Foresight Ventures: Web3 Development Ecological Annual Report

summary

  • Web3 is at its highest point in history: there are 18,000 developers every month, 2,500 active DeFi developers every month, and 3,000 Web3 developers are added every month.
  • The growth rate of several emerging blockchain ecosystems is faster than the growth rate of Ethereum in the same period.
  • 20%-25% of the new Web3 developers will flow into the Ethereum ecosystem.
Foresight Ventures: Web3 Development Ecological Annual Report

Report background

This report is produced by Electric Capital and translated with authorization from Foresight Ventures. The link to the original report is at the end of the article.

The report analyzed 500,000 code repositories and countless code submissions, and produced more than 100 charts in the original text.

The report focuses on open source code, so a lot of the total developers of Web3 are not counted; at the same time, it focuses on non-copy-and-paste effective code.

Web3 Ecological Overview

The total number of developers will increase by 75% in 2021

Web3 has 18,400+ developers, an increase of 75% compared to 2021. After the past two years, the number of developers has been sideways, which is a big increase.

Foresight Ventures: Web3 Development Ecological Annual Report

The number of developers grows with the price of the currency

It’s easy to figure out that the growth in the number of developers rises as the price rises.

Surprisingly: The monthly active developers peaked after the most recent price spike. After the last price spike, developers only reached the peak a year after the price peaked.

The most surprising thing is: when the plunge, the overall number of developers remains stable. In a bear market, new developers will be lost in a balanced manner.

Foresight Ventures: Web3 Development Ecological Annual Report

The monthly growth of Web3 developers reaches a record high

More than 3000 new developers try Web3 every month – this is a historic high.

Although many of these developers are amateurs trying Web3 and will leave the Web, some will take it as a full-time career in the future.

As @cdixon said, “What the smartest people do on the weekend is what everyone else will do during the week in ten years.”

Foresight Ventures: Web3 Development Ecological Annual Report

Half of Web3 developers will enter in 2021

The rapid growth in the number of new developers means that 60% of Web3 developers entered the Web3 field last year.

Through the statistics of developers who are active for more than ten days a month, we can know that 45% of full-time Web3 developers will join in 2021.

Almost half of the developers in Web3 are fresh blood.

Foresight Ventures: Web3 Development Ecological Annual Report

10% of new Web3 developers will stick to it for a year

How many of Web3 developers might stick to Web3?

10% of all developers will stick to the end of the second year.

30% of full-time developers will stick to 4 years of full-time work related to Web3.

Foresight Ventures: Web3 Development Ecological Annual Report

Web3 developer retention rate is related to admission time

From the data point of view, there is a correlation between when developers entered Web3 and the final retention rate.

Developers who have experienced a bull market can often persevere in a bear market. Those who join at the top of the bull market are more likely to eventually leave.

Foresight Ventures: Web3 Development Ecological Annual Report

Comparison of Layer1 development ecology

The network ecology of the top 200 market capitalization is growing faster than Ethereum and Bitcoin

In the past year, the network ecosystem of the top 200 market capitalization has grown by more than 66%, and the projects after the top 200 have grown faster, reaching 86%.

These are all growing faster than the ecological growth of Ethereum and Bitcoin, which may reflect that developers have seen more opportunities in an ecosystem with a smaller market value.

Foresight Ventures: Web3 Development Ecological Annual Report

In the bear market, only Bitcoin and Ethereum can still maintain growth

Historically, once the bear market comes, none of the top 200 ecosystems can maintain the same high growth, and the development ecosystems of Bitcoin and Ethereum have shown continuous growth for several years.

Foresight Ventures: Web3 Development Ecological Annual Report

The development ecology of Bitcoin and Ethereum grows steadily

Bitcoin’s full-time developers increased by 8%, and 100 new developers each month contributed to the Bitcoin ecosystem. The total number of developers in Ethereum increased by 42%, and the number of full-time developers increased by 24%. , Approximately 700 new developers contribute to the Ethereum ecosystem every month.

Foresight Ventures: Web3 Development Ecological Annual Report
Foresight Ventures: Web3 Development Ecological Annual Report

Ethereum’s ecology maintains a strong appeal

Ethereum still attracts developers: 20-25% of new developers who enter Web3 go to the Ethereum ecosystem. For those full-time developers, they tend to stay in the Ethereum ecosystem.

Foresight Ventures: Web3 Development Ecological Annual Report

Comparison of the number of Bitcoin and Ethereum ecosystem developers

Looking ahead to Bitcoin and Ethereum, how does the ecosystem develop?

By comparing December 2020 (X axis) and December 2021 (Y axis). The steeper the slope of the line connecting the origin and the number of ecological developers, the faster the growth rate.

Foresight Ventures: Web3 Development Ecological Annual Report

Ethereum’s development tools, applications, and protocols are 2.8 times of the second place ecology

Ethereum continues to have the largest development tools, applications and protocol ecology. The scale of Ethereum is 2.8 times that of the second largest Polkadot ecology.

Ethereum, Polkadot, Cosmos, Solana and Bitcoin are the top five ecosystems. Given that Bitcoin does not have smart contracts on the chain, it is reasonable for several other smart contract platforms to have larger ecosystems.

Foresight Ventures: Web3 Development Ecological Annual Report

Solana and NEAR achieved more than 4 times growth

In addition to the growth of Ethereum and Polkadot, Solana has grown by more than 4.9 times in 2021, and NEAR has grown by more than 4 times, and it has grown to the sixth largest ecology in 2021. As mentioned earlier, the growth of the ecology in the report may be Underestimated, because only open source code bases are considered.

Foresight Ventures: Web3 Development Ecological Annual Report

Other mainstream ecosystems have a lot of growth

Polygon’s monthly number of developers has doubled, while Cardano has increased by 90%, BSC has increased by 80%, Cosmos has increased by 70%, and Bitcoin has increased by 10%. The growth of Cosmos and Cardano is relatively unique because They started to heat up later than other agreements.

Foresight Ventures: Web3 Development Ecological Annual Report

The new ecology grows more rapidly

For an ecosystem with 50-300 developers, we can see:

4 times: Terra, ICP, Fantom, and Harmony

3 times: AVAX, Algorand

Foresight Ventures: Web3 Development Ecological Annual Report

Contemporaneous comparison of ecological growth

All these projects were launched at different times. In order to visually compare the growth of the ecology during the same period, we compare the date of the first submission in the ecology.

Foresight Ventures: Web3 Development Ecological Annual Report

The new ecology can attract developers from other early ecology

Ethereum, Polkadot, Cosmos, Solana, and Bitcoin have all taken different paths to develop their ecology. The new ecology can attract developers from other earlier ecology.

The entire Web3 developer ecosystem is much larger than it was 5-10 years ago, so the absolute number is growing faster.

Foresight Ventures: Web3 Development Ecological Annual Report

During the same period, most of the top ten Layer 1 have achieved higher growth than Ethereum

We also considered the top 10 Layer1 based on the market value.From the date of the first public code submission as the benchmark, the growth rate of Polkadot, Solana, BSC, Near, AVAX, and Terra is faster than that of Ethereum.

Foresight Ventures: Web3 Development Ecological Annual Report

It takes 2 years for most communities to reach more than 100 developers

Although the Web3 ecosystem continues to grow and is larger than ever, it takes time to build a real community.

Foresight Ventures: Web3 Development Ecological Annual Report

Compatible EVM may bring rapid ecological growth

One way for the team to accelerate growth is through compatibility with Ethereum EVM. These EVM-compatible Layer 1 have a faster growth rate than Ethereum (+120% vs. Ethereum’s +42%).

Foresight Ventures: Web3 Development Ecological Annual Report

It is feasible to use EVM compatibility to guide an ecological development strategy. AVAX and Celo seem to have been able to start the ecology from EVM compatibility and guide their own ecological developers to pay attention to their own chains.

Foresight Ventures: Web3 Development Ecological Annual Report

DeFi development ecology comparison

The ecological growth of DeFi development is consistent with the overall growth of Web3

The development ecology of DeFi has increased by 76%, which is consistent with the overall growth of Web3. Every month, 500 new developers submit code to the DeFi project.

Foresight Ventures: Web3 Development Ecological Annual Report

The new DeFi ecosystem can start faster

OlympusDAO has grown from 0 to 60 developers in its ecology.

Traderjoe and Osmosis grew from 0 to 30 developers.

ComposableFin has grown from 0 to 23 developers.

Foresight Ventures: Web3 Development Ecological Annual Report

Many DeFi projects have more than doubled the growth

More than double the growth: @mangomarkets, @BalancerLabs,@uniswap,@synthetix_io,@AcalaNetwork,@InjectiveLabs,@beefyfinance, and @SetProtocol.

More than threefold increase: @anoma, @RariCapital, @JetProtocol, @Instadapp, @CurveFinance, @pangolindex.

Foresight Ventures: Web3 Development Ecological Annual Report

NFT, DAO, chain game development ecology

The data of these types of projects is too noisy, and it is difficult to analyze the number of developers and the activity submitted by developers. The report chooses not to analyze.

Summarize

In the past few years, the number of Web3 developers has grown very strongly.

Foresight Ventures: Web3 Development Ecological Annual Report

But considering the number of existing software engineers in the world, Web3 still has a long way to go.

Foresight Ventures: Web3 Development Ecological Annual Report

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/foresight-ventures-web3-development-ecological-annual-report/
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