Determining the growth of any blockchain ecosystem requires looking at different metrics. One intriguing chart shared by Electric Capital depicts the increase in monthly active developers. Ethereum is still in the lead, but competitors are emerging.
Monthly Active Developers Are Crucial
Everyone in the cryptocurrency space knows that Ethereum is the leading developer-oriented ecosystem on the market today. Holding on to that position becomes increasingly difficult. Several “Ethereum Killers” are currently trying to take the top spot. It remains unclear if any of them will ever be able to achieve that goal.
One metric to help determine growth is the number of monthly active developers. Ethereum is clearly in the lead in this regard as well. That said, the ecosystem has been around much longer than some of its strongest competitors. Polkadot, for example, notes a steeper early growth curve for monthly active developers. That may prove to be a telltale sign of what is yet to come in the future.
A similar growth spurt affects the Cosmos blockchain ecosystem. It is a bit slower to get out of the gates, but the project has already outpaced most of its competitors in quick succession. That is an exciting development to keep an eye on. As more developers start to focus on these top layer-one platforms, innovation is never far away.
For the other competitors, things are not looking too great. Tezos and Cardano still have more monthly active developers compared to Bitcoin. Monero and Stellar note a small dropoff but are still worth keeping tabs on. EOS seems to lose a bit of traction lately but can always bounce back over the coming months.
Looking At Some New Entrants
What makes the blockchain and cryptocurrency ecosystem existing is how there are always new projects. In recent months, the likes of Near Protocol, Solana, Celo, Diem, and Nervos started making some headlines. They will need a strong representation of monthly active developers to achieve the “Ethereum competitor” level.
As all of these platforms compete for layer-one supremacy, that may not be the industry’s most significant factor today. Several projects are focusing on layer-two scaling solutions. Every layer-two solution will bolster the underpinning layer-one ecosystem. How that will affect those blockchains’ overall growth is difficult to determine at this time.
Furthermore, Ethereum will likely see an uptick in monthly active developers. As the development of Ethereum 2.0 progresses, there will be plenty of work to do. Enthusiasts and supporters hope to see this Phased rollout complete sooner rather than later. Making that dream come true will require contributions from Ethereum’s many developers.
Looking to advertise? We will gladly help spread the word about your project, company, or service. CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected]