The cryptocurrency market has large numbers of digital coins and mainly, only a few coins are circulating on the top edges of the market. Here are lots of digital coins that can take a high jump in just a few minutes or hours and can provide a good amount of money in return. A decentralized open-sources blockchain system, Ethereum has already become a topic of big discussion among the traders and everyone knows that the value of the coin is still at its high even after falling more than 40% percent. It is recorded that the total monthly active developers have been reached more than 18,000 but ETH holds on to the largest number of them.
Here is why Ethereum Competitors are Growing Rapidly
Still, the ETH ecosystem has far more developers than any rival networks in the market but they are also catching up the speed with a faster rate of growth in a hit and maybe, there will be a war in the future between those high-rated coins. According to the reports of Crypto Research Firm Electric Capital, many competitors of Ethereum such as Polkadot, Solana, and Binance Smart Chain are catching and growing faster in terms of development activity. A new report was released on January 6, 2022, which shows the blockchain developments ecosystem.
Also Read: Eth Price Prediction Today
Along with this, the reports revealed that over 4,000 monthly active open-source developers work on ETH which is absolutely more than the 680 who work on the Bitcoin network. After checking all chains, it has been measured that the total monthly active developers were more than 18,400 and in 2021, the record was broken for the number of code performed by new developers more than 34 thousand.
By using almost 500,000 repositories and 160 million code commits, it was analyzed, and measured which are updates to the code. Along with this, the report suggested that Polkadot, Cosmos, Ethereum, Solana, and Bitcoin are some of the top five largest developer ecosystems.
The reports have also come that Polkadot has a total of around 1,500 developers while Solana and Cosmos just have 1000 developers each. On the other side, Cosmos has active ecosystems in terms of monthly developers and NEAR that was launched an $800 million developer fund in the month of October. Another side, Cardano, Polygon, and Tezos has around 250 active monthly developers each. In the market, ETH is still dominant which has more than 20% new Web3 developers who became a part of its ecosystem and rival network have also seen growth.
If the reports of average monthly active developers compare between December 2020 and December 2021 so, Solana has been grown up by 4.9 times, NEAR have increased 4X growth rate, active monthly developers of Polygon doubled. On the other side, Cosmos had increased about 70% in average monthly active developers.
It seems that the growth of the development is highly impressive for more early-stage projects but let us tell you that Ethereum is still the king. The ecosystem network is still continuing to gain the largest network of apps, tools, and protocols which is more than 2.8 times larger than its closest rival which is none other than Polkadot. Over the past few years, NEAR, BSC, Avalanche, Terra, and Solana have emerged as Defi hubs.
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