Electric Capital – a crypto asset management firm based out of Palo Alto, California – has today published the first of a series of reports – titled Dev Report – free to the public.
The insightful, data-driven 66-page report – put together by Electric Capital team members Maria Shen, Curtis Spencer, Thuan Le, Avichal Garg, and Ken Deeter – draws upon the crypto asset management firm’s proprietary data to trace the efforts of blockchain and smart contract developers.
The data presented in Dev Report is a result of Electric Capital having “indexed 21,000+ code repos[,] de-duplicated 16M commits to find original code authors[,] analyzed 130k developers…across 3k crypto projects,” according to page 5. The majority of the report pertains to the 12-month period ending January 31st, 2019.
Devs Double in Last Two Years
The first finding shared in Electric Capital’s Dev Report reveals “the number of developers working on public coins has doubled in the last 2 years.” Referring to a chart on page 9 depicting monthly active developers, Electric Capital highlights that the 2,190 monthly developers found in January 2017 has ballooned to 4,352 at the time of Dev Report’s publication. Notably, this figure looks to have climbed awfully close to the 5,000-mark on three separate occasions throughout 2018.
What’s more – and as Electric Capital’s blog post points out – this figure of 4,352 is “undercounting the number of developers in the crypto system” that belong to projects that do not run public repos. This detail makes the two-yearly developer growth all the more impressive, considering “some of the most active projects are private (e.g. BNB), unlaunched (e.g. Coda), or not a coin (e.g. Lightning),” Electric Capital goes on to state.
Forks Struggling to Retain Devs
Another interesting outtake from Electric Capital’s thorough report was the sheer drop-off in developer activity on projects that exist as forks of high-network-value coins. For instance, Bitcoin fork Litecoin (LTC) – the fifth largest cryptocurrency (by market cap) – saw its total amount of developers dive from 40 in January 2018 to just 3 by July (page 43).
$ETH Shall Not Weary Them
Dev Report reveals the number of developers working on Ethereum has continued to trend upward since January 2018; an encouraging sign indeed, given ether (ETH) has lost more than four-fifths of its value in that time.
1/ We @ElectricCapital fingerprinted more than 20,000 code repos and 16M commits to create a Dev Report on crypto. Analyzed by @MariaShen (better known internally as “Maria Meeker”). Data powered by @jubos. Here are the highlights ⚡️
— Avichal Garg ⚡ (@avichal) March 7, 2019