Dev R 1March 2019Dev ReportThe Dev Report is a quarterly publication by Electric Capital.The Dev Report uses Electric Capital’s proprietary data to trace where developers are building across the crypto ecosystem. The report will be published in parts.AuthorDataContributors2Maria ShenTwitter MariaShenCurtis SpencerTwitter jubosThuan LeTwitter ThuanLeeAvichal GargTwitter avichalKen DeeterTwitter puntiumDev ReportElectric Capital is a crypto asset management firm.3We invest in programmable money tokens based on innovative technology, market adoption, and real use cases. We per deep technological diligence far beyond just reading a whitepaper. We compile code, do security audits, run nodes to programmatically inspect the blockchain, have market intelligence based on proprietary software, and more.We’re located in Palo Alto, California.Find out more at .Follow us on Twitter ElectricCapitalDev ReportIntroductionPart 1 Developer Activity OverviewUpcoming PartsPlat InfrastructureApps ServicesMoney4Dev ReportDevelopers are a leading indicator for where value will be created and accrue.We indd 21,000 code reposde-duplicated 16M commits to find original code authors.analyzed 130k developersacross 3k crypto projects.The Dev Report consolidates our findings on the top projects by network value.5Dev ReportNot all code commits are created equal. We eliminate those that don’t reflect real activity.61. Forks Only new code count toward “core” protocol activity. We omit code and developer activity from merging changes from the original, forked codebase.2. Commits from Integrating Open Source Libraries Integrating common libraries does not count toward “total” or “core” code activity. 3. Projects with only 1 repo Activity resulting from changes to the website or documentation does not count toward “core” activity, but counts toward “total” activity.4. Projects built on Ethereum Only Solidity changes count toward “core” protocol activity. Website changes, documentation, etc. in the same repo as protocol code only count toward “total” commits.Dev ReportWe can always be better. Have feedbackCode contribution analysis is nuanced and we know this is imperfect. We welcome any feedback or comments on this report. Please do let us know how we can improve our data and analysis.Contact Maria Shen - 7Dev ReportLooking at all public coin repositories since 2010.8Builders Report 2018The number of developers working on public coins has roughly doubled in 2 years9Today 4,352 monthly developersIndd 2,845 coins across 20,667 repos | Electric Capital Internal Data | Excluding closed code repositoriesJan, 2010 Jan, 2012 Jan, 2014 Jan, 2016 Jan, 2018Jan, 2017 2,190 monthly developersBuilders Report 2018From Jan 2018 to Jan 2019, monthly devs only fell 4 while crypto markets fell 8010Crypto prices peaked hereIndd 2,845 coins across 20,667 repos | Electric Capital Internal Data | Excluding closed code repositoriesJan, 2010 Jan, 2012 Jan, 2014 Jan, 2016 Jan, 2018TodayBuilders Report 2018Today, 4k developers a month work on over 2,800 public coins11TodayIndd 2,845 coins across 20,667 repos | Electric Capital Internal Data | Excluding closed code repositoriesJan, 2010 Jan, 2012 Jan, 2014 Jan, 2016 Jan, 2018Builders Report 2018But this is actually undercounting the number of developers in crypto.12Builders Report 2018 13Indd 2,845 coins across 20,667 repos | Electric Capital Internal Data | Excluding closed code repositoriesSome of the biggest repos are private, not yet shipped, or not a coin e.g. Lightning future reports will incorporate these sourcesTotal number of developers is actually much higherBuilders Report 2018So, what are all these devs working on14Dev ReportDevelopers are working on two aspects of projects.15Dev Report1. Core Code Core Protocol Implementation2. Total CodeCore Protocol SDKs wallets website api docs and examples etc.16Dev ReportStarting with number of developers on Core Code.17Dev ReportMore Monthly Active DevelopersTop 10 coin by network valueExcluding USDT, BNBTop 100 coinEthereum has the highest number of developers working on core protocol18Ethereum has an average of 99 active developers per monthN 78 projects | Dates 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositoriesIn Core Code Average Monthly Developers by Network Value Linear ScaleEthereumDev ReportMore Monthly Active DevelopersTop 10 coin by network valueExcluding USDT, BNBTop 100 coinBitcoin has the 2nd highest number of core protocol devs 10 years after founding19Bitcoin has 47 core protocol developers per monthIn Core Code Average Monthly Developers by Network Value Linear ScaleEthereumN 78 projects | Dates 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositoriesDev ReportMore Monthly Active DevelopersXRPCardano, EOS, and Tron have 25 monthly devs, the most for plats after ETH20Big plats with 25 active monthly developersNEMN 69 projects | Dates 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositoriesTop 50 coin by network valueTop 100 coin Top 10 coinExcluding BTC, ETH, XRP, USDT, BNBIn Core Code Average Monthly Developers by Network Value Log ScaleDev ReportTop 50 coin by network valueTop 100 coinMany well known projects average 10-20 core protocol developers per month21More Monthly Active DevelopersIn Core Code Average Monthly Developers by Network Value Log ScaleMonero, IOTA, Zcash, Tezos, Zilliqa and others all have 10-20 developers per monthN 69 projects | Dates 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositoriesTop 10 coinExcluding BTC, ETH, XRP, USDT, BNBDev ReportMore Monthly Active DevelopersXRPStatus has a high number of core protocol developers relative to network value22In Core Code Average Monthly Developers by Network Value Log ScaleStatus has 36 protocol developers per monthN 69 projects | Dates 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositoriesTop 50 coin by network valueTop 100 coin Top 10 coinExcluding BTC, ETH, XRP, USDT, BNBDev ReportSome projects with 250M network values only have 0 to 5 developers23More Monthly Active DevelopersIn Core Code Average Monthly Developers by Network Value Log ScaleN 69 projects | Dates 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositoriesTop 50 coin by network valueTop 100 coin Top 10 coinExcluding BTC, ETH, XRP, USDT, BNBDev ReportIncluding developers working on Total Code in addition to core protocol.24Dev ReportMore Monthly Active DevelopersTop 10 coin by network valueExcluding USDT, BNBTop 100 coin.Ethereum again has the most developers25Ethereum has 216 active developers per monthN 72 projects | Dates 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositoriesIn Total Code Average Monthly Developers by Network Value Linear ScaleDev ReportMore Monthly Active DevelopersTop 10 coin by network valueExcluding USDT, BNBTop 100 coinBitcoin is in top 4 for active total developers26Bitcoin has 51 active total developers per monthIn Total Code Average Monthly Developers by Network Value Linear ScaleN 72 projects | Dates 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositoriesDev ReportMore Monthly Active DevelopersTop 10 coin by network valueExcluding USDT, BNBTop 100 coinReminder this is an undercount of BTC, ETH, XRP developers as many developers commit code outside of the org’s repos27XRP ecosystem not includedIn Total Code Average Monthly Developers by Network Value Linear ScaleN 72 projects | Dates 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositoriesElectrum, Bitgo not includedTruffle, Ganache developers not countedDev ReportStatus, Cardano, Aeternity have 50 devs per month28N 69 projects | Dates 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositoriesMore Monthly Active DevelopersTop 50 coin by network valueTop 100 coin Top 10 coinExcluding BTC, ETH, XRP, USDT, BNBIn Total Code Average Monthly Developers by Network Value Log ScaleDev ReportMany well known projects have 25-50 devs per month committing code29More Monthly Active DevelopersTop 50 coin by network valueTop 100 coin Top 10 coinExcluding BTC, ETH, XRP, USDT, BNBIn Total Code Average Monthly Developers by Network Value Log ScaleN 69 projects | Dates 1/31/2018 - 1/31/2019 | Electric Capital Internal Data | Excluding closed code repositoriesDev ReportThese are averages, how have active devs changed over time30