The movement of software developers in the crypto space indicates thriving blockchains. These developers love to flock to blockchains with potential. Surprisingly, Bitcoin and Ethereum had some serious contenders in 2021.
Prior to 2021, Bitcoin was the big shark of the crypto sea. Also, it boasted about 70% of the market’s value. However, as blockchains evolve, more projects are emerging. These platforms have different applications and bring serious competition to the crypto space.
Avichal Garg of venture firm Electric Capital remarked that the number of developers on a project is noteworthy. In his opinion, this is a strong sign of what project will create value and dominate the industry in a decade.
2021 Developer Report
Electric Capital recently released its 2021 Developer Report. This report is the industry benchmark for assessing the scenario throughout crypto developer ecosystems. Also, Electric Capital said it analyzed approximately 500K code repositories and 160 million code commits for the Developer Report.
There are several key details from the report. Here are a few;
- The five largest developer ecosystems were Ethereum, Polkadot, Cosmos, Solana, and Bitcoin.
- The number of monthly active developers in 2021 hit an all-time high of over 18,000.
- In 2021, 65 percent of active developers in the crypto realm joined the industry the same year.
Growth for Ethereum and Bitcoin
In 2021, the number of developers on Ethereum and Bitcoin increased by 42% and 9%, respectively. Despite the growth of other projects, Ethereum remains a strong platform. The Electric Capital report said, “ Ethereum continues to have the largest ecosystem of tools, apps, and protocols, and is 2.8x larger than the second largest ecosystem. One out of every five new developers coming into Web3 works on Ethereum.”
The 10 Fastest-Growing Cryptocurrency Ecosystems
New blockchains continue to emerge despite Bitcoin and Ethereum’s dominance. However, the growing platforms are posing as a tough competitor to the Ethereum network. Furthermore, these rapidly expanding crypto networks have a different approach from Ethereum and Bitcoin. As a result, they process transactions faster and have cheaper costs.
Here are the top ten fastest-growing crypto ecosystems
The 10 Fastest-Growing #Cryptocurrency Ecosystems In 2021
"One way to sift through the clutter and see where the industry is going is to follow the software developers who build and maintain #crypto networks."
— Forbes Crypto (@ForbesCrypto) January 6, 2022
Let’s look at the top 5.
Terra is a decentralized finance ecosystem with a strong community. It develops algorithmic stablecoins. Furthermore, the project emerged in 2018, built by Terraform Labs and its co-founders, Do Kwon and Daniel Shin. Also, Terra’s Luna is now ranked #9 among the top crypto by market value. It’s current price is $70.17 with a 24-hour trading volume of $2,234,834,313.
Solana has stunned many crypto enthusiasts in recent months. The San Francisco-based platform was one of the top performers in 2021. Not only did it attract hundreds of top crypto developers, but it also received support from several industry leaders. Crypto billionaire Sam Bankman-Fried was one of those who voiced their support and faith in the Solana system.
Furthermore, Solana-based services have become highly popular. They range from crypto trading platforms to loan companies to music apps. In addition, Solana’s SOL token increased in value from $1.85 in January 2021 to $170 by the end of the year. Solana finished the year with a strong market value of $53 billion. It currently ranks #5 in terms of market value and has a price of $146.72.
The NEAR Protocol is a layer-one blockchain that functions as a community-driven cloud computing platform. Furthermore, it addresses some of the issues that have plagued rival networks, such as transaction speeds, throughput, and compatibility. As a result, NEAR Protocol creates a perfect ecosystem for DApps and a platform that is both developer and user-friendly.
In 2021, NEAR released a slew of big announcements that drew developers to its platform. NEAR has been providing software developers grants to develop applications for their respective systems. In October, Near also unveiled an $800 million grant program.
Fantom is a decentralized finance smart contract platform. It uses a customized consensus algorithm to provide DeFi services to developers. Furthermore, the network attempts to tackle problems linked with smart-contract platforms. One of which is transaction speed.
Fantom had a solid year in 2021. A slew of programmers flocked to the platform. As a result, daily Fantom transactions surged by 18,650 percent, from 4,000 per day in January 2021 to 750,000 per day in December 2021.
The Avalanche blockchain currently ranks #11 overall based on market value. Furthermore, several developers built various services on Avalanche due to its unique features. In terms of time-to-finality, Avalanche is the fastest smart contract platform of all the blockchains. The platform is fast, inexpensive, and environmentally compatible. Developers flock to leverage Avalanche’s pace to surpass their rivals.
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