Ethereum Stands at the Forefront of Web 3.0 Development, Attracting Over 700 Developers to Join Monthly
As the leading decentralized finance (DeFi) ecosystem, Ethereum (ETH) constantly draws between 20% to 25% of developers eyeing Web 3.0.
The leading decentralized finance (DeFi) ecosystem, Ethereum (ETH), constantly draws between 20% to 25% of developers eyeing Web 3.0.
At least 20% of new Web 3.0 developers are joining the Ethereum blockchain over rival networks, according to a report by early-stage venture firm Electric Capital.
With 18,416 monthly active developers in Web3, Ethereum accounts for more than 4,000 of them.
Moreover, the number of developers entering the ETH ecosystem is at an all-time high of at least 700 monthly.
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 internet generation and is built on cutting-edge technologies like blockchain, edge computing, non-fungible tokens (NFTs), and cryptocurrencies.
As a result, it is gaining steam because nearly 60% of all developers joined Web 3.0 in 2021. The Electric Capital’s study also noted that the number of developers increases with prices.
“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 other hand, Ethereum’s revenue rose to $9.9 billion in 2021 based on various use cases.
Nevertheless, the Electric Capital report noted that ETH is grappling with high gas fees and scalability issues, which are pushing users to rival blockchains or the so-called “Ethereum killers.”
For instance, with Ethereum handling 30 transactions per second, Binance Smart Chain (BSC) and Solana (SOL) tackle 300 and 2,000 transactions per second, respectively.
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