Block Chain

Ethereum Stands at the Forefront of Web 3.0 Development, Attracting Over 700 Developers to Join Monthly

The main decentralized finance (DeFi) ecosystem, Ethereum (ETH), consistently attracts between 20% to 25% of builders eyeing Web 3.0. 

At least 20% of new Web 3.0 builders are becoming a member of the Ethereum blockchain over rival networks, according to a report by early-stage enterprise agency Electric Capital. 

With 18,416 month-to-month lively builders in Web3, Ethereum accounts for greater than 4,000 of them. 

Crypto developer activity reached an all-time high in 2021

Moreover, the quantity of builders getting into the ETH ecosystem is at an all-time excessive of at least 700 month-to-month. 

Per the report:

“Ethereum continues to have the largest ecosystem of tools, apps, and protocols, and is 2.8x larger than the second largest ecosystem. One out of every five new developers coming into Web3 works on Ethereum.”

Web 3.0 or web3 is the third web technology and is constructed on cutting-edge applied sciences like blockchain, edge computing, non-fungible tokens (NFTs), and cryptocurrencies.

As a outcome, it’s gaining steam as a result of almost 60% of all builders joined Web 3.0 in 2021. The Electric Capital’s examine additionally famous that the quantity of builders will increase with costs.

“Monthly active developers have historically increased when prices increase, but stay flat even as prices fall. Across 2018 and 2019, monthly active developers have stayed flat around 11,000 even as prices fell more than 80% from peak.”

On the different hand, Ethereum’s income rose to $9.9 billion in 2021 primarily based on numerous use circumstances. 

Nevertheless, the Electric Capital report famous that ETH is grappling with excessive gasoline charges and scalability points, that are pushing customers to rival blockchains or the so-called “Ethereum killers.”

For occasion, with Ethereum dealing with 30 transactions per second, Binance Smart Chain (BSC) and Solana (SOL) sort out 300 and a couple of,000 transactions per second, respectively. 

Image supply: Shutterstock

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