Nevermind The Bear: Developer Interest in Bitcoin Keeps Growing, New Research Says

The market may be down, but developer interest in bitcoin is not. Since the all-time high nearly a year ago, it has risen more than 8%, according to a recent study. will The Ventures Data Science Team performed “health checks on the top 3 blockchain ecosystems” and concluded that “open source developers signal the strength of the web3 community”. The story here, however, is bitcoin. Which isn’t really part of the “web3 community”, but that’s a topic for another time.

The introduction to the study briefly mentions the collapse of Terra and the disaster stories of Celsius and Three Arrows Capital. He does not mention Tesla panics by selling 75% of its bitcoins, which is another reason for the slowdown. “Since January, a 60% loss in crypto market capitalization wiped out $1.3 trillion and venture capital investments fell 25.6% to around $9.3 billion, from a record high. of $12.5 billion invested in the first half of last year,” Telstra said.

Nevertheless, developer interest in Bitcoin, Ethereum, and Solana remains high. According to the company’s general partner, Yash Patel, “developer decisions about which protocols to use will be driven by the use case and will indicate the winning protocols.”

Bitcoin developer points of interest

Telstra buried the track and minimized the phenomenon. “Bitcoin has seen steady growth in the number of active developers over the past 8 years,” the study states. The fact is that developer interest in the network has grown steadily since its inception 13 years ago. “Bitcoin continues slow and steady growth thanks to price volatility,” is the rhythm of the network.

  • “Bitcoin has experienced a compound annual growth rate of 17.1% in contributors over the past 4 years since January 1, 2018.”

Consider that bitcoin doesn’t need as much development because it tries to be money and not some kind of global computer. Also consider that the network is much older than Ethereum and Solana. These two facts make this next point even more impressive.

  • “Since the peak of Bitcoin crypto price in October 2021, the number of active contributors has increased by 8.2%.”

During the same period, Ethereum developer interest saw “a 9.0% decline” and Solana’s “number of active contributors decreased by 21.0%.” It figures. And yet, these numbers are not bad at all given that we are probably in a bear market.

Also consider that developer interest over the same period for “Solana grows 173.0% compound annual growth rate” and “Ethereum grows 24.9% compound annual growth rate.” This figures out, since we were in a bull market and Altcoins tend to do well in this environment.

It should be noted that Telstra’s study includes Stacks projects in the mix, well, Stacks is not bitcoin at all. It is also important to point out that bitcoin is in a separate category and is not part of the altcoin world. In any case, besides Stacks and general Web3 projects, the most interesting repositories for bitcoin development include the Zeus Lightning Wallet, the Bitcoin Development Kit, the phenomenal Sparrow Wallet, Galoy’s projects including stablesand the unmissable Mempool.

BTC price chart for 08/19/2022 on Coinbase | Source: BTC/USD on TradingView.com

Study methodology

It’s important to highlight how the data science team at Telstra Ventures arrived at these numbers of interest to developers.

  • They “analyzed 1,000 active organizations contributing to more than 30,000 Bitcoin, Ethereum, and Solana open source projects in the Web3 ecosystem.”

The study is therefore exhaustive.

  • “To be considered for consideration, projects have a minimum of 100 stars in associated GitHub repositories and had active contributions between January and April 2022.”

Thus, the study has limitations and only considers the interest of developers for established projects.

  • “Monthly active contributors were compiled at the repository level based on the number of unique contributors to that repository in a month.”
  • “At the organization level, the total number of unique contributors has been compiled based on the total number of unique contributors who have engaged in organic repositories (not from other repositories) within this organization during the past a month.”
  • “For a Web3 ecosystem, the total number of unique contributors who contributed to any organic repository (not derived from other repositories) was compiled within that ecosystem in one month.”

The study is therefore heavy on GitHub. Developer interest in non-GitHub projects is not considered.

  • “GitHub activity growth rate is defined as the aggregated 1-month and 12-month percent change in total stars, forks, commits, and unique contributors for each repository.”

Perfect. Understood.

In conclusion, developer interest in the three blockchains studied remains high. However, after the collapse, it only continued to grow on bitcoin. This figures out, because bitcoin developers are interested in something bigger than fiat earnings. Bitcoin aims to separate money and state, and market action does not affect the mission. Tick ​​tock, next block.

Featured Image by Nubelson Fernandes on Unsplash  | Charts by TradingView

MEV, a pink piggy bank

About Mildred B.

Check Also

Find out what whales are doing with NVDA – NVIDIA (NASDAQ:NVDA)

A whale with lots of money to spend has taken a noticeably bearish stance on …