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Saturday, July 2, 2022

Ethereum Needs To Be Aware Of Growing Competitors

Although the ecosystem of Ethereum still has a lot more developers than its rival networks, it also needs to be mentioned that those networks are catching up. Many of the competitors of Ether, like Solana, Polkadot, and Binance Smart Chain have been developing at a much faster rate in terms of development activity according to crypto research firm called Electric Capital which recently released its findings on the ecosystem of blockchain development in a new report that was published on the 6th of January. 

Ethereum Is Growing- But So Are Its Competitors

The reports revealed that close to 4,000 monthly active open-source developers were working on Ethereum- which was considerably far more than the 680 who worked across the network of Bitcoin.

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But, across all chains, the total monthly active developers numbered between 18,400 and 34,000- with the record broken by the number of code commits by new developers in 2021. The measurements were discerned by going through close to 500,000 code repositories and 160 million code commits, which would bring about any change or update made to the existing code. 

The reports noted that Ethereum, Polkadot, Solana, Cosmos, and Bitcoin were the five largest developers of ecosystems on a global scale. According to the report, Polkadot has close to 1,500 developers in all, while Solana and Cosmos are bringing up the rear at around a thousand each.

Other ecosystems which were active in terms of monthly developers were Cosmos, and NEAR which saw a developer fund worth $800 million launched in October. The report also mentioned Polygon, Tezos, Cardano, and a few others with close to 250 active developers monthly. 

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While Ethereum still seems to be dominant, most of its rival networks have been seeing faster growth.

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