Published By NewsBTC
It is surprising how contributors still pile into the Ethereum blockchain network every month. Drawing from participants’ observations, the network saw about 2,000 contributors last month. These contributors are responsible for pushing updates for coding on GitHub. The codes are functions of different computer programs.
Pile Into Popular Cryptocurrencies
The bearish trend of the crypto market seems not to affect the number of contributors piling into popular cryptocurrencies. Some prominent examples of these digital currencies are Bitcoin, Ethereum, and Solana. Judging by the estimated rate of participating contributors to these top projects, the yearly increase is about 71.6%. This is dating from 4 years back, January 2018 precisely.
This information came from the research carried out by Telstra Ventures on Tuesday. Based on the study, the project with the highest increase in monthly contributors was Solana. According to the research data, the growth rate was about 173% dating from January 1, 2018.
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While that is true for Solana, the first runner-up digital currency in this category is Ethereum. Drawing from the information in the research, ETH’s yearly rate of increasing monthly-active contributors is around 25.9%.
Finally, Bitcoin comes in third place among the listed digital currencies. In addition, Bitcoin has a 17.1% annual increase in monthly-active contributors.
Telstra’s Report On Ethereum
Telstra also reported on the developer community of Ethereum. From its data, ETH possesses the strongest and largest developer community compared to the other two blockchains.
As of April, Ethereum had almost 2,500 monthly contributors. Coming down to July, this figure dropped by 500 contributors, leaving the month’s contributors at 2,000. The occurrence seemed to coincide with the dramatic plunge in the digital market.
Furthermore, Telstra revealed its thoughts about the possible cause of the uninterrupted increase of active contributors. From its report, the increase in contributors could be traced to the need for better output in preparing for the anticipated Merge. This event transits the network into a PoS (Proof-of-Stake) mechanism.
Telstra’s report also cited the comparison between Bitcoin, Solana, and Ethereum based on their monthly active contributors. From its statement, the monthly contributors of ETH were over four times larger than those of Bitcoin as of July.
Ethereum is trading sideways on the daily chart Source: ETHUSDT Tradingview
At the time, Bitcoin had about 400 contributors. Meanwhile, the figure of Ethereum’s monthly contributors surpassed those of SOL by almost seven times. In the same period, Solana had just about 350 monthly contributors.
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The report also stated the fall in the growth of the contributors by 9% dating from November last year. But, again, this coincided with the drop in the price of the digital currency market from the time of its top price mark.
Featured image from Pexels – Chart from TradingView.com