Ethereum Needs To Be Aware Of Growing Competitors

Although the Ethereum ecosystem still has a lot more developers than competing networks, it must also be noted that these networks are catching up. Several of Ether’s competitors, such as Solana, Polkadot and Binance Smart Chain, have been developing at a much faster rate in terms of development activity according to a crypto research firm called Electric Capital, which recently released its findings on the blockchain development ecosystem in a new report published on January 6.

Ethereum is on the rise – but so are its competitors

Reports revealed that approximately 4,000 active open source developers per month were working on Ethereum – which was far more than the 680 that worked across the Bitcoin network.

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But, across all chains, the total number of active developers per month was between 18,400 and 34,000 – with the record-breaking number of code commitments by new developers in 2021. Measurements are marked by going through nearly 500,000 code repositories and 160 million A commit code, which would effect any change or update made to the existing code.

Reports have indicated that Ethereum, Polkadot, Solana, Cosmos and Bitcoin are the top five ecosystem developers on a global scale. According to the report, Polkadot has nearly 1,500 developers in total, while Solana and Cosmos are rearing around a thousand developers.

Other ecosystems that were active in terms of monthly developers were Cosmos and NEAR which saw the launch of an $800 million developer fund in October. The report also mentioned Polygon, Tezos, Cardano, and a few other developers with approximately 250 active developers per month.

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While Ethereum still looks dominant, most of its rival networks are growing faster.