A report released in August by venture capital firm Telstra Ventures measured web 3.0 developers’ activity in the ethereum, solana and bitcoin blockchains, comparing a four-year compound annual growth rate (CAGR) to the current moment.
The study showed that ethereum’s community grew at a CAGR of nearly 25%, solana’s 173%, and Bitcoin’s 17%. But monthly active developers have fallen by 9% for ethereum and 21% for solana since the price peaks of the respective currencies (ether and SOL) in November 2021. On the other hand, monthly bitcoin developers have increased by more than 8% since October.
According to Telstra, the more significant decline in the solana community, relative to the other two, is because the bitcoin and ethereum communities are older and their users are more accustomed to the volatility of the crypto market.
Trends among Web 3.0 developers
The report analyzed one thousand active organizations that have contributed to over 30 thousand open source projects across all chains, collecting data from various sources, including the GitHub code repository.
“When we looked at the number of monthly active developers, we observed that despite significant price drops in recent months, contributions remained strong”, Telstra Ventures general partner Saad Siddiqui told CoinDesk.
Although the study did not show the most popular verticals among Web 3.0 developers, the Telstra representative noted the strength of tools projects that help in apps creation. According to him, the main trends are solutions to reinvent existing systems, the use of blockchain to find new revenue streams, and blockchain apps for crypto assets.
Telstra Ventures’ report also pointed out that corporate and venture investors backed seven of the ten most active projects in the three blockchains.