Blockchain developer activity is one of the most important metrics to measure the success of a smart contract platform – one that is lacking, developers will struggle to grow.
The latest data shows that the number of weekly active developers in the crypto industry has fallen by more than 26% over the past three months amid an ongoing market downturn.
According to blockchain data aggregator Artemis, the top four smart contract platforms — Ethereum, Polkadot, Solana, and Cosmos — saw an even larger drop in developer activity of 30.5%, 43.6%, 48.4%, and 48.9%, respectively %. last three months.
Source: Artemis
Interestingly, the decentralized data storage protocol Interplanetary File System (IPFS) and the internet computer blockchain network were among the few leading smart contract platforms to post growth during this period, with gains of 206.6% and 21.7%, respectively.
Blockchain developers are primarily responsible for designing the blockchain architecture, maintaining and updating the infrastructure, and creating smart contracts that support decentralized applications (DApps).
Blockchain developer activity is considered to be one of the most important indicators of the success of a smart contract platform, as a platform without developers is likely to struggle to grow.
Crypto researcher and Tascha Labs founder Tasha Che told her 173,700 Twitter followers on Thursday that she didn’t think the trend was very worrying, as the drop was due to the departure of “tourist farmers” and “tourist investors.” which now allow legitimate builders to “do real work in peace and quiet”.
Another Twitter user, who self-identified as a Binance analyst, did not comment on the downtrend, but said developer activity will be an “important metric” to consider in the years to come due to the “flywheel effect” on the industry is applicable . .
The decline in developer activity followed the cryptocurrency market decline from April to mid-June, when the total cryptocurrency market cap fell from $2.1 trillion to $890 billion.
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