Despite turmoil in the crypto market, active contributors to the top projects of Bitcoin, Ethereum and Solana have grown an average of 71.6% annually since January 2018, according to a new report.
The foundings come from an August 2 report sent to Cointelegraph by tech investment firm Telstra Ventures, which found that Solana had the most significant annual increase in monthly active contributors, growing at a compound annual growth rate of 173% since January 1, 2018.
Contributors are developers who push code updates to GitHub, a code repository for computer programs.
Ethereum was second with a 24.9% compound annual growth in monthly contributors since 2018, and Bitcoin was third with a “slow and steady” 17.1% annual growth.
Telstra also noted that it found Ethereum to have the “largest and strongest” developer community of the three blockchains. The network had nearly 2,500 monthly active contributors in April, which dropped to over 2,000 contributors in July, coinciding with the cryptocurrency price drop.
The larger number of active contributors could be due to the larger amount of production needed to prepare for the upcoming Merger in which the network switches to a proof-of-work consensus.
The number of monthly active Ethereum contributors in July was more than four times higher than Bitcoin’s 400 contributors and almost seven times higher than Solana’s 350 contributors.
However, the report noted that the number of contributors has dropped by 9% since last November, coinciding with the cryptocurrency’s price decline since its peak.
VC investment opportunities
The tech investment firm also found that among the top ten fastest-growing projects in Bitcoin, Ethereum and Solana, about 40% of projects had no venture capital backing, meaning investment opportunities remain plentiful.
These projects include the Ethereum-based OlympusDAO investment protocol, the ApeWorx smart contract developer, the Maximum Extracted Value (MEV) explorer Flashbots, and the Solana-based MetaPlex NFT standard.
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Venture capital funding in crypto throughout 2022 has shifted focus from decentralized finance (DeFi) to Web3 applications, according to Cointelegraph research in July. Investments in Web3 accounted for 42% of the $14.67 billion invested in crypto projects in the second quarter, bringing the first half total to $29.33 billion.
Telstra Ventures is a technology-focused venture capital firm with 84 companies in its investment portfolio and $30 billion in assets under management. He has invested in blockchain companies Blockdaemon and FTX exchange.
The data came from 1,000 active organizations contributing to more than 30,000 open source projects in Bitcoin, Ethereum, and Solana. Eligible projects for study have at least 100 stars in their GitHub repositories and were active between January and April 2022.