Blockchain developer activity is one of the most important metrics for measuring the success of a smart contract platform, a platform that lacks developers to grow.
The latest data shows that over the past three months, the number of active developers in the crypto industry has declined by more than 26% over the past three months amid the ongoing market downturn.
According to blockchain data aggregator Artemis, the top four smart contract platforms — Ethereum, Polkadot, Solana, and Cosmos — saw an even greater decline in developer activity of 30.5%, 43.6%, 48.4%, and 48.9%, respectively. over the past three years. months.
Interestingly, the Interplanetary File System (IPFS) decentralized storage protocol and the Internet Computer blockchain network were among the few smart contract platforms that grew by 206.6% and 21.7% respectively during this period.
Blockchain developers are primarily responsible for designing the blockchain architecture, maintaining and updating the infrastructure, and creating smart contracts that support decentralized applications (DApps).
The activity of blockchain developers is considered one of the most important indicators of the success of a smart contract platform, since a platform that lacks developers is likely to struggle to grow.
Crypto researcher and founder of Tascha Labs Tasha Che told her 173,700 Twitter followers on Thursday that she didn’t see the trend as a cause for concern, as the drop was due to the departure of “tourist farmers” and “tourist investors.” This will now allow legitimate builders “to be in peace and quiet to do real work.”
Another Twitter user posing as a Binance analyst did not comment on the downtrend, but said that developer activity will be an “important metric” in the coming years due to the industry’s “flywheel effect” to consider.
The drop in developer activity followed the cryptocurrency market downturn from April to mid-June, when the total cryptocurrency market capitalization fell from $2.1 trillion to $890 billion.
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