SlideShare a Scribd company logo

Developer Report 2021 (Published: January 2021)

We fingerprinted nearly 500K code repositories and 160 million code commits across Web3 to create the 2021 Electric Capital Developer Report. Created by Electric Capital https://www.electriccapital.com

1 of 130
Download to read offline
developer report
JANUARY — December 2021
1
electricCapital’sannualdeveloperreport:proprietarydata&Community
Electric Capital is a leading Web3 venture firm. We are early-stage investors in many well-known layer-1 platforms,
DeFi protocols, NFT projects, DAOs, and breakout Web3 businesses. Learn more at ElectricCapital.com

We share this data publicly in the hopes of helping the community have a more clear understanding of our collective
progress. We are grateful to everyone in the community who helps by contributing to our Github, the foundations
who help us validate our analysis, and the friends who offer feedback on drafts.

Contributors
2
+100 volunteers in the Web3 community who added to our Github taxonomy and scrubbed data!
Maria 

Shen
Author
@mariashen
Avichal 

Garg
Author
@avichal
Curtis 

Spencer
Data
@jubos
Enrique
Herreros
Data
@eherrerosj
Ken

Deeter
Data
@puntium
Jim

Bai
Contributor
Emre

Caliskan
Contributor
Jeremy 

Carr
Contributor
Ren 

Cryptofish
Contributor
@RenCryptoF
ish
Raphaël
Guilleminot
Contributor
Mitchell

Hammer
Contributor
Martha

Shear
Contributor
MOTIVATION & Methodology Overview
An early and leading indicator of value creation in emerging platforms is developer engagement. Developers build
killer applications that deliver value to end users and customers, which attracts more customers, which then draws
more developers. Because Web3 is open-source, we have a unique and unprecedent ability to understand an
emerging industry worth almost $3 trillion. 

For the 2021 report, we analyzed nearly 500K code repositories and 160M code commits. The taxonomy of projects
and to which ecosystems they belong is crowdsourced from CoinGecko, CoinMarketCap, DappRadar, DefiLlama,
DefiPulse, Github, Gitlab, and the foundations from many of ecosystems. 

We infer non-original commits, which account for 65% of the total, and credit only the original authors and original
ecosystems that produce code. We do not count non- libraries and try our best to eliminate machine generated code
such as config files. More details are in the appendix.

The taxonomy of projects is available at our Github: https://github.com/electric-capital/crypto-ecosystems
3
Caveats
We undercount developers because we rely on open-source repositories only

There are many more developers than accounted for in our report. Some teams are working on important closed
source projects. Some teams will open-source their code later. We also undercount developers in roles such as
backporting, testing, or release engineering as their efforts may not result in unique code contributions.

It will require more than just software engineers to build products and reach mainstream adoption, so this is a
dramatic undercounting of the number of people building in crypto/Web3.

Not All Commits Are Created Equal

Some code commits may be routine changes, whereas others represent hours of accumulated research and analysis.
Despite these caveats, we consider the analysis in this report directionally and relatively accurate. 

Feedback

We are always looking to improve. Please share feedback with us at info@electriccapital.com
4
Disclaimer & Disclosure
This 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 any
other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.

We may hold tokens in some of the ecosystems mentioned in this report

We may have previously held, currently hold, or will in the future hold tokens in some of the projects mentioned in
this report. We do not short tokens. Nothing in this report should be construed as financial advice. 

For a list of past and present investments, please visit electriccapital.com.

5
Overview
6

Recommended

Business Analysis: Challenges and Opportunities in 2015 (Denys Gobov Product ...
Business Analysis: Challenges and Opportunities in 2015 (Denys Gobov Product ...Business Analysis: Challenges and Opportunities in 2015 (Denys Gobov Product ...
Business Analysis: Challenges and Opportunities in 2015 (Denys Gobov Product ...IT Arena
 
O2 Presentation Sdp Event
O2 Presentation Sdp EventO2 Presentation Sdp Event
O2 Presentation Sdp Eventjameskenney
 
Accelerate Delivery: Business case for Agile DevOps, CI/CD and Microservices
Accelerate Delivery: Business case for Agile DevOps, CI/CD and MicroservicesAccelerate Delivery: Business case for Agile DevOps, CI/CD and Microservices
Accelerate Delivery: Business case for Agile DevOps, CI/CD and MicroservicesRick Hightower
 
Developer Report 2021 (Published: January 2022)
Developer Report 2021 (Published: January 2022)Developer Report 2021 (Published: January 2022)
Developer Report 2021 (Published: January 2022)Maria Xinhe Shen
 
WAA Web Analytics Definitions
WAA Web Analytics DefinitionsWAA Web Analytics Definitions
WAA Web Analytics DefinitionsLeonardo Naressi
 
Managing your black Friday logs - CloudConf.IT
Managing your black Friday logs - CloudConf.ITManaging your black Friday logs - CloudConf.IT
Managing your black Friday logs - CloudConf.ITDavid Pilato
 
Developer Report 2021 (Published: January 2021)
Developer Report 2021 (Published: January 2021)Developer Report 2021 (Published: January 2021)
Developer Report 2021 (Published: January 2021)Maria Xinhe Shen
 
Educational Agility
Educational Agility Educational Agility
Educational Agility Neus Lorenzo
 

More Related Content

What's hot

The Violet Society: Product Management Fellowship Showcase - Summer 2019
The Violet Society: Product Management Fellowship Showcase - Summer 2019The Violet Society: Product Management Fellowship Showcase - Summer 2019
The Violet Society: Product Management Fellowship Showcase - Summer 2019Shriya Nevatia
 
Developer Report (Published: December 2020, Updated: April 2021)
Developer Report (Published: December 2020, Updated: April 2021)Developer Report (Published: December 2020, Updated: April 2021)
Developer Report (Published: December 2020, Updated: April 2021)Maria Xinhe Shen
 
AI Weekly - April 12, 2021
AI Weekly - April 12, 2021AI Weekly - April 12, 2021
AI Weekly - April 12, 2021Bruno Aziza
 
Bridging the Gap Between Real Time/Offline and AI/ML Capabilities in Modern S...
Bridging the Gap Between Real Time/Offline and AI/ML Capabilities in Modern S...Bridging the Gap Between Real Time/Offline and AI/ML Capabilities in Modern S...
Bridging the Gap Between Real Time/Offline and AI/ML Capabilities in Modern S...Amazon Web Services
 
DAppTotal Research Report On DeFi Industry (First Half Of 2019)
DAppTotal Research Report On DeFi Industry (First Half Of 2019)DAppTotal Research Report On DeFi Industry (First Half Of 2019)
DAppTotal Research Report On DeFi Industry (First Half Of 2019)peckshield
 
Cloud Computing Michael Davis 2008 Aug17
Cloud Computing Michael Davis 2008 Aug17Cloud Computing Michael Davis 2008 Aug17
Cloud Computing Michael Davis 2008 Aug17MJD Management Group
 
Energy Tokens Pitch Deck - Creating Energy Asset Liquidity Through Blockchain...
Energy Tokens Pitch Deck - Creating Energy Asset Liquidity Through Blockchain...Energy Tokens Pitch Deck - Creating Energy Asset Liquidity Through Blockchain...
Energy Tokens Pitch Deck - Creating Energy Asset Liquidity Through Blockchain...Alastair Caithness
 
Developer Report (Published: August 2019)
Developer Report (Published: August 2019)Developer Report (Published: August 2019)
Developer Report (Published: August 2019)Maria Xinhe Shen
 
LUKSO - NOAH19 Berlin
LUKSO - NOAH19 BerlinLUKSO - NOAH19 Berlin
LUKSO - NOAH19 BerlinNOAH Advisors
 
Bitcoin's Next Chapter(s)
Bitcoin's Next Chapter(s)Bitcoin's Next Chapter(s)
Bitcoin's Next Chapter(s)Okcoin
 
Dev Report (Published: March 2019)
Dev Report (Published: March 2019)Dev Report (Published: March 2019)
Dev Report (Published: March 2019)Maria Xinhe Shen
 
Developer Report 2021 (Published: January 2021)
Developer Report 2021 (Published: January 2021)Developer Report 2021 (Published: January 2021)
Developer Report 2021 (Published: January 2021)Maria Xinhe Shen
 
Electric Capital Developer Report (Published: December 2020)
Electric Capital Developer Report (Published: December 2020)Electric Capital Developer Report (Published: December 2020)
Electric Capital Developer Report (Published: December 2020)Maria Xinhe Shen
 
Developer Report (Published: December 2020)
Developer Report (Published: December 2020)Developer Report (Published: December 2020)
Developer Report (Published: December 2020)Maria Xinhe Shen
 
Developer Report (Published: December 2020)
Developer Report (Published: December 2020)Developer Report (Published: December 2020)
Developer Report (Published: December 2020)Maria Xinhe Shen
 
apidays LIVE Australia 2021 - A cloud-native approach for open banking in act...
apidays LIVE Australia 2021 - A cloud-native approach for open banking in act...apidays LIVE Australia 2021 - A cloud-native approach for open banking in act...
apidays LIVE Australia 2021 - A cloud-native approach for open banking in act...apidays
 
Developer Marketing: Building Experiences
Developer Marketing: Building ExperiencesDeveloper Marketing: Building Experiences
Developer Marketing: Building ExperiencesPredix
 
apidays LIVE Australia 2021 - Tracing across your distributed process boundar...
apidays LIVE Australia 2021 - Tracing across your distributed process boundar...apidays LIVE Australia 2021 - Tracing across your distributed process boundar...
apidays LIVE Australia 2021 - Tracing across your distributed process boundar...apidays
 

What's hot (20)

The Violet Society: Product Management Fellowship Showcase - Summer 2019
The Violet Society: Product Management Fellowship Showcase - Summer 2019The Violet Society: Product Management Fellowship Showcase - Summer 2019
The Violet Society: Product Management Fellowship Showcase - Summer 2019
 
Developer Report (Published: December 2020, Updated: April 2021)
Developer Report (Published: December 2020, Updated: April 2021)Developer Report (Published: December 2020, Updated: April 2021)
Developer Report (Published: December 2020, Updated: April 2021)
 
AI Weekly - April 12, 2021
AI Weekly - April 12, 2021AI Weekly - April 12, 2021
AI Weekly - April 12, 2021
 
Bridging the Gap Between Real Time/Offline and AI/ML Capabilities in Modern S...
Bridging the Gap Between Real Time/Offline and AI/ML Capabilities in Modern S...Bridging the Gap Between Real Time/Offline and AI/ML Capabilities in Modern S...
Bridging the Gap Between Real Time/Offline and AI/ML Capabilities in Modern S...
 
DAppTotal Research Report On DeFi Industry (First Half Of 2019)
DAppTotal Research Report On DeFi Industry (First Half Of 2019)DAppTotal Research Report On DeFi Industry (First Half Of 2019)
DAppTotal Research Report On DeFi Industry (First Half Of 2019)
 
Cloud Computing Michael Davis 2008 Aug17
Cloud Computing Michael Davis 2008 Aug17Cloud Computing Michael Davis 2008 Aug17
Cloud Computing Michael Davis 2008 Aug17
 
Energy Tokens Pitch Deck - Creating Energy Asset Liquidity Through Blockchain...
Energy Tokens Pitch Deck - Creating Energy Asset Liquidity Through Blockchain...Energy Tokens Pitch Deck - Creating Energy Asset Liquidity Through Blockchain...
Energy Tokens Pitch Deck - Creating Energy Asset Liquidity Through Blockchain...
 
Developer Report (Published: August 2019)
Developer Report (Published: August 2019)Developer Report (Published: August 2019)
Developer Report (Published: August 2019)
 
LUKSO - NOAH19 Berlin
LUKSO - NOAH19 BerlinLUKSO - NOAH19 Berlin
LUKSO - NOAH19 Berlin
 
Bitcoin's Next Chapter(s)
Bitcoin's Next Chapter(s)Bitcoin's Next Chapter(s)
Bitcoin's Next Chapter(s)
 
Cloud Computing
Cloud ComputingCloud Computing
Cloud Computing
 
Dev Report (Published: March 2019)
Dev Report (Published: March 2019)Dev Report (Published: March 2019)
Dev Report (Published: March 2019)
 
Developer Report 2021 (Published: January 2021)
Developer Report 2021 (Published: January 2021)Developer Report 2021 (Published: January 2021)
Developer Report 2021 (Published: January 2021)
 
Ravencoin Wallet
Ravencoin WalletRavencoin Wallet
Ravencoin Wallet
 
Electric Capital Developer Report (Published: December 2020)
Electric Capital Developer Report (Published: December 2020)Electric Capital Developer Report (Published: December 2020)
Electric Capital Developer Report (Published: December 2020)
 
Developer Report (Published: December 2020)
Developer Report (Published: December 2020)Developer Report (Published: December 2020)
Developer Report (Published: December 2020)
 
Developer Report (Published: December 2020)
Developer Report (Published: December 2020)Developer Report (Published: December 2020)
Developer Report (Published: December 2020)
 
apidays LIVE Australia 2021 - A cloud-native approach for open banking in act...
apidays LIVE Australia 2021 - A cloud-native approach for open banking in act...apidays LIVE Australia 2021 - A cloud-native approach for open banking in act...
apidays LIVE Australia 2021 - A cloud-native approach for open banking in act...
 
Developer Marketing: Building Experiences
Developer Marketing: Building ExperiencesDeveloper Marketing: Building Experiences
Developer Marketing: Building Experiences
 
apidays LIVE Australia 2021 - Tracing across your distributed process boundar...
apidays LIVE Australia 2021 - Tracing across your distributed process boundar...apidays LIVE Australia 2021 - Tracing across your distributed process boundar...
apidays LIVE Australia 2021 - Tracing across your distributed process boundar...
 

Similar to Developer Report 2021 (Published: January 2021)

Electric Capital Developer Report 2022
Electric Capital Developer Report 2022Electric Capital Developer Report 2022
Electric Capital Developer Report 2022MariaShen2
 
Electric Capital Crypto Dev Report · 2022
Electric Capital Crypto Dev Report · 2022Electric Capital Crypto Dev Report · 2022
Electric Capital Crypto Dev Report · 2022Maria Xinhe Shen
 
INTERFACE, by apidays - The Evolution of Data Movement.pdf
INTERFACE, by apidays - The Evolution of Data Movement.pdfINTERFACE, by apidays - The Evolution of Data Movement.pdf
INTERFACE, by apidays - The Evolution of Data Movement.pdfapidays
 
Top 7 major trends in full stack development to follow for 2020
Top 7 major trends in full stack development to follow for 2020Top 7 major trends in full stack development to follow for 2020
Top 7 major trends in full stack development to follow for 2020Katy Slemon
 
Accidental DataOps
Accidental DataOpsAccidental DataOps
Accidental DataOpsSteve Ross
 
The Cloudification of Capital Markets
The Cloudification of Capital MarketsThe Cloudification of Capital Markets
The Cloudification of Capital MarketsStephane Dubois
 
What is the highest blockchain engineer salary
What is the highest blockchain engineer salary What is the highest blockchain engineer salary
What is the highest blockchain engineer salary Blockchain Council
 
Airbyte - Series-B deck
Airbyte - Series-B deckAirbyte - Series-B deck
Airbyte - Series-B deckAirbyte
 
In 2022, top 08 trending technology.docx
In 2022, top 08 trending technology.docxIn 2022, top 08 trending technology.docx
In 2022, top 08 trending technology.docxAdvance Tech
 
Plesk Onyx - New Release - all details
Plesk Onyx - New Release - all detailsPlesk Onyx - New Release - all details
Plesk Onyx - New Release - all detailsPlesk
 
Runa Capital Open Source Software Report 2022
Runa Capital Open Source Software Report 2022Runa Capital Open Source Software Report 2022
Runa Capital Open Source Software Report 2022Alexandra Skarsgard
 
Blockchain Solution in China eCommerce
Blockchain Solution in China eCommerceBlockchain Solution in China eCommerce
Blockchain Solution in China eCommerceEdward Tsang
 
Top 10 Trending Technologies for 2022.docx
Top 10 Trending Technologies for 2022.docxTop 10 Trending Technologies for 2022.docx
Top 10 Trending Technologies for 2022.docxAnaghaV9
 
Predicted! Top Software Development Trends for 2021
Predicted! Top Software Development Trends for 2021Predicted! Top Software Development Trends for 2021
Predicted! Top Software Development Trends for 2021Pixel Crayons
 
WHERE-TO-START-TO-GET-SMART-ABOUT-WEB3--1662302051 (1).pdf
WHERE-TO-START-TO-GET-SMART-ABOUT-WEB3--1662302051 (1).pdfWHERE-TO-START-TO-GET-SMART-ABOUT-WEB3--1662302051 (1).pdf
WHERE-TO-START-TO-GET-SMART-ABOUT-WEB3--1662302051 (1).pdfAdelaide Leitão
 
This Project Performs Sentiment Analysis In Various...
This Project Performs Sentiment Analysis In Various...This Project Performs Sentiment Analysis In Various...
This Project Performs Sentiment Analysis In Various...Sarah Gordon
 
Future Of DevOps Trends 2023
Future Of DevOps Trends 2023Future Of DevOps Trends 2023
Future Of DevOps Trends 2023WeCode Inc
 

Similar to Developer Report 2021 (Published: January 2021) (20)

Crypto Dev Report · 2022
Crypto Dev Report · 2022Crypto Dev Report · 2022
Crypto Dev Report · 2022
 
Electric Capital Developer Report 2022
Electric Capital Developer Report 2022Electric Capital Developer Report 2022
Electric Capital Developer Report 2022
 
Electric Capital Crypto Dev Report · 2022
Electric Capital Crypto Dev Report · 2022Electric Capital Crypto Dev Report · 2022
Electric Capital Crypto Dev Report · 2022
 
INTERFACE, by apidays - The Evolution of Data Movement.pdf
INTERFACE, by apidays - The Evolution of Data Movement.pdfINTERFACE, by apidays - The Evolution of Data Movement.pdf
INTERFACE, by apidays - The Evolution of Data Movement.pdf
 
Top 7 major trends in full stack development to follow for 2020
Top 7 major trends in full stack development to follow for 2020Top 7 major trends in full stack development to follow for 2020
Top 7 major trends in full stack development to follow for 2020
 
Accidental DataOps
Accidental DataOpsAccidental DataOps
Accidental DataOps
 
The Cloudification of Capital Markets
The Cloudification of Capital MarketsThe Cloudification of Capital Markets
The Cloudification of Capital Markets
 
What is the highest blockchain engineer salary
What is the highest blockchain engineer salary What is the highest blockchain engineer salary
What is the highest blockchain engineer salary
 
Airbyte - Series-B deck
Airbyte - Series-B deckAirbyte - Series-B deck
Airbyte - Series-B deck
 
In 2022, top 08 trending technology.docx
In 2022, top 08 trending technology.docxIn 2022, top 08 trending technology.docx
In 2022, top 08 trending technology.docx
 
Plesk Onyx - New Release - all details
Plesk Onyx - New Release - all detailsPlesk Onyx - New Release - all details
Plesk Onyx - New Release - all details
 
Runa Capital Open Source Software Report 2022
Runa Capital Open Source Software Report 2022Runa Capital Open Source Software Report 2022
Runa Capital Open Source Software Report 2022
 
ROSS Index 2022
ROSS Index 2022ROSS Index 2022
ROSS Index 2022
 
Blockchain Solution in China eCommerce
Blockchain Solution in China eCommerceBlockchain Solution in China eCommerce
Blockchain Solution in China eCommerce
 
Top 10 Trending Technologies for 2022.docx
Top 10 Trending Technologies for 2022.docxTop 10 Trending Technologies for 2022.docx
Top 10 Trending Technologies for 2022.docx
 
Predicted! Top Software Development Trends for 2021
Predicted! Top Software Development Trends for 2021Predicted! Top Software Development Trends for 2021
Predicted! Top Software Development Trends for 2021
 
IDC FutureScape : Worldwide Internet of Things 2017 Predictions.
IDC FutureScape : Worldwide Internet of Things 2017 Predictions.IDC FutureScape : Worldwide Internet of Things 2017 Predictions.
IDC FutureScape : Worldwide Internet of Things 2017 Predictions.
 
WHERE-TO-START-TO-GET-SMART-ABOUT-WEB3--1662302051 (1).pdf
WHERE-TO-START-TO-GET-SMART-ABOUT-WEB3--1662302051 (1).pdfWHERE-TO-START-TO-GET-SMART-ABOUT-WEB3--1662302051 (1).pdf
WHERE-TO-START-TO-GET-SMART-ABOUT-WEB3--1662302051 (1).pdf
 
This Project Performs Sentiment Analysis In Various...
This Project Performs Sentiment Analysis In Various...This Project Performs Sentiment Analysis In Various...
This Project Performs Sentiment Analysis In Various...
 
Future Of DevOps Trends 2023
Future Of DevOps Trends 2023Future Of DevOps Trends 2023
Future Of DevOps Trends 2023
 

Recently uploaded

Establishing data sharing standards to promote global industry development
Establishing data sharing standards to promote global industry developmentEstablishing data sharing standards to promote global industry development
Establishing data sharing standards to promote global industry developmentThorsten Huelsmann
 
CloudStack 101: The Best Way to Build Your Private Cloud – Rohit Yadav, VP Ap...
CloudStack 101: The Best Way to Build Your Private Cloud – Rohit Yadav, VP Ap...CloudStack 101: The Best Way to Build Your Private Cloud – Rohit Yadav, VP Ap...
CloudStack 101: The Best Way to Build Your Private Cloud – Rohit Yadav, VP Ap...ShapeBlue
 
GDG Cloud Southlake 30 Brian Demers Breeding 10x Developers with Developer Pr...
GDG Cloud Southlake 30 Brian Demers Breeding 10x Developers with Developer Pr...GDG Cloud Southlake 30 Brian Demers Breeding 10x Developers with Developer Pr...
GDG Cloud Southlake 30 Brian Demers Breeding 10x Developers with Developer Pr...James Anderson
 
CloudStack Tooling Ecosystem – Kiran Chavala, ShapeBlue
CloudStack Tooling Ecosystem – Kiran Chavala, ShapeBlueCloudStack Tooling Ecosystem – Kiran Chavala, ShapeBlue
CloudStack Tooling Ecosystem – Kiran Chavala, ShapeBlueShapeBlue
 
SKY Paradigms, change and cake: the steep curve of introducing new technologies
SKY Paradigms, change and cake: the steep curve of introducing new technologiesSKY Paradigms, change and cake: the steep curve of introducing new technologies
SKY Paradigms, change and cake: the steep curve of introducing new technologiesNeo4j
 
Enterprise Architecture As Strategy - Book Review
Enterprise Architecture As Strategy - Book ReviewEnterprise Architecture As Strategy - Book Review
Enterprise Architecture As Strategy - Book ReviewAshraf Fouad
 
Unleash the Solace Pub Sub connector | Banaglore MuleSoft Meetup #31
Unleash the Solace Pub Sub connector | Banaglore MuleSoft Meetup #31Unleash the Solace Pub Sub connector | Banaglore MuleSoft Meetup #31
Unleash the Solace Pub Sub connector | Banaglore MuleSoft Meetup #31shyamraj55
 
What’s New in CloudStack 4.19, Abhishek Kumar, Release Manager Apache CloudSt...
What’s New in CloudStack 4.19, Abhishek Kumar, Release Manager Apache CloudSt...What’s New in CloudStack 4.19, Abhishek Kumar, Release Manager Apache CloudSt...
What’s New in CloudStack 4.19, Abhishek Kumar, Release Manager Apache CloudSt...ShapeBlue
 
AGFM - Toyota Coaster 1HZ Install Guide.pdf
AGFM - Toyota Coaster 1HZ Install Guide.pdfAGFM - Toyota Coaster 1HZ Install Guide.pdf
AGFM - Toyota Coaster 1HZ Install Guide.pdfRodneyThomas28
 
KUBRICK Graphs: A journey from in vogue to success-ion
KUBRICK Graphs: A journey from in vogue to success-ionKUBRICK Graphs: A journey from in vogue to success-ion
KUBRICK Graphs: A journey from in vogue to success-ionNeo4j
 
AMER Introduction to ThousandEyes Webinar
AMER Introduction to ThousandEyes WebinarAMER Introduction to ThousandEyes Webinar
AMER Introduction to ThousandEyes WebinarThousandEyes
 
Achieving Excellence IESVE for HVAC Simulation.pdf
Achieving Excellence IESVE for HVAC Simulation.pdfAchieving Excellence IESVE for HVAC Simulation.pdf
Achieving Excellence IESVE for HVAC Simulation.pdfIES VE
 
Q4 2023 Quarterly Investor Presentation - FINAL.pdf
Q4 2023 Quarterly Investor Presentation - FINAL.pdfQ4 2023 Quarterly Investor Presentation - FINAL.pdf
Q4 2023 Quarterly Investor Presentation - FINAL.pdfTejal81
 
Python For Kids - Sách Lập trình cho trẻ em
Python For Kids - Sách Lập trình cho trẻ emPython For Kids - Sách Lập trình cho trẻ em
Python For Kids - Sách Lập trình cho trẻ emNho Vĩnh
 
AI improves software testing to be more fault tolerant, focused and efficient
AI improves software testing to be more fault tolerant, focused and efficientAI improves software testing to be more fault tolerant, focused and efficient
AI improves software testing to be more fault tolerant, focused and efficientKari Kakkonen
 
Low Latency at Extreme Scale: Proven Practices & Pitfalls
Low Latency at Extreme Scale: Proven Practices & PitfallsLow Latency at Extreme Scale: Proven Practices & Pitfalls
Low Latency at Extreme Scale: Proven Practices & PitfallsScyllaDB
 
ASTRAZENECA. Knowledge Graphs Powering a Fast-moving Global Life Sciences Org...
ASTRAZENECA. Knowledge Graphs Powering a Fast-moving Global Life Sciences Org...ASTRAZENECA. Knowledge Graphs Powering a Fast-moving Global Life Sciences Org...
ASTRAZENECA. Knowledge Graphs Powering a Fast-moving Global Life Sciences Org...Neo4j
 
Boosting Developer Effectiveness with a Java platform team 1.4 - ArnhemJUG
Boosting Developer Effectiveness with a Java platform team 1.4 - ArnhemJUGBoosting Developer Effectiveness with a Java platform team 1.4 - ArnhemJUG
Boosting Developer Effectiveness with a Java platform team 1.4 - ArnhemJUGRick Ossendrijver
 
Trending now: Book subjects on the move in the Canadian market - Tech Forum 2024
Trending now: Book subjects on the move in the Canadian market - Tech Forum 2024Trending now: Book subjects on the move in the Canadian market - Tech Forum 2024
Trending now: Book subjects on the move in the Canadian market - Tech Forum 2024BookNet Canada
 

Recently uploaded (20)

Establishing data sharing standards to promote global industry development
Establishing data sharing standards to promote global industry developmentEstablishing data sharing standards to promote global industry development
Establishing data sharing standards to promote global industry development
 
CloudStack 101: The Best Way to Build Your Private Cloud – Rohit Yadav, VP Ap...
CloudStack 101: The Best Way to Build Your Private Cloud – Rohit Yadav, VP Ap...CloudStack 101: The Best Way to Build Your Private Cloud – Rohit Yadav, VP Ap...
CloudStack 101: The Best Way to Build Your Private Cloud – Rohit Yadav, VP Ap...
 
GDG Cloud Southlake 30 Brian Demers Breeding 10x Developers with Developer Pr...
GDG Cloud Southlake 30 Brian Demers Breeding 10x Developers with Developer Pr...GDG Cloud Southlake 30 Brian Demers Breeding 10x Developers with Developer Pr...
GDG Cloud Southlake 30 Brian Demers Breeding 10x Developers with Developer Pr...
 
CloudStack Tooling Ecosystem – Kiran Chavala, ShapeBlue
CloudStack Tooling Ecosystem – Kiran Chavala, ShapeBlueCloudStack Tooling Ecosystem – Kiran Chavala, ShapeBlue
CloudStack Tooling Ecosystem – Kiran Chavala, ShapeBlue
 
SKY Paradigms, change and cake: the steep curve of introducing new technologies
SKY Paradigms, change and cake: the steep curve of introducing new technologiesSKY Paradigms, change and cake: the steep curve of introducing new technologies
SKY Paradigms, change and cake: the steep curve of introducing new technologies
 
Enterprise Architecture As Strategy - Book Review
Enterprise Architecture As Strategy - Book ReviewEnterprise Architecture As Strategy - Book Review
Enterprise Architecture As Strategy - Book Review
 
Unleash the Solace Pub Sub connector | Banaglore MuleSoft Meetup #31
Unleash the Solace Pub Sub connector | Banaglore MuleSoft Meetup #31Unleash the Solace Pub Sub connector | Banaglore MuleSoft Meetup #31
Unleash the Solace Pub Sub connector | Banaglore MuleSoft Meetup #31
 
What’s New in CloudStack 4.19, Abhishek Kumar, Release Manager Apache CloudSt...
What’s New in CloudStack 4.19, Abhishek Kumar, Release Manager Apache CloudSt...What’s New in CloudStack 4.19, Abhishek Kumar, Release Manager Apache CloudSt...
What’s New in CloudStack 4.19, Abhishek Kumar, Release Manager Apache CloudSt...
 
AGFM - Toyota Coaster 1HZ Install Guide.pdf
AGFM - Toyota Coaster 1HZ Install Guide.pdfAGFM - Toyota Coaster 1HZ Install Guide.pdf
AGFM - Toyota Coaster 1HZ Install Guide.pdf
 
KUBRICK Graphs: A journey from in vogue to success-ion
KUBRICK Graphs: A journey from in vogue to success-ionKUBRICK Graphs: A journey from in vogue to success-ion
KUBRICK Graphs: A journey from in vogue to success-ion
 
AMER Introduction to ThousandEyes Webinar
AMER Introduction to ThousandEyes WebinarAMER Introduction to ThousandEyes Webinar
AMER Introduction to ThousandEyes Webinar
 
Achieving Excellence IESVE for HVAC Simulation.pdf
Achieving Excellence IESVE for HVAC Simulation.pdfAchieving Excellence IESVE for HVAC Simulation.pdf
Achieving Excellence IESVE for HVAC Simulation.pdf
 
Q4 2023 Quarterly Investor Presentation - FINAL.pdf
Q4 2023 Quarterly Investor Presentation - FINAL.pdfQ4 2023 Quarterly Investor Presentation - FINAL.pdf
Q4 2023 Quarterly Investor Presentation - FINAL.pdf
 
Python For Kids - Sách Lập trình cho trẻ em
Python For Kids - Sách Lập trình cho trẻ emPython For Kids - Sách Lập trình cho trẻ em
Python For Kids - Sách Lập trình cho trẻ em
 
AI improves software testing to be more fault tolerant, focused and efficient
AI improves software testing to be more fault tolerant, focused and efficientAI improves software testing to be more fault tolerant, focused and efficient
AI improves software testing to be more fault tolerant, focused and efficient
 
Low Latency at Extreme Scale: Proven Practices & Pitfalls
Low Latency at Extreme Scale: Proven Practices & PitfallsLow Latency at Extreme Scale: Proven Practices & Pitfalls
Low Latency at Extreme Scale: Proven Practices & Pitfalls
 
ASTRAZENECA. Knowledge Graphs Powering a Fast-moving Global Life Sciences Org...
ASTRAZENECA. Knowledge Graphs Powering a Fast-moving Global Life Sciences Org...ASTRAZENECA. Knowledge Graphs Powering a Fast-moving Global Life Sciences Org...
ASTRAZENECA. Knowledge Graphs Powering a Fast-moving Global Life Sciences Org...
 
Boosting Developer Effectiveness with a Java platform team 1.4 - ArnhemJUG
Boosting Developer Effectiveness with a Java platform team 1.4 - ArnhemJUGBoosting Developer Effectiveness with a Java platform team 1.4 - ArnhemJUG
Boosting Developer Effectiveness with a Java platform team 1.4 - ArnhemJUG
 
In sharing we trust. Taking advantage of a diverse consortium to build a tran...
In sharing we trust. Taking advantage of a diverse consortium to build a tran...In sharing we trust. Taking advantage of a diverse consortium to build a tran...
In sharing we trust. Taking advantage of a diverse consortium to build a tran...
 
Trending now: Book subjects on the move in the Canadian market - Tech Forum 2024
Trending now: Book subjects on the move in the Canadian market - Tech Forum 2024Trending now: Book subjects on the move in the Canadian market - Tech Forum 2024
Trending now: Book subjects on the move in the Canadian market - Tech Forum 2024
 

Developer Report 2021 (Published: January 2021)

  • 2. electricCapital’sannualdeveloperreport:proprietarydata&Community Electric Capital is a leading Web3 venture firm. We are early-stage investors in many well-known layer-1 platforms, DeFi protocols, NFT projects, DAOs, and breakout Web3 businesses. Learn more at ElectricCapital.com We share this data publicly in the hopes of helping the community have a more clear understanding of our collective progress. We are grateful to everyone in the community who helps by contributing to our Github, the foundations who help us validate our analysis, and the friends who offer feedback on drafts. Contributors 2 +100 volunteers in the Web3 community who added to our Github taxonomy and scrubbed data! Maria 
 Shen Author @mariashen Avichal 
 Garg Author @avichal Curtis 
 Spencer Data @jubos Enrique Herreros Data @eherrerosj Ken
 Deeter Data @puntium Jim
 Bai Contributor Emre
 Caliskan Contributor Jeremy 
 Carr Contributor Ren 
 Cryptofish Contributor @RenCryptoF ish Raphaël Guilleminot Contributor Mitchell
 Hammer Contributor Martha
 Shear Contributor
  • 3. MOTIVATION & Methodology Overview An early and leading indicator of value creation in emerging platforms is developer engagement. Developers build killer applications that deliver value to end users and customers, which attracts more customers, which then draws more developers. Because Web3 is open-source, we have a unique and unprecedent ability to understand an emerging industry worth almost $3 trillion. For the 2021 report, we analyzed nearly 500K code repositories and 160M code commits. The taxonomy of projects and to which ecosystems they belong is crowdsourced from CoinGecko, CoinMarketCap, DappRadar, DefiLlama, DefiPulse, Github, Gitlab, and the foundations from many of ecosystems. We infer non-original commits, which account for 65% of the total, and credit only the original authors and original ecosystems that produce code. We do not count non- libraries and try our best to eliminate machine generated code such as config files. More details are in the appendix. The taxonomy of projects is available at our Github: https://github.com/electric-capital/crypto-ecosystems 3
  • 4. Caveats We undercount developers because we rely on open-source repositories only
 There are many more developers than accounted for in our report. Some teams are working on important closed source projects. Some teams will open-source their code later. We also undercount developers in roles such as backporting, testing, or release engineering as their efforts may not result in unique code contributions. It will require more than just software engineers to build products and reach mainstream adoption, so this is a dramatic undercounting of the number of people building in crypto/Web3. Not All Commits Are Created Equal
 Some code commits may be routine changes, whereas others represent hours of accumulated research and analysis. Despite these caveats, we consider the analysis in this report directionally and relatively accurate. Feedback
 We are always looking to improve. Please share feedback with us at info@electriccapital.com 4
  • 5. Disclaimer & Disclosure This 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 any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. We may hold tokens in some of the ecosystems mentioned in this report
 We may have previously held, currently hold, or will in the future hold tokens in some of the projects mentioned in this report. We do not short tokens. Nothing in this report should be construed as financial advice. For a list of past and present investments, please visit electriccapital.com. 5
  • 7. 18,416 Monthly active developers - an All-time High 7 Web3 Monthly Active Developers Since 2009 Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Date 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Developers Dec 2021
 All-Time High 18,416
  • 8. more developers joined Web3 in 2021 than any year in history 8 2014 2015 2016 2017 2018 2019 2020 2021 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 28,000 30,000 32,000 34,000 3,203 3,416 5,749 14,050 30,224 22,393 20,505 34,391 Developers by Year Joined Developers +14% Year +4,167
  • 9. Executive summary Web3 developers are at an all-time high and growing faster than eve monthly active developers commit code in open source crypto and Web3 projects -- the highest in histor new developers committed code in 2021 -- the highest in histor monthly active open source developers work in Ethereum, open source developers work in Bitcoi of new Web3 developers join the Ethereum ecosyste of active developers in Web3 joined in 2021; of full-time developers in Web3 joined in 2021 There are several vibrant ecosystems emerging beyond Bitcoin and Ethereu Ethereum, Bitcoin, Polkadot, Cosmos, Solana, BSC, NEAR, Avalanche, Tezos, Polygon, Cardano now have developers/month eac Polkadot, Solana, NEAR, BSC, Avalanche, and Terra are did at the same point in its histor developers are working on DeFi projects. Less than 1,000 full-time developers are responsible for over $100 billion in total value locked in smart contracts The growth of developers in Web3 has been record-breaking, but still represents a small, and rapidly expanding percent of software engineers globally. We are still in the early innings of Web3. 18,000+ 34,391 4,000+ 680+ 20% 65% 45% 250+ growing faster than Ethereum 2,500+ 9
  • 10. Let's start by looking at web3 developers... 10
  • 12. There are now monthly active developers in web3 18,416 12 Web3 Monthly Active Developers Since 2009 Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Date 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Developers Dec 2021 All-Time High 18,416 2019
 Market Capitulation Devs typically drop off during the holidays
  • 13. +7,895 +75% newmonthlyactivedevelopers sinceJanuary2021 13 Web3 Monthly Active Developers Since 2009 Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Date 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Developers +75% Jan 2021 10,525 Dec 2021 18,416 +7,895
  • 14. Monthl y active Developers have increased when prices increase... 14 Jul 2013 Jul 2014 Jul 2015 Jul 2016 Jul 2017 Jul 2018 Jul 2019 Jul 2020 Jul 2021 Date 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Developers $0.0T $0.5T $1.0T $1.5T $2.0T $2.5T $3.0T $3.5T Monthly Developers vs Web3 Network Value Network Value Developer Peak Network Value ATH Network Value Peak Developer ATH
  • 15. ...and overall Developers stay flat even as prices fall 15 Jul 2013 Jul 2014 Jul 2015 Jul 2016 Jul 2017 Jul 2018 Jul 2019 Jul 2020 Jul 2021 Date 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Developers $0.0T $0.5T $1.0T $1.5T $2.0T $2.5T $3.0T $3.5T Monthly Developers vs Web3 Network Value Network Value Developers stayed flat... ...even as network value fell from peak -83%
  • 16. In 2018, Developers grew for 1 year after network value peaked 16 Jul 2013 Jul 2014 Jul 2015 Jul 2016 Jul 2017 Jul 2018 Jul 2019 Jul 2020 Jul 2021 Date 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Developers $0.0T $0.5T $1.0T $1.5T $2.0T $2.5T $3.0T $3.5T Monthly Developers vs Web3 Network Value Network Value Network Value ATH Developer ATH Prices peaked first... ...then one year later developers peaked
  • 17. if this cycle is like the last, developers could continue to grow until 2023 even if prices peak today 17 Jul 2013 Jul 2014 Jul 2015 Jul 2016 Jul 2017 Jul 2018 Jul 2019 Jul 2020 Jul 2021 Date 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Developers $0.0T $0.5T $1.0T $1.5T $2.0T $2.5T $3.0T $3.5T Monthly Developers vs Web3 Network Value Network Value Developers could continue to grow even if prices begin to fall
  • 18. let’s segment developers by frequency of code contributions... 18
  • 19. We can segment developers based on frequency of contribution 19 Web3 Monthly Active Developers Jan 2014 Jan 2016 Jan 2018 Jan 2020 Date 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Developers One Time Active just once Part Time Active for fewer than 10 days per month Full Time Active for 10 or more days per month
  • 20. +1,279 +35% full-timedevelopers sincejan2021 20 Web3 Monthly Active Developers Jan 2014 Jan 2016 Jan 2018 Jan 2020 Date 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Developers One Time Part Time Full Time Jan 2021 3,641 Dec 2021 4,920 +35%
  • 21. +3,247 +3,369 monthly active Part-Time devs; One-Time devs in 2021 21 Web3 Monthly Active Developers Jan 2014 Jan 2016 Jan 2018 Jan 2020 Date 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Developers One Time Part Time Full Time Dec 2021 8,663 +3,247 Dec 2021 4,833 +3,369 Jan 2021 5,416 Jan 2021 1,464 +230% +60%
  • 22. One-Time Dev activity has previously peaked far before full time & Part Time. 22 Web3 Monthly Active Developers Jan 2014 Jan 2016 Jan 2018 Jan 2020 Date 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Developers One Time Part Time Full Time
  • 23. Let's look at new developers entering web3... 23
  • 24. Today, more developers have joined per month than during the last bull run 24 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Month 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 Developers 1,626 1,993 1,922 1,705 806 995 1,932 804 1,233 1,419 1,633 654 741 1,492 2,113 2,585 636 2,708 2,684 2,556 2,807 2,574 2,216 2,023 2,808 2,547 2,603 2,017 1,388 1,634 1,900 1,731 1,999 1,839 1,755 2,232 1,983 1,868 1,455 1,762 1,555 1,720 1,717 1,716 2,166 1,624 1,682 1,614 1,999 2,926 3,314 2,916 3,262 3,306 3,338 2,921 3,161 1,755 2,996 Web3 Developers by Month Joined Last Bull Run Today
  • 25. more developers joined web3 in 2021 than any year in history 25 2014 2015 2016 2017 2018 2019 2020 2021 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 28,000 30,000 32,000 34,000 3,203 3,416 5,749 14,050 30,224 22,393 20,505 34,391 Web3 Developers by Year Joined Developers +14% +4,167
  • 26. More New developers joined when web3 market value increaseD 26 Jan 2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017 Jan 2018 Jul 2018 Jan 2019 Jul 2019 Jan 2020 Jul 2020 Jan 2021 Jul 2021 0 500 1,000 1,500 2,000 2,500 3,000 3,500 New Developers $0.0T $0.2T $0.4T $0.6T $0.8T $1.0T $1.2T $1.4T $1.6T $1.8T $2.0T $2.2T $2.4T $2.6T $2.8T $3.0T Network Value New Web3 Developers vs. Web3 Network Value
  • 27. Fewer new developers (but more than 0) have joined when prices decrease...this offsets developers leaving the ecosystem 27 Jan 2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017 Jan 2018 Jul 2018 Jan 2019 Jul 2019 Jan 2020 Jul 2020 Jan 2021 Jul 2021 0 500 1,000 1,500 2,000 2,500 3,000 3,500 New Developers $0.0T $0.2T $0.4T $0.6T $0.8T $1.0T $1.2T $1.4T $1.6T $1.8T $2.0T $2.2T $2.4T $2.6T $2.8T $3.0T Network Value New Web3 Developers vs. Web3 Network Value Fewer new developers join when network value decreases
  • 28. how important are these new developers... 28
  • 29. ~60%+ofallmonthlyactivedevelopersarenewin2021 29 Normalized Web3 All Developers by Start Date Date 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Percent of Developers Before 2016 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 2016 2017 2018 2019 2020 2021 60%+ of active developers today come from 2021 60%+ of active developers today come from 2021
  • 30. ~45% of full-time developers are new in 2021 30 Normalized Web3 Full-Time Developers by Start Date Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Date 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Percent of Developers Before 2016 2016 2017 2018 2019 2020 2021 45% of full-time developers started in 2021 45% of full-time developers started in 2021
  • 31. let’s segment by yearly cohort & trace activity to understand retention... 31
  • 32. we can look at developers by annual cohort to see how long they stay after joining Web3 32 Web3 · Total Developers Active 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2016 2017 2018 2019 2020 Join period Retention period Dec 2021
 9,000 total devs from 2021 2021 Year 1 Year 2 Year 3 Year 4 Year 5 Developers Developer join dynamics differ, but retention dynamics are similar across years. The drop-off is less pronounced in full-time developers Web3 · Full-Time Developers Active 0 200 400 600 800 1,000 1,200 1,400 1,600 2016 2017 2018 2019 2020 Join period Retention period Dec 2021
 1,600 full-time devs from 2021 2021 Year 1 Year 2 Year 3 Year 4 Year 5 Devs typically drop off during the holidays * The drop in number of developers at year change is due to seasonal effect of holidays
  • 33. full-time developers are stickier: 33% of full-time developers from 2018 are still active today vs 22% of all developers from 2018 33 Web3 · Total Developers Active 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2016 2017 2018 2019 2020 Join period Retention period Year 1 Year 2 Year 3 Year 4 Year 5 2021 Developers Web3 · Full-Time Developers Active Year 1 Year 2 Year 3 Year 4 Year 5 0 200 400 600 800 1,000 1,200 1,400 1,600 2016 2017 2018 2019 2020 Join period Retention period 2021 33% of full-time developers active at the end of 2018 are active 3+ years later ~22% of developers active at the end of 2018 are active 3+ years later * The drop in number of developers at year change is due to seasonal effect of holidays
  • 34. We can look more granularly at retention by monthly cohorts 34 1 2 3 4 5 6 100% 80% 60% 40% 20% 15% 2015 2016 2017 2018 2019 2020 2021 Web3 · Full-Time Developer Retention Year Each row represents the developers 
 that joined each month Each column represents the percent of developers from
 that month that commited code the next month
  • 35. full-time developers have significantly better retention over time: 30% of Full-Time Devs continued to contribute through year 3 35 1 2 3 4 5 6 2015 2016 2017 2018 2019 2020 2021 Web3 · All Developer Retention Year 1 2 3 4 5 6 100% 80% 60% 40% 20% 15% 2015 2016 2017 2018 2019 2020 2021 Web3 · Full-Time Developer Retention Year Only 10% of total developers continued to commit code through Year 2 Only 10% of total developers continued to commit code through Year 2 On average, 30%+ of full-time developers continued to commit code through Year 3 On average, 30%+ of full-time developers continued to commit code through Year 3
  • 36. Devs who joined near a market peak were the least sticky: full-time devs who joined late 2017 & Early 2018 did not make it to year 3 36 1 2 3 4 5 6 2015 2016 2017 2018 2019 2020 2021 Web3 · All Developer Retention Year 1 2 3 4 5 6 100% 80% 60% 40% 20% 15% 2015 2016 2017 2018 2019 2020 2021 Web3 · Full-Time Developer Retention Year Average
 Rentention 32% Average
 Rentention 24% Retention of developers that joined during ATH have a 25% retention, 8% less than the previous cohorts Retention of developers that joined during ATH have a 25% retention, 8% less than the previous cohorts BTC $20k
  • 37. what are Developers working on? Let’s segment by Ecosystems 37
  • 39. Ecosystems are comprised of community and protocol level developers 39 Community Developers
 Working on decentralized applications, documentation,
 tooling, wallets, and anything else furthering the project. Protocol Developers
 Working on the core protocol only
  • 40. Ecosystem example: Terra Ecosystems can live in other ecosystems; the Terra ecosystem lives inside the Cosmos ecosystem. Terra Communit Ancho Mirro Astropor Terraswa Pylo Loop Financ ... 40 Terra Protoco core (Go implementation of the protocol terra.js (JavaScript SDK terra.py (Python SDK), LocalTerra (local testnet), wallet-provider Terra Protocol Developers Commmunity Developers Anchor, Mirror, etc. Parent Ecosystem “Terra”
  • 41. let’s start with the top 200 ecosystems by network value... 41 Top 200 determined based on “Market Value” measure as of 12/15/21 on CoinMarketCap
  • 42. Top 200: monthly active developers by december 2021 11,475 42 Jan 2009 Jan 2011 Jan 2013 Jan 2015 Jan 2017 Jan 2019 Jan 2021 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 Top 200 All Web3 Top 200 vs All Web3 Date Developers Top 200 determined based on “Market Value” measure as of 12/15/21 on CoinMarketCap Dec 2021 11,475 Dec 2021 18,416
  • 43. Top 200: monthly active developers since jan 2021 +4,564 +66% 43 Jan 2009 Jan 2011 Jan 2013 Jan 2015 Jan 2017 Jan 2019 Jan 2021 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 Top 200 All Web3 Top 200 vs All Web3 Date Developers Jan 2021 6,911 +66% Dec 2021 11,475 +4,564 Top 200 determined based on “Market Value” measure as of 12/15/21 on CoinMarketCap
  • 44. developersarebranchingout: growthrateoutsidetop200ecosystems outpacesethandBTCgrowth +86% 44 Top 200 from 2021 (Excluding Bitcoin & Ethereum) vs Other Ecosystems Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Date 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Developers Bitcoin Ethereum Outside Top 200 Top 200· 2021
 excl. Bitcoin & Ethereum Jan 2021 2,827 "Other" category represents ecosystems
 with Network Value below the Top 200 Dec 2021 4,011 +1,184 Dec 2021 7,045 +3,272 Jan 2021 3,773 Top 200 determined based on “Market Value” measure as of 12/15/21 on CoinMarketCap
  • 45. ThedeclineinDevsworkingintop200projectsbefore2019highlightsthe growthandRetentionofthebitcoinandethereumecosystems 45 Date 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Developers Bitcoin Ethereum 2021·Top 200 2020·Top 200 2019·Top 200 2018·Top 200 2017·Top 200 2016·Top 200 Top 200 from 2016 to 2021 Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Top 200 ecosystems from 2018 and
 earlier lost developers in 2021
  • 46. Let’s look more deeply at the sustained growth of Bitcoin & Ethereum... 46
  • 48. +9%growthinmonthlyactivedeveloperssinceJan2021 48 Bitcoin Monthly Active Developers Jan 2010 Jan 2020 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Date 800 700 600 500 300 400 200 100 0 Developers Dec 2021 673 +56 +9% Jan 2021 617
  • 49. +14%growthinmonthlyactivepart-timedevelopers 49 Bitcoin Monthly Active Developers Jan 2010 Jan 2020 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Date 300 250 400 350 200 150 100 50 0 Developers Full-Time Contributors One-Time Contributors Part-Time Contributors Dec 2021 347 +42 Jan 2021 305 +14%
  • 50. +8%growthinmonthlyactiveFulL-timedevelopers 50 Bitcoin Monthly Active Developers Jan 2010 Jan 2020 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Date 300 250 400 350 200 150 100 50 0 Developers Full-Time Contributors One-Time Contributors Part-Time Contributors +8% Dec 2021 224 +16 Jan 2021 208
  • 51. Bitcoin has a consistent pipeline of 100+ new devs coming in per month 51 Bitcoin Developers by Month Joined Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Month 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 Developers 91 110 85 68 89 95 63 62 54 61 88 77 135 135 150 113 107 79 137 94 81 107 119 116 116 137 112 114 96 136 99 121 103 106 101 96 113 112 107 124 114 109 129 91 101 87 86 130 115 118 168 117 129 122 114 136 119 140 116
  • 53. Ethereum: monthly active developers since Jan 2021 +1,184 +42% 53 Ethereum Monthly Active Developers Jan 2016 Jan 2018 Jan 2020 Jan 2017 Jan 2019 Jan 2021 Jan 2015 Date 1,000 2,000 3,000 4,000 5,000 500 1,500 2,500 3,500 0 Developers Dec 2021 4,011 +1,184 Jan 2021 2,827 +42%
  • 54. Ethereum: monthly active part-time developers since jan 2021 +705 +51% 54 Ethereum Monthly Active Developers Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Date 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 Developers One-Time Contributors Part-Time Contributors Full-Time Contributors +51% Dec 2021 2,081 +705 Jan 2021 1,376
  • 55. Ethereum: monthly active Full-time developers since Jan 2021 +258 +24% 55 Ethereum Monthly Active Developers Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Date 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 Developers One-Time Contributors Part-Time Contributors Full-Time Contributors +24% Nov 2021 1,312 +258 Jan 2021 1,054
  • 56. 700+ at an all-time high new developers joining Ethereum every month is 56 Ethereum Developers by Month Joined Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Month 0 100 200 300 400 500 600 700 800 900 Developers 263 346 264 258 335 103 236 259 169 95 100 104 549 460 459 587 495 724 486 438 587 457 484 357 380 415 407 469 365 311 364 376 404 394 384 349 384 508 393 625 500 544 468 666 378 349 368 409 519 695 798 813 579 711 718 772 649 754 780 2021 All-Time High
  • 57. Ethereum consistently draws 20-25% of developers coming to Web3 57 Developers by Month Joined 0 400 800 1,200 1,600 2,000 2,400 2,800 3,200 3,600 4,000 4,400 Developers 263 346 264 258 335 103 236 259 169 95 100 104 549 460 459 587 495 724 486 438 587 457 484 357 380 415 407 469 365 311 364 376 404 394 384 349 384 508 393 625 500 544 468 666 378 349 368 409 519 695 798 813 579 711 718 772 649 754 780 1,626 1,994 1,921 741 654 1,419 1,705 1,932 636 995 1,633 804 1,233 1,492 806 2,556 2,024 2,544 2,600 2,706 2,113 2,573 2,807 2,684 2,217 2,808 2,583 1,755 1,999 1,387 1,632 1,898 1,729 2,017 2,233 1,982 1,840 1,624 1,762 2,166 1,555 1,454 1,868 1,717 1,682 1,716 1,721 1,614 2,924 3,314 3,305 1,753 3,262 3,335 3,160 2,996 2,920 2,914 1,998 Ethereum Other Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Date
  • 58. WE can compare the annual cohort retention in ETHEREUM to see how long developers stay in the ecosystem 58 Ethereum · Full-Time Developers Active after Start date 0 50 100 150 200 250 300 350 400 450 500 550 600 650 2017 2018 2019 2020 2021 Year 1 Year 2 Year 3 Year 4 Year 5 Join period Retention period Developers 2016 Ethereum · Total Developers Active After Start Date 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 2016 2017 2018 2019 2020 2021 Year 1 Year 2 Year 3 Year 4 Year 5 Join period Retention period * The drop in number of developers at year change is due to seasonal effect of holidays
  • 59. ethereum has some of the best retention in Web3: 30% of full-time Devs who joined after 2017 stayed beyond year 4 59 1 2 3 4 5 6 2015 2016 2017 2018 2019 2020 2021 Ethereum · All Developer Retention Year 1 2 3 4 5 6 100% 80% 60% 40% 20% 15% 2015 2016 2017 2018 2019 2020 2021 Ethereum · Full-Time Developer Retention Year 30% of Developers who joined in 2017 stayed through Year 5 30% of Developers who joined in 2017 stayed through Year 5
  • 60. how does the growth of individual ecosystems compare? 60
  • 61. We can compare dec 2020 vs. dec 2021 per ecosystem to visualize growth 61 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 0 Total Developers - December 2020 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 0 Total Developers - December 2021 2020: 840 2021: 1400 Dec 2020: 2,980 Dec 2021: 3,920 Ethereum Polkadot Total Developers Gained Developers Lost Developers 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs The y-axis indicates the average 
 monthly Full-Time developers in 2021 The x-axis indicates the average monthly Full-Time developers in 2020 We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 62. Full-time, part-time & One-time developers: EThereum by far the largest & 2.8x larger than the Next 62 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 0 Total Developers - December 2020 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 0 Total Developers - December 2021 Ethereum Polkadot Total Developers Gained Developers Lost Developers 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 63. Ethereum, Polkadot, Cosmos, SOLANA, & Bitcoin are the 5 largest ecosystems 63 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 0 Total Developers - December 2020 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 0 Total Developers - December 2021 Ethereum Polkadot Total Developers Gained Developers Lost Developers Solana Cosmos Bitcoin 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs There are many developers working on closed-source tooling in Bitcoin, e.g. custodians and exchanges. Solana has more of a culture of closed-source development, so may appear smaller.
  • 64. the Bitcoin ecosystem gained developers in 2021 but fell to the 5th largest ecosystem. does it matter? 64 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 0 Total Developers - December 2020 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 0 Total Developers - December 2021 Ethereum Polkadot Total Developers Gained Developers Lost Developers Solana Cosmos Bitcoin 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs Bitcoin gained average monthly active developers in 2021, but for the first time is no longer the second biggest ecosystem We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 65. Let’s zoom in to make it easier to understand and visualize 65 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 0 Total Developers - December 2020 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 0 Total Developers - December 2021 Ethereum Polkadot Total Developers Gained Developers Lost Developers Solana Cosmos Bitcoin 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs Let’s focus on this range Let’s focus on this range We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 66. zooming in on ecosystems with 300-1000 developers.... 66
  • 67. ecosystems between 300-1000 developers: Solana almost 5x’d total developers; NEAR 4x’d total developers 67 100 200 300 400 500 50 150 250 350 450 550 600 650 700 750 800 850 900 0 Total Developers - December 2020 400 600 300 500 700 800 900 200 100 1,000 150 250 350 450 550 650 750 850 950 50 0 Total Developers - December 2021 Bitcoin Cardano Cosmos Binance Smart Chain Solana Polygon NEAR Kusama Total Developers 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs 2x 3x Gained Developers Lost Developers 4x We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 68. Polygon more than 2x’d monthly Developers while Cardano was +90%, BSC +80%, Cosmos +70%, Bitcoin +10% 68 100 200 300 400 500 50 150 250 350 450 550 600 650 700 750 800 850 900 0 Total Developers - December 2020 400 600 300 500 700 800 900 200 100 1,000 150 250 350 450 550 650 750 850 950 50 0 Total Developers - December 2021 Bitcoin Cardano Cosmos Binance Smart Chain Solana Polygon NEAR Total Developers Kusama 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs 2x 3x Gained Developers Lost Developers 4x We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 69. zooming in on ecosystems with 50+ developers... 69
  • 70. ecosystems between 51-300 developers: Terra, ICP , Fantom, and harmony more than 4x’d developers 70 250 150 200 50 100 0 Total Developers - December 2020 200 100 0 20 40 60 80 120 140 160 180 220 240 260 280 300 Total Developers - December 2021 EOS Monero IOTA Tezos Chainlink XRP Basic Attention Token Status Gnosis Stacks Filecoin Internet Computer Harmony Hedera Hashgraph Fantom Helium Terra Algorand Elrond Celo Avalanche Moonriver Total Developers 2x 3x Gained Developers Lost Developers 4x 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs Data artifact: Filecoin devs spiked temporarily because of mainnet launch in late 2020. This brought in a large number of one-time devs. Data artifact: Filecoin devs spiked temporarily because of mainnet launch in late 2020. This brought in a large number of one-time devs. We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 71. ecosystems between 51-300 developers: avalanche and Algorand more than 3x’d developers 71 250 150 200 50 100 0 Total Developers - December 2020 200 100 0 20 40 60 80 120 140 160 180 220 240 260 280 300 Total Developers - December 2021 EOS Monero IOTA Tezos Chainlink XRP Basic Attention Token Status Gnosis Stacks Filecoin Internet Computer Harmony Hedera Hashgraph Fantom Helium Terra Elrond Celo Moonriver Total Developers 2x 3x Gained Developers Lost Developers 4x Algorand 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs Avalanche We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 72. ecosystems between 51-300 developers: CHAINLINK, HEDERA, and MOONRIVER 2x’d monthl y active developers 72 250 150 200 50 100 0 Total Developers - December 2020 200 100 0 20 40 60 80 120 140 160 180 220 240 260 280 300 Total Developers - December 2021 EOS Monero IOTA Tezos Chainlink XRP Basic Attention Token Status Gnosis Stacks Filecoin Internet Computer Harmony Algorand Hedera Hashgraph Fantom Helium Terra Elrond Celo Avalanche Moonriver Total Developers 2x 3x Gained Developers Lost Developers 4x 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 73. ecosystems between 51-300 developers: tezos, celo, stacks, IOTA, BAsic attention token, Status, gnosis, elrond, and helium all gained developers 73 250 150 200 50 100 0 Total Developers - December 2020 200 100 0 20 40 60 80 120 140 160 180 220 240 260 280 300 Total Developers - December 2021 EOS Monero IOTA Tezos Chainlink XRP Basic Attention Token Status Gnosis Stacks Filecoin Internet Computer Algorand Harmony Hedera Hashgraph Fantom Helium Terra Elrond Celo Avalanche Moonriver Total Developers 2x 3x Gained Developers Lost Developers 4x 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 74. most ecosystems lost fewer than 10 devs between 2020 and 2021; some projects may lose devs because of developer spikes the previous year 74 250 150 200 50 100 0 Total Developers - December 2020 200 100 0 20 40 60 80 120 140 160 180 220 240 260 280 300 Total Developers - December 2021 EOS Monero IOTA Tezos Chainlink XRP Basic Attention Token Status Gnosis Stacks Filecoin Internet Computer Algorand Harmony Hedera Hashgraph Fantom Helium Terra Elrond Celo Avalanche Moonriver Total Developers 2x 3x Gained Developers Lost Developers 4x 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs
  • 75. Top 10 fastest growing ecosystems with 50+ Developers Growth of Total Monthly Developers
 Dec 2021 vs. Dec 2020 Growth of Full-Time Monthly Developers
 Dec 2021 vs. Dec 2020 75 1. Fantom 389% 2. Solana 385% 3. Internet Computer 368% 4. NEAR 307% 5. Terra 305% 6. Harmony 281% 7. Algorand 259% 8. Avalanche 235% 9. Chainlink 144% 10. Polygon 136% 1. Terra 313% 2. Solana 307% 3. NEAR 291% 4. Fantom 271% 5. Avalanche 179% 6. Polygon 175% 7. Kusama 162% 8. Internet Computer 146% 9. Moonriver 125% 10. Algorand 116%
  • 76. Looking at full-time developers only can smooth out 
 noise from one-time developers... 76
  • 77. we can compare Full-time devs (10+ commits/month): Dec 2020 vs Dec 2021 77 Full-Time Developers 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 Full-Time Developers - December 2020 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 Full-Time Developers - December 2021 Ethereum Gained Developers Lost Developers 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 78. ethereum, polkadot, cosmos, solana, bitcoin, near, cardano, and kusama are ecosystems with 100+ full-time developers (10+ commits/month) 78 Full-Time Developers 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 0 Full-Time Developers - December 2020 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 0 1,400 Full-Time Developers - December 2021 Ethereum Polkadot Gained Developers Lost Developers 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs Solana Cosmos Bitcoin Cardano NEAR Kusama We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 79. Let’s zoom in to ecosystems with between 50 and 300 full-time developers 79 Full-Time Developers 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 0 Full-Time Developers - December 2020 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 0 1,400 Full-Time Developers - December 2021 Ethereum Polkadot Solana Cosmos Bitcoin Cardano NEAR Kusama 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs Gained Developers Lost Developers We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series. Let’s focus on this range Let’s focus on this range
  • 80. for ecosystems with 50+ full-time developers: Solana and NEAR 4x’d their full-time devs 80 Full-Time Developers 100 80 120 140 60 40 50 70 90 110 130 150 30 20 10 0 160 170 180 190 200 210 220 230 240 250 260 270 280 290 Full-Time Developers - December 2020 200 100 40 60 80 120 140 160 180 220 240 260 280 300 320 20 0 340 Full-Time Developers - December 2021 Bitcoin Cardano Cosmos Solana NEAR Kusama 2x 3x Gained Developers Lost Developers 4x Filecoin Tezos Binance Smart Chain Avalanche Polygon Celo 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 81. for ecosystems with 50+ full-time developers: Kusama, Pol ygon, and avalanche more than 2x'd their full-time devs 81 Full-Time Developers 100 80 120 140 60 40 50 70 90 110 130 150 30 20 10 0 160 170 180 190 200 210 220 230 240 250 260 270 280 290 Full-Time Developers - December 2020 200 100 40 60 80 120 140 160 180 220 240 260 280 300 320 20 0 340 Full-Time Developers - December 2021 Bitcoin Cardano Cosmos Solana NEAR Kusama 2x 3x Gained Developers Lost Developers 4x Filecoin Tezos Binance Smart Chain Avalanche Polygon Celo 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 82. COSMOS, Bitcoin, Cardano, bsc, and Celo all gained monthly active devs 82 Full-Time Developers 100 80 120 140 60 40 50 70 90 110 130 150 30 20 10 0 160 170 180 190 200 210 220 230 240 250 260 270 280 290 Full-Time Developers - December 2020 200 100 40 60 80 120 140 160 180 220 240 260 280 300 320 20 0 340 Full-Time Developers - December 2021 Bitcoin Cardano Cosmos Solana NEAR Kusama 2x 3x Gained Developers Lost Developers 4x Filecoin Tezos Binance Smart Chain Avalanche Polygon Celo 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs Let’s focus on this range Let’s focus on this range We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 83. For ecosystems with 20-50 full-time devs: terra and fantom more than 3x’D 83 Full-Time Developers 35 30 25 20 15 10 5 0 40 Full-Time Developers - December 2020 40 30 20 10 0 50 5 15 25 35 45 Full-Time Developers - December 2021 IOTA Basic Attention Token Status Gnosis Stacks Internet Computer Algorand Terra Elrond Maker Chainlink Decentraland Hedera Hashgraph Fantom Balancer 2x 3x Gained Developers Lost Developers We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 84. ALGORAND, internet computer and balancer more than 2x’d 84 Full-Time Developers 35 30 25 20 15 10 5 0 40 Full-Time Developers - December 2020 40 30 20 10 0 50 5 15 25 35 45 Full-Time Developers - December 2021 IOTA Basic Attention Token Status Gnosis Stacks Internet Computer Algorand Terra Elrond Maker Chainlink Decentraland Hedera Hashgraph Fantom Balancer Gained Developers Lost Developers 2x 3x We only count open-source developers. The numbers are averages for the whole month of December and might slightly defer with December numbers from earlier time series.
  • 85. But these ecosystems launched at different times. Let’s normalize launch date... 85
  • 86. Let’s start by looking at the largest and most valuable Ecosystems... 86
  • 87. We can compare developer growth by indexing at the day of the first commit 87 0 400 800 1,200 1,600 2,000 2,400 2,800 3,200 3,600 4,000 Days Since First Commit 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Total Developers NEAR Ethereum Polygon Bitcoin Solana Cardano Tezos Cosmos Algorand Binance Smart Chain Flow Avalanche Stacks Fantom Internet Computer Polkadot Celo Terra Monthly Active Developers Since Launch | 80+ Avg Developers
  • 88. EThereum, Polkadot, Cosmos, Solana, and Bitcoin have the largest ecosystems - but they have taken very different paths to get here 88 Days Since First Commit 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Total Developers NEAR Ethereum Polygon Bitcoin Solana Cardano Tezos Cosmos Algorand Binance Smart Chain Flow Avalanche Stacks Fantom Internet Computer Polkadot Celo Terra Monthly Active Developers Since Launch | 80+ Avg Developers 0 800 1,200 1,600 2,000 2,400 2,800 3,200 3,600 4,000 400
  • 89. let’s zoom in to emerging ecosystems 89 Days Since First Commit 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Total Developers NEAR Ethereum Polygon Bitcoin Solana Cardano Tezos Cosmos Algorand Binance Smart Chain Flow Avalanche Stacks Fantom Internet Computer Polkadot Celo Terra Monthly Active Developers Since Launch | 80+ Avg Developers 0 800 1,200 1,600 2,000 2,400 2,800 3,200 3,600 4,000 400 Next, let’s focus on this range Next, let’s focus on this range
  • 90. BSC, avalanche, NEAR, Cardano, POlygon, and Tezos have 250+ developers 90 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Days Since First Commit 0 50 100 150 200 250 300 350 400 450 Total Developers NEAR Polygon Cardano Tezos Algorand Binance Smart Chain Flow Avalanche Stacks Fantom Internet Computer Celo Terra Monthly Active Developers Since Launch | Exclude Ethereum, Polkadot, Cosmos, Solana, Bitcoin Above 250 Monthly Active Developers Only open-source developers are counted. Some Layer-1s like Avalanche, Terra, and Flow have more close-source repositories and will appear smaller.
  • 91. there are many new emerging ecosystems with 50+ full-time devs 91 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Days Since First Commit 0 20 40 60 80 100 120 140 160 Full-Time Developers NEAR Polygon Cardano Tezos Algorand Binance Smart Chain Flow Avalanche Stacks Fantom Internet Computer Celo Terra Monthly Active Developers Since Launch | Exclude Ethereum, Polkadot, Cosmos, Solana, Bitcoin Only open-source developers are counted. Some Layer-1s like Avalanche, Terra, and Flow have more close-source repositories and will appear smaller.
  • 92. Let’s Zoom in to breakout layer-1 ecosystems... 92
  • 93. how do the top layer-1 ecosystems (based on NETWORK value) Compare? 93 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 Days Since First Commit 0 200 400 600 800 1,000 1,200 1,400 1,600 Total Developers Bitcoin Ethereum Solana Terra NEAR Cosmos Polkadot Cardano Binance Smart Chain Avalanche Fantom Elrond Monthly Active Developers Since Launch | Top-10 Ecosystem by Network Value vs Ethereum vs Bitcoin Day: 2,914 Devs: 4,011 Day: 3,650 Devs: 673
  • 94. Polkadot,Solana,NEAR,BSC,Avalanche,andTerrahave fasterinitialecosystemgrowththanETHEREUM 94 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 Days Since First Commit 0 200 400 600 800 1,000 1,200 1,400 1,600 Total Developers Monthly Developers Since Launch | Ecosystems with Faster Initial Growth than Ethereum Solana Terra NEAR Binance Smart Chain Avalanche Polkadot Ethereum Day: 2,914 Devs: 4,011
  • 95. Full-Time Developers: POlkadot, near, solana, and BSC have more full-time devs than Ethereum at the same point after first code commit 95 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 Days Since First Commit 0 50 100 150 200 250 300 350 400 450 500 550 Full-Time Developers Solana Terra NEAR Polkadot Binance Smart Chain Avalanche Full-Time Monthly Developers Since Launch | Ecosystems with Faster Initial Growth than Ethereum Ethereum Day: 2,914 Devs: 4,011
  • 96. That being said, building community takes years: most communities take 2+ Years to attract 100+ developers 96 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Days Since First Commit 0 50 100 150 200 250 300 350 400 450 Total Developers NEAR Polygon Cardano Tezos Algorand Binance Smart Chain Flow Avalanche Stacks Fantom Internet Computer Celo Terra Monthly Active Developers Since Launch | Exclude Ethereum, Polkadot, Cosmos, Solana, Bitcoin Only open-source developers are counted. Some Layer-1s like Avalanche, Terra, amd Flow have more close-source repositories and will appear smaller.
  • 97. many ecosystems are now ethereum virtual machine (Evm) compatible to attract developers. How is that going? 97
  • 98. 30% +1,980 +58% of all developers are writing code on an etherum virtual machine compatible layer-1s: monthl y primary devs since Jan 2021 98 EVM Layer-1s Monthly Active Developers Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Date 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 Developers Jan 2021 3,424 Dec 2021 5,404 +1,980 +58%
  • 99. EVM-compatible layer-1s excluding Ethereum grew by in 2021... EVM-Compatible chains are growing faster than Ethereum! +120% 99 Ethereum and Other EVM Layer-1s since 2015 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Date 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Developers Ethereum EVM Layer-1s Dec 2021 4,011 +1184 Jan 2021 2,827 Dec 2021 1,475 +803 Jan 2021 672 Ethereum Some Developers work across EVM Layer-1s and Ethereum. The sum of these two lines will be greater than total developers in EVM-compatible chains. +120% +42%
  • 100. Are these developers copying code from ethereum or primarily contributing to the new evm chains? 100
  • 101. does being evm-compatible allow for new, self-sufficient ecosystems? in some cases, yes Primary Contributors
 Developers working on projects whose token lives on the same chain as the smart contract. Even if the code is copy/pasted, these developers are commited to the new cchain more than Ethereum. Cross-Chain Contributors
 Work on projects that serve users on Chain A, but whose primary governance token lives on Chain B. This implies these developers are not primarily committed to Chain A. 101
  • 102. Some chains like POlygon have more cross-chain developers (building on both ethereum and polygon) than primary developers 102 Polygon Primary & Cross-Chain Developers Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Date 0 100 200 300 400 500 600 700 800 Developers Primary Developers Cross-Chain Developers Jan 2021 395 Dec 2021 674
  • 103. Avalanche has seen a surge in primary developers after bootstrapping off of cross-chain devs 103 Avalanche Primary & Cross-Chain Developers Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Date 0 50 100 150 200 250 300 350 Developers Primary Developers Cross-Chain Developers Dec 2021 274 Dec 2021 185 Starting August 2021, Avalanche almost has the 
 same amount of developers in Primary and Cross-Chain
  • 104. celo has close to 2x primary developers vs. cross-chain developers, also bootstrapped by first having primarily cross-chain devs 104 Celo Primary & Cross-Chain Developers Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Date 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 Developers Primary Developers Cross-Chain Developers Dec 2021 198 Dec 2021 69
  • 105. it looks like bootstrapping a new ecosystem via evm compatability can work! 105
  • 106. how is deFi doing? 106
  • 107. defi has grown with overall developer growth to Developers +76% 2,571 107 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2016 Jan 2015 Date 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 200 2,600 0 Developers Decentralized Finance Monthly Active Developers Jan 2021 1,458 Dec 2021 2,571 +1184 +76%
  • 108. DEFI full-time monthly active contributors grew developers steward smart contracts with in assets +64% ~1,000 $100+ billion 108 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 0 200 400 600 800 1,000 1,200 1,400 1,600 Developers One Time Part Time Full-Time Decentralized Finance Monthly Active Developers Date Dec 2021 787 +306 Dec 2021 481 +64%
  • 109. 500+ new developers started developing in defi every month in 2021 109 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Month 0 50 100 150 200 250 300 350 400 450 500 550 600 650 Developers 274 79 35 44 119 32 100 67 70 90 36 114 42 95 45 23 140 116 140 146 117 124 154 140 167 113 220 96 107 97 114 151 107 286 108 357 116 121 129 111 128 387 329 148 234 401 125 548 136 505 383 647 595 629 590 601 639 539 570 Decentralized Finance Developers by Month Joined
  • 110. Olympusdaodidnotexistoneyearagoandhas devs Osmosis,TraderJoewentfrom0to devs 60 30+ 110 5 10 15 20 25 30 35 40 45 50 55 60 65 70 0 Total Developers - December 2020 5 10 15 20 25 30 35 40 45 50 55 60 0 65 Total Developers - December 2021 Maker Synthetix Uniswap Aave Balancer Vega Protocol Trader Joe Osmosis Olympus DAO Mango Lido Total Decentralized Finance Developers Gained Developers Lost Developers 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs These ecosystems didn’t exist in 2020
  • 111. vega protocol more than 4x’d, while Balancer, synthetix and uniswap more than 2x’d the number of monthly developers 111 5 10 15 20 25 30 35 40 45 50 55 60 65 70 0 Total Developers - December 2020 5 10 15 20 25 30 35 40 45 50 55 60 0 65 Total Developers - December 2021 Maker Synthetix Uniswap Aave Balancer Vega Protocol Trader Joe Osmosis Olympus DAO Mango Lido Total Decentralized Finance Developers 2x 1x 3x Gained Developers Lost Developers 4x 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs
  • 112. ecosystems with 20 to 30 developers: acala, Injective protocol AND beefy finance more than 2x’d in 2021 112 10 15 20 25 30 5 0 Total Developers - December 2020 10 20 6 8 12 14 16 18 22 24 26 28 4 2 0 Total Developers - December 2021 THORChain Set Protocol Acala Serum Beefy.Finance Injective Protocol Sifchain Centrifuge Tinlake Composable Finance Total Decentralized Finance Developers 2x 1x 3x Gained Developers Lost Developers New in 2021 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs
  • 113. zooming in into defi ecosystems with 10 to 20 developers 113 10 15 20 25 30 5 0 Total Developers - December 2020 10 20 6 8 12 14 16 18 22 24 26 28 4 2 0 Total Developers - December 2021 THORChain Set Protocol Acala Serum Beefy.Finance Injective Protocol Sifchain Centrifuge Tinlake Composable Finance Total Decentralized Finance Developers Let’s focus on this range Let’s focus on this range 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs
  • 114. ecosystems with 10 to 20 developers like rari capital, Instadapp , badger, certus one or alpaca finance more than 3x’d in 2021 114 12.0 14.0 16.0 18.0 13.0 15.0 17.0 11.5 12.5 13.5 14.5 15.5 16.5 17.5 18.5 11.0 10.5 19.0 Total Developers - December 2021 TrueUSD 0x Loopring Polymath Keep Network InstaD App Connext Network Ankr Kava Labs Curve UMA Dev Protocol Tellor Sushi Swap Interlay Harvest Finance Pickle Finance mstable Argent 1inch Rari Capital Alpaca Finance ApeSwap Finance Badger DAO Pangolin TrueFi Element Finance Ares Protocol interBTC badger finance FABRIC Jet Protocol StakeFi Anoma Grid Singularity Mangata Finance Onomy Thales Certus One Superfluid Minswap Solarbeam Balanced GooseFX Total Decentralized Finance Developers Total Developers - December 2020 0 5 10 15 20 25 2x 1x 3x G a i n e d D e v e l o p e r s L o s t D e v e l o p e r s 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs
  • 115. projects such as alpaca, apeswap, thales, jet, minswap, solarbeam, and goosefx started with 0 and have established teams of 10+ 115 12.0 14.0 16.0 18.0 13.0 15.0 17.0 11.5 12.5 13.5 14.5 15.5 16.5 17.5 18.5 11.0 10.5 19.0 Total Developers - December 2021 TrueUSD 0x Loopring Polymath Keep Network InstaD App Connext Network Ankr Kava Labs Curve UMA Dev Protocol Tellor Sushi Swap Interlay Harvest Finance Pickle Finance mstable Argent 1inch Rari Capital Alpaca Finance ApeSwap Finance Badger DAO Pangolin TrueFi Element Finance Ares Protocol interBTC badger finance FABRIC Jet Protocol StakeFi Anoma Grid Singularity Mangata Finance Onomy Thales Certus One Superfluid Minswap Solarbeam Balanced GooseFX Total Decentralized Finance Developers 0 5 10 15 20 25 G a i n e d D e v e l o p e r s L o s t D e v e l o p e r s 2000+ devs 1001-2000 devs 301-1000 devs 101-300 devs 51-100 devs 41-50 devs 31-40 devs 21-30 devs 11-20 devs 2-10 devs 1 dev 0 devs Total Developers - December 2020 2x 3x 1x These ecosystems didn’t exist in 2020
  • 116. What about NFTs, dAOs, and gaming? 116
  • 117. developer engagement is not the best lens for all ecosystems NFTs, Gaming, and DAOs - New Community Signals Coming Soon We did not deep dive into NFTs, DAOs, and Gaming since aggregate developer metrics alone may be misleading and may not be the correct leading indicator to consider. In these markets, a relatively small number of developers can build reusable components and the amount of smart contract code written will be small relative to community engagement. For example, a very small amount of code written by just one developer might drive a large PFP NFT project ecosystem. Or in the case of games, the majority of code may be off chain and closed source, thereby making extrapolation from on-chain and open source data very noisy. We believe community engagement signals are an important and complementary leading indicator for the NFT, Gaming, and DAO markets. We are working on several novel ways to gather community data and signals and will share our results later in 2022. 117
  • 118. putting the web3 ecosystem in context 118
  • 120. Developers in Web3 vs. Developers at select companies 120 Goldman Sachs 9,000 Web3 18,416 Amazon 36,000 https://www.daxx.com/blog/development-trends/number-software-developers-world
  • 121. developers in Web3 vs. Developers in select Countries 121 Web3 18,416 Poland 295,000 Russia 412,000 France 533,000 UK 849,000 Germany 901,000 US 4,300,000 India 5,800,000 https://www.daxx.com/blog/development-trends/number-software-developers-world
  • 122. web3 vs. all developers in the world 122 Web3 18,416 C# 7,100,000 PHP 7,300,000 C/C++ 7,500,000 Java 9,400,000 Python 11,300,000 Javascript 16,500,000 All Developers 26,900,000 https://www.developernation.net/developer-reports/dn21
  • 123. Web3 is just getting started The growth of developers in Web3 represents a small, yet rapidly expanding portion of software engineers globally Side by side with the largest Web2 internet companies (e.g. Facebook, Google), the Web3 developer contigent is comparable in size. As a new industry or technology (e.g. PHP, Python), Web3 has plenty of headroom. NFTs, Gaming, DAOs and Future Use Cases Considering the breadth of possible applications, there is much to be excited about. Web3 is not just about cryptocurrencies and trading; many developers are attracted by the possibility to innovate on new platforms. A wide range of primitives, protocols, and applications around NFTs, gaming, DeFi, and DAOs are yet to be created. 123
  • 125. Help map the web3 ecosystem We’ve opened our ecosystem map on GitHub so that anyone can contribute Check out our ecosystem mappin Submit a new ecosystem via our form on Airtable Or submit a pull request in our Github: https://github.com/electric-capital/crypto-ecosystems We will use this data for our reports going forward. 125
  • 126. Thank you Aliaksandr Hudzilin
 @aliaksandrh Vlad Grichina
 @vgrichina Illia Polosukhin
 @ilblackdragon Josh Ford 
 TBC Kaitlin Pike
 @kcpike Alex Graebe
 @agraebe Diwaker Gupta
 @diwakergupta Eric Kang
 @exk200 Raphael
 @raphaelsignal Linda Lu
 @lindalu1111 Dawn Song
 @dawnsongtweets Ryan Gentry
 @ryanthegentry Elizabeth Stark
 @starkness Steve Lee
 @moneyball Jovica Popovic
 @jpop_32 Leart Ulaj
 @leartulaj Elena Giralt
 TBC Joe Bender
 @josephbender Mitchell Cuevas
 @mcuevasm Li Jiang
 @lijiang2087 Giv Parveneh
 @givp Hamzah Khan
 @khamzah22 Sanket Shah
 @sourcex44 Patrick O’Grady
 @_patrickogrady Kuleen Nimkar
 @knimkar Max Murphy
 TBC Stanford Liu
 TBC Do Kwon
 @stablekwon Michael Chen
 @cryptomhchn Roham Gharegozlou
 @rohamg Andrea Muttoni
 @muttonia John Safy
 TBC Jiten Oswal
 @jitenoswal Philip Liu
 @philipliujr 126
  • 127. Thank you · Github contributors Amy Slawson Billy Rennekamp bobinson Daniel Ogbuti darkfriend77 devELIOper Egbon Osasere Cedric Elliot Lee Elrondex francisco-leal Gregory Rocco Guilherme Gavazzoni Hieu Phan Horlong Kizito Igor Lilic Ihor Verkhohliad Jonathan Dunne Kakoma Kevin Neilson Khafid Prayoga Matthew Sevey medvedev1088 midegdugarova Mitesh Mandey moreplatesmoredates mutugiii Nihat Gurmen Osariemen Osaretin Frank Shae Wang Sunil Srivatsa Thompson trungng1992 uncle-T0ny Weilei Y wi1dcard zavodil Zviad Metreveli Andrea Muttoni 
 maverickmuttoni Athul Sanjose
 UltimateRoman Blessed Igberase
 Blisado1 Eduardo Puentes
 Eduardo-Puentes Jason Rodrigues
 reachjason Kyrylo Doma
 doma2k Mark Tsyrulnyk
 markblaize Muhideen Mujeeb Adeoye
 Mujhtech Ryan Gentry
 ryanthegentry Steffen Krogmann steffenkrogmann ThriftyOldStudent
 Asvoria Vaibhav Chopra
 sudo-vaibhav Agorist-Action anhnt18 apprises bdev07 calianlucian e-gons iamoracle jiten-gupta Jordan-type Pyzeur-ColonyLab sandymandy12 Shuqroh T3CHMO Tamara-Ebi-Pere-Victor Web-Logistics yexiaozhu05 127
  • 129. Commit Counting Methodology: Not all code commits are created equal Forks
 Only new code counts towards developer activity. We omit code and developer activity from merging changes from the upstream codebase. 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. This eliminates copy/pasted code from counting towards an ecosystem. Commits from Integrating Open Source Libraries
 Integrating common libraries does not count toward code activity. Branches
 We look at commits from all branches (master/development, etc.) and tags. We look beyond Github's default view, which can be incomplete. Limitations
 We only look at open-source repositories. There are many repositories that are not yet open-source. However, we are planning to enrich the open-source code data with deployed on- chain smart contract code. 129
  • 130. How are developers counted? Developers
 We count original code authors as developers. This means that a developer who merges a pull request is not an active developer on the project, but the original authors of the commits are. Full-Time Contributors
 Contributed code 10+ days out of a month Part Time Contributors
 Contributed code fewer than 10 days out of a month One Time Contributors
 Contributed code once in a rolling 3-month window Monthly Developer
 We count commits during the next 28 days of the commit happening to generate more stability in the data Top-200 category
 Any ecosystem that has been in the Top 200 rank by network valuation for at least 90 days in the corresponding year 130