Altcoins

2023 Developer Report Reveals These Altcoins are Soaring!

Author: Sohrab Khawas

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    Despite the tough bear market, the most active alternative cryptocurrencies in 2022 are shown to be Ethereum, Solana, and Cosmos, with Solana being the fastest-growing ecosystem, according to the most recent developer report published by Electric Capital.

    The overall amount of monthly active Web3 developers has increased by 5.4% to more than 23,300 over the course of the last 12 months, despite a near 70% decline in crypto values. This finding lends credence to the idea that bad markets are favorable for developers.

    With a growth of 9% to 1,873 full-time developers, Ethereum remains the most popular platform for software creation, surpassing the combined full-time developer counts of Polkadot at 752, Cosmos at 511, and Solana at 383.

    However, the number of developers working on networks other than Ethereum is quickly catching up. The Cosmos and Solana networks had increases of 34% and 36%, respectively, while Starknet saw a growth of 214% in the number of developers, making it one of the mid-sized ecosystems that made a successful run in 2022.

    Moreover, both NEAR and Polygon have grown by more than 40 percent year over year and have more than 500 total monthly active devs. Sui, Aptos, Starknet, Mina, Osmosis, Hedera, Optimism, and Arbitrum all had growth of more than fifty percent year over year and now have one hundred or more total monthly active developers.

    Every month, 3,901 developers work in DeFi across several chains; this number has increased by 240% since the summer of 2021. Half of the DeFi developers work on the project outside of the Ethereum ecosystem. Over 900 engineers are contributing code per month to NFTs across all chains, an increase of +299% since 2021.

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