Telstra Report Unveils Ethereum Devs Remain Strong During Bear Market

Recent news reported on the continuous increase in the number of developers in some of the popular digital currencies, especially Ethereum. The impact has made the Web3 community stronger and looks forward to maintaining this course for the long term.

The news indicated that growth is a function of developer participation in key ecosystems. According to information from Telstra Ventures, the major cryptocurrencies in question here are Bitcoin, Ethereum, and Solana. Telstra Ventures is a well-known investment arm of Australia’s telecommunications.

Notably, the report also compared the level of strength of the three ecosystems. From the available data, it appears that Ethereum has a more prominent and stronger community of developers than others.

The information also mentioned that there are still opportunities available in these three digital currencies. Observations indicate that there is still a wide range of unfunded opportunities on the ETH network. Apart from that, it was also reported that investors were only able to use half of the top 10 projects in these ecosystems.

Ethereum leads with active contributors

The primary determinant of an ecosystem’s scale that shows its strength is the number of consistent contributors to the ecosystem. Another factor is the usage rate and how popular the ecosystem is. The popularity and usage is what catches the attention of other contributors to the cryptocurrency network.

Telstra Report Reveals Ethereum Hardware Remaining Strong During the Bear Market
Ethereum price remains flat on the daily chart. source: ETHUSDT TradingView

Going forward, Telstra has implemented an in-depth process Investigation Active developers in all three ecosystems in the past four years. Relying on the obtained data, the Eth network community has increased by 24.9%. This is dated January 1, 2018.

Given the current state of the cryptocurrency market, it is not inappropriate to say that this growth is completely surprising. As of July 2022, only 9% of contributors are dropping per month in the Eth network following the sharp drop in cryptocurrency prices in November. The information indicates that the current crypto winter is not affecting the developers of these ecosystems.

More factors are also contributing to the steady increase in contributors to this digital token. A notable example of this is an expected Eth merge. This event aims to move the blockchain from the current Proof of Work (PoW) system to the PoS system. One of the goals of the merger is to attract more interest from the contributors to the network.

Currently, the total number of active contributors to this ecosystem is over 2,500. This number was at the end of each month, dating back to the first half of last year.

BTC and SOL Devs Growth Overview

Moreover, SOL had a compound annual growth rate of around 173%, which occurred over the same period as ETH. At the time, its price peaked at $204. But somehow, its rate has dropped to about 21%, with the total number of active contributors at just over 250.

Meanwhile, BTC has achieved a steady 8% monthly growth rate for shareholders dating back to its most recent peak in November of last year.

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