Electric Capital: Web3 active developers rose 75% in 2021

In 2021, more than 34,000 new developers joined the creation of open-source projects related to cryptocurrencies and Web 3.0. That was the highest figure on record, according to a report by venture-capital firm Electric Capital.

1/ Time for @ElectricCapital‘s Annual Developer Report:https://t.co/aiKIJnwYdm

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“The rapid growth in the number of new specialists means that 60% of Web 3.0 developers joined projects in 2021. When looking at specialists who devote code for more than ten days per month, 45% of those employed full-time started work in 2021. All told, half of Web 3.0 developers are newcomers,” noted Avichal Garg, head of the company.

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Electric Capital analysts reviewed 500,000 repositories and 160 million commits. The relevant sample included only unique code. Garg emphasised that many private companies create similar products— the work of those developers was not counted.

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During the reporting period more than 18,000 monthly-active developers contributed to code in digital-asset and Web 3.0 projects. Since the start of 2021, their numbers have risen by 75%.

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The largest share of active specialists (more than 4,000) work on Ethereum-based projects. In second place is Polkadot (around 1,400), third is Cosmos (more than 900). Over 680 programmers are working on open-source products in the Bitcoin ecosystem.

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Analysts also noted that new specialists are more likely to join projects with fewer developers. According to the report authors, the ecosystems of Polkadot, Solana, NEAR, BInance Smart Chain, Avalanche and Terra are growing faster than Ethereum.

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Analysts also noted that 500 new developers joined DeFi projects—a 75% increase from the previous year.

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In December 2021, Jack Dorsey doubted the future decentralization of Web 3.0, saying that achieving this goal would be hindered by the outsized influence of venture capital.

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