Contributors have poured money into Bitcoin, Ethereum, and Solana since 2018 and as of July, there were about 2,000 monthly active contributors on the Ethereum network, which continues to have the most contributors overall.
According to a new study, active contributors across the top projects of Bitcoin, Ethereum, and Solana have grown by an average of 71.6 percent annually since January 2018 despite the volatility in the cryptocurrency market.
The information comes from a report by Telstra Ventures, a technology investment business, from August 2. Telstra Ventures discovered that Solana had the most annual gain in monthly donors, expanding at a compound annual growth rate of 173 percent since January 1, 2018.
Developers that contribute to GitHub, a repository for computer program code, push updates to the code.
Bitcoin came in third with a “slow and steady” annual gain of 17.1 percent, followed by Ethereum in second place with a 24.9 percent compound annual growth of monthly donors since 2018.
Telstra added that, of the three blockchains, Ethereum has the “biggest and strongest” developer community. The network had over 2,500 monthly active contributors in April, but that number dropped to over 2,000 contributors in July when the price of cryptocurrencies dropped. But still, that doesn’t change the fact that contributors have poured money into crypto since 2018 at an impressive rate.
The greater amount of effort required to get ready for the impending Merge, when the network switches to Proof-of-Work consensus, may account for the increasing number of active contributors.
In July, Ethereum had more than four times as many monthly active contributors than Bitcoin had, with 350 contributors, and over seven times as many as Solana had.
The report did point out that since last November, when the cryptocurrency’s price peaked, the donor count had decreased by 9%.
VC investment possibilities
The technological investment business also discovered that among the top 10 fastest-growing projects for Bitcoin, Ethereum, and Solana, almost 40% of those initiatives have not received venture capital funding, indicating that there are still plenty of investment prospects.
These initiatives include the Solana-based NFT standard MetaPlex, the Ethereum-based investing protocol OlympusDAO, the smart contract developer ApeWorx, and the maximum extracted value (MEV) researcher Flashbots.
The focus of venture capital funding for cryptocurrencies in 2022 has changed from decentralized finance (DeFi) to Web3 applications. The second quarter’s $14.67 billion in cryptocurrency investments was made up of 42 percent Web3 investments, increasing the total for the first half to $29.33 billion.
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