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Despite the cryptocurrency downturn, developers continue to contribute to the Web3 community

Blockchain developers have maintained their contribution to the Web3 community despite the latest market downturn, with Ethereum (ETH) leading the way as the strongest and largest community, according to a recent report by VC investment firm Telstra Ventures.

According to the report, the participation of blockchain developers in the Web3 community has remained largely unbroken during the recent market meltdown.

The participation of blockchain developers in the Web3 community remains strong, as measured by compound annual growth in the number of unique active contributors per project, the report said. and each ecosystem every month”.

Ethereum has maintained its position as the largest and strongest developer community: since mid-2021, the ecosystem has consistently had more than 2,200 active monthly contributors.

On a four-year basis, Ethereum’s community of contributors has grown at a compound annual growth rate of 24.9%. The number of monthly active Ethereum contributors has decreased by about 9% since the peak in November 2021.

Source: telstraventures.com
Source: telstraventures.com

Solana (SOL), a so-called “Ethereum killer,” has also maintained his growth rate but still lags behind Ethereum significantly. At its peak, Solana had around 350 monthly active contributors, which has dropped to around 260 during the recent market crash.

Blockchain contributors have grown at a compound annual growth rate of 173% over the past four years. However, since SOL’s peak last November, its number of active contributors has dropped by 21%.

Source: telstraventures.com
Source: telstraventures.com

On the other hand, the leading cryptocurrency has seen a steady growth in the number of active developers over the past eight years. By mid-2021, Bitcoin (BTC) has over 400 monthly active contributors, a number that had dropped to around 350 by the end of last year.

The report states that Bitcoin’s community of contributors has seen a compound annual growth rate of 17.1% over the past 4 years, adding that its number of active contributors has increased by 8.2% since its peak last October.

Source: telstraventures.com
Source: telstraventures.com

The latest market crash, fueled by the collapse of the Terra algorithm’s stablecoin UST and the failure of several well-known crypto firms such as Celsius and Three Arrows Capital, wiped out around $2 million. from the total cryptocurrency market capitalization.