BTC, ETH and SOL contributors rise

03 Aug 2022

Despite the recent turbulence in the cryptocurrency market, there has been a significant rise in active contributors across Bitcoin, Ethereum and Solana’s main projects.

The number of contributors has risen on average by an annual 71.6% since the beginning of 2018, according to new findings by Telstra Ventures.

Contributors are developers pushing updates on ‘GitHub’, a computer program code repository.

The report showed Solana has the most significant yearly rise in monthly-active contributors, increasing at a compound annual growth rate of 173% since 1st January 2018, Cointelegraph reports.

Ethereum came in second place with a compound annual growth of monthly contributors of 24.9% since 2018, whilst Bitcoin registered a 17.1% annual increase.

The report also found that out of the three blockchains, Ethereum has the “largest and strongest” developer community. In April, the network registered almost 2,500 monthly active contributors, falling to over 2,000 last month, overlapping with a decline in the crypto price.

In July, the number of monthly active contributors on Ethereum was over four times higher than the 400 contributors on the Bitcoin network, and nearly seven times as high as Solana’s 350 contributors.

In addition, the report revealed that within the top 10 fastest growing projects within Bitcoin, Ethereum and Solana, some 40% of them have not received any venture capital backing.

So far this year, venture capital funding has veered from DeFi (decentralised finance) to Web3 applications, as per Cointelegraph findings last month. Web3 investments made up 42% of the $14.67 billion invested in cryptocurrency projects in the second quarter, to take the first half total to $29.33 billion.

The data stemmed from 1,000 active organisations contributing over 30,000 open-source projects on Bitcoin, Ethereum, and Solana.