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Dev Report (Published: March 2019)

We fingerprinted 20,000+ code repos and 16M commits to create a Dev Report on where crypto developers are focused. Developers are a leading indicator for where value will be created and accrue in crypto. This report focuses on developer activity from Jan, 2018 to Feb, 2019. Published by Electric Capital. electriccapital.com

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Dev Report
www.electriccapital.com 1
March 2019
Dev Report
The Dev Report is a quarterly publication by Electric Capital.
The Dev Report uses Electric Capital’s proprietary data to trace where developers are building across the crypto
ecosystem. The report will be published in parts.
Author:
Data:
Contributors:
22
Maria Shen
Twitter: @MariaShen
Curtis Spencer
Twitter: @jubos
Thuan Le
Twitter: @ThuanLee
Avichal Garg
Twitter: @avichal
Ken Deeter
Twitter: @puntium
Dev Report
Electric Capital is a crypto asset management firm.
33
We invest in programmable money tokens based on innovative technology, market adoption, and real use cases. We perform
deep technological diligence far beyond just reading a whitepaper. We compile code, do security audits, run nodes to
programmatically inspect the blockchain, have market intelligence based on proprietary software, and more.
We’re located in Palo Alto, California.
Find out more at www.electriccapital.com.
Follow us on Twitter: @ElectricCapital
Dev Report
Introduction
Part 1:
Developer Activity Overview
Upcoming Parts:
Platform & Infrastructure
Apps & Services
Money
4
Dev Report
Developers are a leading indicator for where value will be created and accrue.
We indexed 21,000+ code repos
…de-duplicated 16M commits to find original code authors
...analyzed 130k developers
…across 3k crypto projects.
The Dev Report consolidates our findings on the top projects by network value.
5
Dev Report
Not all code commits are created equal. We eliminate those that don’t reflect real activity.
6
1. Forks: Only new code count toward “core” protocol activity. We omit code and developer activity from
merging changes from the original, forked codebase.
2. Commits from Integrating Open Source Libraries: Integrating common libraries does not count toward
“total” or “core” code activity.
3. Projects with only 1 repo: Activity resulting from changes to the website or documentation does not count
toward “core” activity, but counts toward “total” activity.
4. Projects built on Ethereum: Only Solidity changes count toward “core” protocol activity. Website changes,
documentation, etc. in the same repo as protocol code only count toward “total” commits.

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Dev Report (Published: March 2019)

  • 2. Dev Report The Dev Report is a quarterly publication by Electric Capital. The Dev Report uses Electric Capital’s proprietary data to trace where developers are building across the crypto ecosystem. The report will be published in parts. Author: Data: Contributors: 22 Maria Shen Twitter: @MariaShen Curtis Spencer Twitter: @jubos Thuan Le Twitter: @ThuanLee Avichal Garg Twitter: @avichal Ken Deeter Twitter: @puntium
  • 3. Dev Report Electric Capital is a crypto asset management firm. 33 We invest in programmable money tokens based on innovative technology, market adoption, and real use cases. We perform deep technological diligence far beyond just reading a whitepaper. We compile code, do security audits, run nodes to programmatically inspect the blockchain, have market intelligence based on proprietary software, and more. We’re located in Palo Alto, California. Find out more at www.electriccapital.com. Follow us on Twitter: @ElectricCapital
  • 4. Dev Report Introduction Part 1: Developer Activity Overview Upcoming Parts: Platform & Infrastructure Apps & Services Money 4
  • 5. Dev Report Developers are a leading indicator for where value will be created and accrue. We indexed 21,000+ code repos …de-duplicated 16M commits to find original code authors ...analyzed 130k developers …across 3k crypto projects. The Dev Report consolidates our findings on the top projects by network value. 5
  • 6. Dev Report Not all code commits are created equal. We eliminate those that don’t reflect real activity. 6 1. Forks: Only new code count toward “core” protocol activity. We omit code and developer activity from merging changes from the original, forked codebase. 2. Commits from Integrating Open Source Libraries: Integrating common libraries does not count toward “total” or “core” code activity. 3. Projects with only 1 repo: Activity resulting from changes to the website or documentation does not count toward “core” activity, but counts toward “total” activity. 4. Projects built on Ethereum: Only Solidity changes count toward “core” protocol activity. Website changes, documentation, etc. in the same repo as protocol code only count toward “total” commits.
  • 7. Dev Report We can always be better. Have feedback? Code contribution analysis is nuanced and we know this is imperfect. We welcome any feedback or comments on this report. Please do let us know how we can improve our data and analysis. Contact: Maria Shen - info@electriccapital.com 7
  • 8. Dev Report Looking at all public coin repositories since 2010... 8
  • 9. Builders Report 2018 The number of developers working on public coins has roughly doubled in 2 years 9 Today: 4,352 monthly developers Indexed 2,845 coins across 20,667 repos | Electric Capital Internal Data | Excluding closed code repositories Jan, 2010 Jan, 2012 Jan, 2014 Jan, 2016 Jan, 2018 Jan, 2017: 2,190 monthly developers
  • 10. Builders Report 2018 From Jan 2018 to Jan 2019, monthly devs only fell 4% while crypto markets fell 80% 10 Crypto prices peaked here Indexed 2,845 coins across 20,667 repos | Electric Capital Internal Data | Excluding closed code repositories Jan, 2010 Jan, 2012 Jan, 2014 Jan, 2016 Jan, 2018 Today
  • 11. Builders Report 2018 Today, 4k+ developers a month work on over ~2,800 public coins 11 Today Indexed 2,845 coins across 20,667 repos | Electric Capital Internal Data | Excluding closed code repositories Jan, 2010 Jan, 2012 Jan, 2014 Jan, 2016 Jan, 2018
  • 12. Builders Report 2018 But this is actually undercounting the number of developers in crypto... 12
  • 13. Builders Report 2018 13 Indexed 2,845 coins across 20,667 repos | Electric Capital Internal Data | Excluding closed code repositories Some of the biggest repos are private, not yet shipped, or not a coin e.g. Lightning (future reports will incorporate these sources) Total number of developers is actually much higher
  • 14. Builders Report 2018 So, what are all these devs working on? 14
  • 15. Dev Report Developers are working on two aspects of projects... 15
  • 16. Dev Report 1. Core Code Core Protocol Implementation 2. Total Code Core Protocol + SDKs + wallets + website + api docs and examples + etc. 16
  • 17. Dev Report Starting with number of developers on Core Code... 17
  • 18. Dev Report MoreMonthlyActiveDevelopers Top 10 coin by network value (Excluding USDT, BNB)Top 100 coin Ethereum has the highest number of developers working on core protocol 18 Ethereum has an average of 99 active developers per month N = 78 projects | Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositories In Core Code: Average Monthly Developers by Network Value (Linear Scale) Ethereum
  • 19. Dev Report MoreMonthlyActiveDevelopers Top 10 coin by network value (Excluding USDT, BNB)Top 100 coin Bitcoin has the 2nd highest number of core protocol devs 10+ years after founding 19 Bitcoin has 47 core protocol developers per month In Core Code: Average Monthly Developers by Network Value (Linear Scale) Ethereum N = 78 projects | Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositories
  • 20. Dev Report MoreMonthlyActiveDevelopers XRP Cardano, EOS, and Tron have 25+ monthly devs, the most for platforms after ETH 20 Big platforms with 25+ active monthly developers NEM N = 69 projects | Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositories Top 50 coin by network valueTop 100 coin Top 10 coin (Excluding BTC, ETH, XRP, USDT, BNB) In Core Code: Average Monthly Developers by Network Value (Log Scale)
  • 21. Dev Report Top 50 coin by network valueTop 100 coin Many well known projects average 10-20 core protocol developers per month 21 MoreMonthlyActiveDevelopers In Core Code: Average Monthly Developers by Network Value (Log Scale) Monero, IOTA, Zcash, Tezos, Zilliqa and others all have 10-20 developers per month N = 69 projects | Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositories Top 10 coin (Excluding BTC, ETH, XRP, USDT, BNB)
  • 22. Dev Report MoreMonthlyActiveDevelopers XRP Status has a high number of core protocol developers relative to network value 22 In Core Code: Average Monthly Developers by Network Value (Log Scale) Status has 36 protocol developers per month N = 69 projects | Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositories Top 50 coin by network valueTop 100 coin Top 10 coin (Excluding BTC, ETH, XRP, USDT, BNB)
  • 23. Dev Report Some projects with $250M+ network values only have 0 to 5 developers! 23 MoreMonthlyActiveDevelopers In Core Code: Average Monthly Developers by Network Value (Log Scale) N = 69 projects | Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositories Top 50 coin by network valueTop 100 coin Top 10 coin (Excluding BTC, ETH, XRP, USDT, BNB)
  • 24. Dev Report Including developers working on Total Code in addition to core protocol... 24
  • 25. Dev Report MoreMonthlyActiveDevelopers Top 10 coin by network value (Excluding USDT, BNB)Top 100 coin ...Ethereum (again) has the most developers 25 Ethereum has 216 active developers per month N = 72 projects | Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositories In Total Code: Average Monthly Developers by Network Value (Linear Scale)
  • 26. Dev Report MoreMonthlyActiveDevelopers Top 10 coin by network value (Excluding USDT, BNB)Top 100 coin Bitcoin is in top 4 for active total developers 26 Bitcoin has 51 active total developers per month In Total Code: Average Monthly Developers by Network Value (Linear Scale) N = 72 projects | Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositories
  • 27. Dev Report MoreMonthlyActiveDevelopers Top 10 coin by network value (Excluding USDT, BNB)Top 100 coin Reminder: this is an undercount of BTC, ETH, XRP developers as many developers commit code outside of the org’s repos 27 XRP ecosystem not included In Total Code: Average Monthly Developers by Network Value (Linear Scale) N = 72 projects | Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositories Electrum, Bitgo not included Truffle, Ganache developers not counted
  • 28. Dev Report Status, Cardano, Aeternity have 50+ devs per month 28 N = 69 projects | Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositories MoreMonthlyActiveDevelopers Top 50 coin by network valueTop 100 coin Top 10 coin (Excluding BTC, ETH, XRP, USDT, BNB) In Total Code: Average Monthly Developers by Network Value (Log Scale)
  • 29. Dev Report Many well known projects have 25-50 devs per month committing code 29 MoreMonthlyActiveDevelopers Top 50 coin by network valueTop 100 coin Top 10 coin (Excluding BTC, ETH, XRP, USDT, BNB) In Total Code: Average Monthly Developers by Network Value (Log Scale) N = 69 projects | Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositories
  • 30. Dev Report These are averages, how have active devs changed over time? 30
  • 31. Dev Report Looking at monthly active developers from Jan, 2018 to Jan, 2019... 31
  • 32. Dev Report Monthly core and total devs in the past year across most valuable projects…. 32 Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data
  • 33. Dev Report Bitcoin has not fallen below 35 developers in the past year 33 Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data MoreMonthlyActiveDevelopers
  • 34. Dev Report Ethereum has strong, consistent developer growth 34 Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data MoreMonthlyActiveDevelopers
  • 35. Dev Report EOS developer growth increased around its launch, then flattened 35 Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data MoreMonthlyActiveDevelopers Mainnet launch
  • 36. Dev Report Many Bitcoin forks have flat or declining number of developers 36 Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data
  • 37. Dev Report Among top developer losses... 37
  • 38. Dev Report In Top 100, biggest losses in core developers & total developers 38 Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data
  • 39. Dev Report Despite losses, some projects still have 10+ total code developers per month 39 Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data Verge has 15 total devs/month Steem has 14 total devs/month Qtum has 13 total devs/month XRP has 12 total devs/month
  • 40. Dev Report ...while these projects are at fewer than 5 monthly developers 40
  • 41. Dev Report Many projects with fewer than 5 monthly developers are forks 41 Bitcoin fork Monero fork Bitcoin fork Bitcoin fork Bitcoin fork
  • 42. Dev Report Almost no one is working on Dogecoin 42 Dogecoin has 0 devs for consecutive months
  • 43. Dev Report Litecoin has fallen sharply from 40 monthly total developers to 3 monthly devs 43
  • 44. Dev Report Among top developer gains... 44
  • 45. Dev Report In Top 100, biggest gains in core developers & total developers 45 Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data
  • 46. Dev Report Predictably, developers increase leading up to major releases 46 Mainnet launch Mainnet launch Mainnet launch Mainnet launch
  • 47. Dev Report Some projects were gearing up for major releases 47 Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data Jan, 2019: Mainnet launch Feb, 2019: Alpha release Feb, 2019: Mainnet launch March, 2019: Alpha
  • 48. Dev Report Some projects have gained more momentum after their releases 48 Dates: 1/31/2018 - 1/31/2019 | Electric Capital Internal Data Smart Contracts launched Mainnet V2 launched
  • 49. Dev Report What if we slice by commits instead of number of developers? 49
  • 50. Dev Report If we isolate code commits to the Core Code... 50
  • 51. Dev Report Bitcoin is in top 15 most active projects 10+ years after founding 51 Top 10 coin by network value (Excluding USDT, BNB)Top 100 coin XRP Bitcoin has 4,557 protocol commits N = 75 projects | Dates: 1/01/2018 - 2/19/2019 | Electric Capital Internal Data | Excluding closed code repositories MoreCommits Core Code Commits by Network Value (Linear Scale)
  • 52. Dev Report XRP stands out with few commits to the protocol relative to network value 52 XRP has 314 protocol commits MoreCommits XRP Top 10 coin by network value (Excluding USDT, BNB)Top 100 coin Core Code Commits by Network Value (Linear Scale) N = 75 projects | Dates: 1/01/2018 - 2/19/2019 | Electric Capital Internal Data | Excluding closed code repositories
  • 53. Dev Report MoreCommits XRP Top 10 coin by network value (Excluding USDT, BNB)Top 100 coin Ethereum is 3rd in actively committing code to its core protocol 53 Ethereum has 9,727 protocol commits Core Code Commits by Network Value (Linear Scale)
  • 54. Dev Report Excluding coins $5B+: Tron, EOS, and Cardano have highest protocol activity 54 Top 50 coin by network valueTop 100 coin Platforms have high protocol activity Top 10 coin (Excluding BTC, ETH, XRP, USDT, BNB) N = 74 projects | Dates: 1/01/2018 - 2/19/2019 | Electric Capital Internal Data | Excluding closed code repositories MoreCommits Core Code Commits by Network Value (Log Scale) Cardano
  • 55. Dev Report MoreCommits Komodo, Holo, Zilliqa, IOST, Lisk, and Aelf are highly active with low market caps 55 Very high protocol activity relative to network value N = 74 projects | Dates: 1/01/2018 - 2/19/2019 | Electric Capital Internal Data | Excluding closed code repositories Core Code Commits by Network Value (Log Scale) Cardano Top 50 coin by network valueTop 100 coin Top 10 coin (Excluding BTC, ETH, XRP, USDT, BNB)
  • 56. Dev Report MoreCommits Established coins and forks have lower protocol activity; unclear if good or bad 56 Older, top coins have stabilized protocol activity N = 74 projects | Dates: 1/01/2018 - 2/19/2019 | Electric Capital Internal Data | Excluding closed code repositories Core Code Commits by Network Value (Log Scale) Top 50 coin by network valueTop 100 coin Top 10 coin (Excluding BTC, ETH, XRP, USDT, BNB) Cardano
  • 57. Dev Report Switching to Total Code (protocol, wallets, docs, etc.) commits... 57
  • 58. Dev Report MoreCommits Top 10 coin by network value (Excluding USDT, BNB)Top 100 coin Ethereum is a clear standout in total code across projects (20x XRP, 8x BTC) 58 Ethereum has 8x more commits than Bitcoin and 20x more commits than XRP N = 75 projects | Dates: 1/01/2018 - 2/19/2019 | Electric Capital Internal Data | Excluding closed code repositories Ethereum Total Code Commits by Network Value (Linear Scale)
  • 59. Dev Report Platforms tend to be more active: EOS, Tron, Cardano, IOTA, Waves have the highest activity after Ethereum 59 EOS, Tron, Cardano, IOTA, Waves have 14k+ commits Cardano Top 50 coin by network valueTop 100 coin MoreCommits Total Code Commits by Network Value (Log Scale) N = 75 projects | Dates: 1/01/2018 - 2/19/2019 | Electric Capital Internal Data | Excluding closed code repositories
  • 60. Dev Report Top 50 coin by network valueTop 100 coin Total Code Commits by Network Value (Log Scale) Lisk, Augur, Aeternity, Komodo, Holo are midcap coins with 13k+ commits 60 Lisk, Augur, Aeternity, Komodo, & Holo have high activity relative to network value Cardano MoreCommits N = 75 projects | Dates: 1/01/2018 - 2/19/2019 | Electric Capital Internal Data | Excluding closed code repositories
  • 61. Dev Report Top 50 coin by network valueTop 100 coin Total Code Commits by Network Value (Log Scale) Cardano Status stands out with ~20k total commits and low network value 61 Status has a high number of active developers among coins its size MoreCommits N = 75 projects | Dates: 1/01/2018 - 2/19/2019 | Electric Capital Internal Data | Excluding closed code repositories
  • 62. Dev Report There’s a lot of data here. If we missed anything or made an error, please let us know. Contact: Maria Shen - info@electriccapital.com 62
  • 63. Dev Report Crypto projects come in 3 big categories... 63
  • 64. Dev Report Money, Platform, and Apps 64 Platform & Infrastructure Apps & Services: Financial Infrastructure Layer 2 Exchange/Market Infra Stablecoin Derivatives Lending Gaming Media & Social Media Cent.co Data Storage/Access Industry Infrastructure Rating & Reputation Distributed Computing Money Privacy Medium of Exchange Store of Value Apps & Services
  • 65. Dev Report Coming soon: Deep dives on Platform, Apps, and Money! 65