Telstra Report Unveils Ethereum Devs Remain Strong During Bear Market
August 09 2022 - 8:31AM
NEWSBTC
Recent news reported the constant increase of developers in some
renowned digital currencies, especially Ethereum. The effect has
increased the Web3 community strength and is looking to maintain
this course in the long run. The news cited that the growth is a
function of the participation of developers in the major
ecosystems. According to the information from Telstra Ventures, the
major digital currencies involved here are Bitcoin, Ethereum, and
Solana. Telstra Ventures is a known investing arm of
telecommunication in Australia. Related Reading: Has Bitcoin Price
Found Support At A Decade-Long Trend Line? Notably, the report also
compared the level of strength of all three ecosystems. From
available data, Ethereum seemed to possess a more prominent and
stronger community of developers than the others. Also, the
information stated that there are still opportunities available in
these three digital currencies. Observations are that there is
still a wide range of unfunded opportunities on the ETH network.
Aside from that, it was also reported that investors were only able
to use half of the 10 top projects in these ecosystems. Ethereum
Leads With Active Contributors The primary metric determinant of an
ecosystem that shows its strength is the number of consistent
contributors the ecosystem has. Another factor is the rate of usage
and how well-known the ecosystem is. The popularity and use are
what draws the attention of other contributors to the digital
currency network. Going further, Telstra has carried out an
in-depth investigation on the active developers in all three
ecosystems in the last four years. Drawing from the data obtained,
the community of the Eth network increased by 24.9%. This was dated
from the 1st of January 2018. Considering the current state of the
crypto market, it is not out of place to say that this growth is
quite surprising. As of July 2022, only 9% of the monthly
contributors in the Eth network dropped after the drastic plunge in
the prices of digital currencies in November. The information
indicates that the current crypto winter does not affect the
developers of these ecosystems. More factors also contribute to the
steady increase in the contributors of this digital token. A
prominent example is the anticipated Eth Merge. This event is
intended to move the blockchain from its current Proof-of-Work
(PoW) system to that of a Proof-of-Stake (PoS). One of the intents
of the Merge is to draw more interest from contributors to the
network. Currently, the total number of active contributors in this
ecosystem is more than 2,500. This has been the figure at the end
of each month, dating from the first half of last year. BTC And SOL
Devs Growth Overview Moreover, SOL obtained a compound yearly
growth rate of about 173%, which occurred during the same period as
ETH. At the time, its price reached a peak of $204. But somehow,
its rate dipped to about 21%, with a total number of active
contributors of slightly more than 250. Related Reading: What Is
FLOW Blockchain And Why Is The Price Up 100% In The Last 24 Hours?
Meanwhile, BTC has had a steady 8% monthly contributors growth rate
dating from its last peak in November last year. Featured image
from Pixabay - Chart from TradingView.com
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