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ETH · 17w

Crypto Code Commits Remain Near All-Time Highs, Despite Price Declines - CoinDesk

The Takeaway:

According to a new report from Electric Capital, open-source crypto projects have lost developers, but thanks to the industry’s most committed technologists, total activity has stayed relatively constant since the late-2017 boom. Lower-market-cap crypto projects have lost the most developers, while promising sectors like decentralized finance and infrastructure projects have been gaining them. Throughout 2019, roughly 2,450 developers have pushed code on 10 or more days per month. The total population of these highly committed developers is up 13 percent. Even as market caps went down, year-over-year growth rates among developers never dropped below zero.

The least committed contributors were the first to leave as cryptocurrency market caps went south.

That’s the main finding from Electric Capital’s second “Developer Report,” which was published Monday. The report analyzes code activity in all the open-source repositories in crypto and follows the venture capital firm’s first such report from March.

While there’s a sense that protocols and projects have been losing code contributors, the majority of developers that left crypto during the market correction in the first half of 2019 (77 percent of them) were the least committed contributors to the least promising projects.

Meanwhile, total commits really haven’t gone down.

“The mystery we’re really trying to unravel here is why commits have stayed very, very consistent through crypto winter even though high-level developers have decreased,” Maria Shen, who leads data science for Electric Capital, told CoinDesk in a phone call.

In fact, Electric found that most of the total losses in developers were those doing the least amount of work. Meanwhile, more consistently contributing developers have kept the overall contributions consistent even as the developer total shrank.

Year-over-year code commits. (Chart courtesy of Electric Capital) ...
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