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Electric Capital Releases 2020 Analysis of Developer Activity Across Cryptocurrencies and Public Blockchains

Electric Capital, a leading venture capital firm that invests in cryptocurrencies, blockchain-based businesses, and fintech companies, released their 2020 Developer Report. The Electric Capital Developer Report analyzes 276,000+ code repositories and 89 million code commits in order to identify original developer activity across all open source cryptocurrency and blockchain ecosystems.

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  • The number of new cryptocurrency and blockchain developers is growing for the first time since 2017
  1. New monthly cryptocurrency and blockchain developers grew 15% in 2020, increasing for the first time since 2017
  2. 80%+ of all active developers today came in the last two years
  • There is a flight to quality: high quality ecosystems are growing while others are shrinking
  1. Monthly active cryptocurrency and blockchain developers have stayed flat even as new developers joined due to developer loss outside of the Top 200 ecosystems by network value
  2. The number of developers outside of the Top 200 by network value decreased by 30% from December 2018
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  • Developer activity is particularly strong across Bitcoin, Ethereum, some Layer 1s, and Decentralized Finance
  1. Bitcoin ecosystem has 70%+ more developers than it did 3 years ago
  2. 300+ new developers per month commit to the Ethereum ecosystem
  3. 67% increase in monthly active developers in Decentralized Finance since January 2020

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Why Analyze Developer Activity?

Crypto networks are new open platforms on which new applications will be built. An early signal of adoption on an emerging platform is engagement from developers. Developers build the applications that deliver value to end users and customers, which attracts more developers. The crypto stack is uniquely open source, allowing us to analyze and understand developer engagement in an unprecedented way.

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