Research Team Surge and ETF Approval Mark Key Milestones

• Over the past five years, Ethereum’s research team has expanded by 2,100%, growing from 25 members in 2019 to 550 in early 2024.
• Ethereum now leads the industry with over 2,788 active developers as of July 2024, reflecting its significant progress.

Over the last five years, the world’s second-largest cryptocurrency Ethereum (ETH) has witnessed remarkable growth in its research team, expanding by a staggering 2,100% since 2019. This underscores the significant advancements within the Ethereum network, which now gears up for the upcoming Pectra upgrade that seeks to enhance scalability and security.

Ethereum Developer Team Registers Significant Growth

In 2019, the Ethereum research team consisted of only 25 members. Fast forward to the first quarter of 2024, that number surged to 550. This substantial increase in the number of researchers is a positive indicator of Ethereum’s continued evolution and dedication to improving its network.

Furthermore, the recent Developer Report reveals that Ethereum now leads the industry in terms of monthly active developers. As of July 1, 2024, more than 2,788 developers were working full-time on the Ether network. This indicates a whopping 407% surge from the first quarter.

However, despite the network’s growth, Ethereum has faced challenges in recent months. The ETH price saw a significant decline in August, with its value plunging by over 24% in the last 30 days, according to CoinMarketCap stats.

In the past week alone, Ethereum price fell by nearly 10%, pushing below the $2,600 mark. This decline reflects the bearish trend in the broader crypto market despite the cooling PCE inflation data and looming Fed rate cuts.

ETH Price Long-term Surge

Despite the recent challenges, Ethereum has made significant strides since its early days. The network’s growth is particularly noteworthy when considering the financial returns it has generated over the years. For instance, an investment of $1,000 in Ether back in 2019, when the research team was still small, would have grown to $14,900 by 2024.

In addition to the number of developers, the Ethereum network growth also reflects in its broader impact on the crypto industry. This year, ETH achieved a major milestone by becoming the second crypto to receive approval for a spot ETF.

The latest approval places Ether alongside Bitcoin (BTC) as a leading asset in the crypto ETF sector. However, the continued outflows from spot Ether ETFs pose significant challenges amid declining prices. This week, these funds recorded an outflow of $12.4 million, according to Farside UK data. While the negative flows have slowed, they exacerbate existing bearish sentiment. However, big players like BlackRock are taking Ethereum ETFs to overseas markets like Brazil, reported CNF.

Whilst, Ethereum co-founder Vitalik Buterin has broken silence on significant ETH sales amid recent price turbulence. He noted that the sales weren’t made for personal gain but for charity. In a post on X, he wrote, “I haven’t sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity (eg. biomedical R&D)”.

Meanwhile, the developers are working on fixing several issues ahead of the Prague-Electra aka Pectra upgrade so the launch is smooth. Hence, execution layer clients like Go Ethereum (Geth) and Nimbus recently launched updates to fix bugs and promote stability in the ecosystem.

As of press time, the Ethereum price is trading at $2,525 levels with a market cap of $303 billion. Over the past week, the price is down by 8.3% amid huge selling pressure from Ethereum whales, reported CNF.