The crypto industry has seen a reduction of more than 26% in the number of weekly active developers over the past three months amid a prolonged market crash, according to the latest data.
According At Blockchain data aggregator Artemis, the four major smart contract platforms – Ethereum, Polkadot, Solana and Cosmos saw an even higher drop, registering reductions of 30.5%, 43.6%, 48% respectively. .4% and 48.9% of developer activity over the past three months.
Interestingly, the decentralized data storage protocol Interplanetary File System (IPFS) and the Internet Computer blockchain network were among the few major smart contract platforms to experience growth throughout this period, with increases in 206.6% and 21.7% respectively.
Blockchain developers are primarily responsible for designing blockchain architecture, maintaining and upgrading infrastructure, and creating smart contracts that power decentralized applications.
Blockchain developer activity is considered one of the most important metrics for the success of a smart contract platform, as one that lacks developers is likely to struggle to grow.
Crypto researcher and founder of Tascha Labs, Tascha Che told her 173,700 Twitter followers on Sept. 8 that she doesn’t think the trend is of much concern, as the fall was attributed to the exit of “tourist builders.” and “tourism investors,” which will now allow legitimate builders “to have the peace and quiet to do real work.”
Developers active across all crypto protocols have dropped 30% this year.
Tourism builders leave with tourism investors.
Finally, the industry has some peace and quiet to do real work.
—Tascha (@TaschaLabs) September 8, 2022
Another Twitter user, identifying himself as a Binance research analyst, did not comment on the downward trend, but said developer activity would be an “important metric” for consider in the coming years due to the “flying effect” it has on the industry.
The drop in developer activity follows a fall in the crypto market from April to mid-June, which saw the entire crypto market cap drop from $2.1 trillion to $890 billion. of dollars.
Related: Ethereum Dominates Among Developers, But Competitors Grow Faster