Crypto Winter hit Cryptocurrencies value but Lifted Web3 Developers Metrics

The recent crypto winter made the value of many cryptocurrencies across the market drop to their fresh lows losing a significant market capitalization. However there remains a notion regarding the bear market being good for at least developers. And given what number of Web3 developers are active during this phase, it seems to get proven again.

Across the global crypto market where major crypto assets lost up to 70% of their value since their all-time highs, with over 23,300 active developers there is an increase of 5.4%.

Electric Capital published a report on January 16 which noted the data related to developers and their activities. The report categorized full-time developers to those who committed a significant portion in Github commits of 76%. There’s a growth reported after adding 7000 such developers registering a 15.2% surge.

In contrast, one-time developers metric witnessed a fall of 6.2% with 3,500 leaving the space within the similar timeframe.

The monthly developer activity started decreasing only after June last year but it had already attained record high of up to 26,500 as an effect of bear market.

The crypto market was experiencing shockwaves of sensitive geopolitical and macroeconomic situations. This got worse with Terra (LUNA) network fall in May last year which created a trickle down effect and ended up making an impact on the broader crypto market. The fall in developers activity also had this instance as a key reason. In the following months till September 2022, the weekly Web3 developers activity tumbled up to 26%.

Despite all the odds, the year 2022 has recorded most of the developers joining the industry with the number reaching to 61,127 Web3 devs.

Not to surprise, Etheruem network had the most of the developers activity where the developers raised by 9% and reached up to 1,873. Followed by Polkadot with 752, Cosmos with 511 and Solana with 383 active developers.

However, the number of developers on non-Ethereum chains is catching up. The Starknet ecosystem is among the mid-sized ecosystems to have made a strong run in 2022 with a 214% increase in developer count. The Cosmos and Solana networks increased 34% and 36%, respectively.

The study also discovered that only 28 (9%) of the original Terra developers remained for Terra 2.0, while 143 (42%) gave up and moved to other ecosystems after Terra’s demise. 42 out of 143 former Terra developers made the move to Cosmos, which is the highest percentage of any other ecosystem.