at commits from all branches (master/development, etc.) and tags. We look beyond Github's default view, which can be misrepresentative. 5. Limitations: We only look at open source repositories. There are many teams that are not yet open source. Appendix & Methodology
  125. 125. How are developers counted? 1. Developers: We count original code authors as developers. This means that a developer who merges a pull request is not counted as an active developer on the project, but the original authors of the commits are. 2. Frequent Contributors: contributed code 10+ days out of a month 3. Infrequent Contributors: contributed code fewer than 10 days out of a month 4. 3-month window: We look at the last 3 months of a developer’s activity to determine their category. 125Appendix & Methodology
  126. 126. What is an ecosystem? Maker Ecosystem 1. Maker Community: ○ xDai ○ awesome-makerdao ○ Market-maker-keeper ○ daipay ○ ...and more. 2. Maker Protocol ○ makerdao/sai ○ ...and more. Ecosystems can live in other ecosystems. The Maker ecosystem lives inside the Ethereum ecosystem. Protocol Developers Community Developers Parent Ecosystem 126Appendix & Methodology Maker Ecosystem Ethereum Ecosystem
  127. 127. 127 1. We consider open source repositories only. There are many more developers working on important closed source projects or ecosystems. Some teams will open source their code later. 2. This methodology undercounts developers in other roles besides original code contribution such as backporting, testing, release engineering or code review/feedback that aren’t reflected in git repositories. 3. It will require more than just software engineers to build product and reach mainstream adoption. 4. Not all commits are created equal. Some may be routine, mechanical changes, whereas others represent hours of accumulated research and analysis. Despite these caveats, we consider the analysis in this report directionally accurate and indicative of the overall health of the ecosystem. We are always looking to improve so please share feedback with us at info@electriccapital.com Caveats Appendix & Methodology
  128. 128. Disclaimer & Disclosure The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this report constitutes a solicitation, recommendation, endorsement, or offer by Electric Capital or any third party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. Electric Capital has positions in some of the projects mentioned in this report. For a list of past and present investments, please visit electriccapital.com. 128Appendix & Methodology
  • kyleellicott

    Dec. 10, 2020
  • TENOR

    Dec. 10, 2020

We fingerprinted 276,000+ code repositories and 89 million code commits to create this 2020 Developer Report. The Developer Report deeply analyzes developer activity across all open source crypto ecosystems. Created by Electric Capital https://www.electriccapital.com

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