Markets may be down, but developers are not interested in bitcoin. According to a recent study, since the highest level almost a year ago, it has risen by more than 8%. Telstra Ventures’ Data Science Team “Health Checkup on 3 Top Blockchain Ecosystems” and concluded that “open-source developers indicate the strength of the Web3 community.” However, the story here 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 fall of Terra and the Celsius and Three Arrows Capital disaster stories. it is not mentioned Tesla Panic Selling 75% of Its Bitcoin, which is another reason for the slowdown. Telstra said, “Since January, a 60% decrease in crypto market cap wiped out $1.3 trillion, and VC investment fell 25.6% to nearly $9.3 billion, a record high during the first half of last year. was less than $12.5 billion.”
Nevertheless, developer interest in Bitcoin, Ethereum and Solana remains high. According to Yash Patel, general partner of the company, “Decisions of developers about which protocol to use will be driven by the use case and will point to the winning protocol.”
Developer Interest Points for Bitcoin
Telstra buried the lead and downplayed the incident. “Bitcoin has seen a steady increase in the number of active developers over the past 8 years,” the study said. The fact is that developer interest in the network has been on the rise since its inception 13 years ago. “Bitcoin continues to rise slowly and steadily through price volatility,” is the rhythm of the network.
- “Bitcoin has seen a 17.1% compound annual growth rate in the number of contributors during the past 4 years since January 1, 2018.
Consider that bitcoin doesn’t need as much development as it is trying to be money, not some sort of world computer. Also, consider that the network is much older than Ethereum and Solana. Those two facts make this next bullet point even more impressive.
- “Since the peak price of crypto bitcoin in October 2021, the number of active contributors has increased by 8.2%.”
During the same period, there was a “9.0% drop” in developer interest in Ethereum and a “21.0% drop in the number of active contributors” for Solana. He marks. And yet, those numbers aren’t bad at all, considering we’re probably in a bear market.
Also, consider that developer interest in “Solana is growing at 173.0% compound annual growth rate” and “Ethereum is growing at 24.9% compound annual growth rate” over the same period. This figure is because we used to be in a bull market and Altcoins tend to perform well in that environment.
It’s worth noting that Telstra’s study includes Stack projects in the mix, and well, Stack isn’t Bitcoin at all. It is also important to point out that bitcoin is in its own category and is not a part of the altcoin world. In any case, in addition to Stack and the usual Web3 projects, repositories with more development interest in Bitcoin Land include the Zeus Lightning Wallet, the Bitcoin Development Kit, the phenomenal Sparrow Wallet, Galloy’s projects. steadyAnd the required mempool.
BTC price chart for 08/19/2022 on Coinbase | Source: BTC/USD on TradingView.com
method of study
It’s important to point out how the data science team at Telstra Ventures arrived at those developer interest numbers.
- They analyzed “1,000 active organizations contributing to more than 30,000 open source Bitcoin, Ethereum and Solana projects in the Web3 ecosystem.”
So, the study is extensive.
- “To be considered in the study, projects that have a minimum of 100 stars in their respective GitHub repositories and were actively contributed between January and April 2022.”
Therefore, the study has limitations and only considers the developer’s interest in established projects.
- “Monthly active contributors were tabulated at the repo level based on the number of unique contributors in that repo in a month.”
- “At the organization level, total unique contributors were tabulated based on the total number of contributors who had committed to any organic repo (not forked from other repos) within that organization in a month.”
- “For a Web3 ecosystem, the total number of unique contributors contributing to any organic repo (not forked from other repos) was tabulated within that ecosystem over a month.”
So, the study is GitHub-heavy. Developer interest in non-GitHub projects is not considered.
- “GitHub activity growth rate is defined as the percentage change of 1 month and 12 months in total in the total number of stars, forks, commits, and unique contributors for each repo.”
Excellent. understood.
Ultimately, developer interest in the three studied blockchains remains high. However, after the collapse, it only continued to rise on bitcoin. This figure is because bitcoin developers are interested in something bigger than fiat profits. The purpose of bitcoin is to separate money and the state, and market action does not affect the mission. Tik Tok, Next Block.
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