The 10 Fastest Growing Cryptocurrency Ecosystems in 2021

Two years ago, bitcoin conquered the cryptocurrency market, increasing 70% of its market value. But while crypto has grown to more than $ 2 trillion in revenue, the industry has shrunk. Today, the share of bitcoin is under 40%, and new cryptocurrencies are emerging every day. One way to filter clutter and see where the industry is going is to follow software developers to build and maintain crypto systems.

“Developers want it. If they have something they can play with real value, developers can go find that,” said Avichal Garg, a co-founder at crypto-focused venture firm Electric Capital. He believes the number of developers working in the crypto industry “serves as a leading figure in where the value will be created and earned over the next 10 years.”

Garg also wrote a report with Electric Capital partner Maria Shen showing how cryptocurrency platforms have attracted a lot of developers in 2021. They used data from GitHub, the database where developers store their code, comparing the number of production engines to each. anuu. Their data is detrimental to most developers, as it doesn’t capture personally -written code or the many engines that work at companies like Coinbase.

Their research says there are 18,000 active developers (including full and part -time providers) working on cryptocurrency platforms, up from about 10,000 a year ago. Garg sees that increase as a testament to the growth and longevity of the industry. Kinjal Shah, an investor at Blockchain Capital, agreed: “When people choose with their feet and their time, it’s a strong sign that there’s something they’re building for a long time, “he said.

Electric Capital’s research analyzed approximately 500,000 sets of code and 160 million code updates. It is projected from December 2020 to December 2021 to account for growth. For the list below, a developer is considered full -time if he or she creates about 10 new programs in a month.

The fastest platforms are all competitors to Ethereum, the second largest crypto system released in 2015 that has 1,300 full -time developers working on the above applications. Ethereum operates as a decentralized computer where applications can be built, and maintained by more than 5,000 “nodes” or computers to help validate operations. One aspect of the big announcement is that Ethereum can only do about 15 transactions per second (the Nasdaq stock market averages about 20,000 transactions per second), and can to a single transaction fee sometimes in excess of $ 100.

These fast crypto systems take different paths than Ethereum in decentralization and “consensus,” the algorithmic process of authenticating a transaction. They run transactions quickly and earn low fees, and most are not as dedicated as Ethereum.

Korean Terra was founded by businessman Do Kwon, 30, and released four years ago. Its UST “fixed currency” —a cryptocurrency pegged to the value of the U.S. currency — has grown rapidly to a market value of $ 10 billion, placing it among the top five fixed currencies in the world. , such as the Messari crypto database. Located in San Francisco Solana Surprisingly, many crypto insiders have been shocked over the past year as hundreds of developers and voice support have been pulled from crypto billionaire Sam Bankman-Fried. The various applications that have been developed in Solana, from converting crypto trading and providing products to music software, have become very popular. Solana’s SOL stock went up from $ 1.85 in January 2021 to $ 170 by the end of the year, reaching a market value of $ 53 billion.

Next to, a protocol launched in the Bay Area in 2017, was developed by Alexander Skidanov and Illia Polosukhin, two engineers who previously worked on the highly acclaimed MemSQL database system and Google’s TensorFlow machine learning platform. Solana and Near were built on Rust, a popular programming language that was widely used before Solidity, where Ethereum was founded. Solana and Near have argued about giving scholarships to software developers if they are willing to build applications on their systems. Near announced an $ 800 million grant program in October, and Circle CMO Marieke Flament became Near Foundation’s CEO this year.

The site lost a significant number of EOS developers, which dropped from about 125 active developers (both full and part -time) in December 2020 to 80 a year later. In 2018, EOS famously ran a $ 4 billion “first investment” fundraiser and was later fined $ 24 million by the SEC for running an unsecured gift. The group does not condone or deny wrongdoing.

In addition to fast -growing systems, Electric Capital’s research shows a large number of developers. Ethereum has long held a high profile, and about one in every four new crypto developers who entered the industry last year chose to build on Ethereum.

Updated, 1/28/22: Electric Capital issued a revision to its report on 1/28/22. Flow has not been left out of the top 10 fastest growing cryptocurrency ecosystems but has been integrated. Algorand first picked ten and it was removed.

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