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According to the most recent data, the number of weekly active developers in the cryptocurrency sector has decreased by more than 26% over the previous three months due to a protracted market downturn.
According to Blockchain data aggregator Artemis, the four top smart contract platforms, Ethereum, Polkadot, Solana, and Cosmos, saw even greater drops in developer activity over the past three months, clocking 30.5%, 43.6%, 48.4%, and 48.9%, respectively.
Interplanetary File System (IPFS), a decentralized data storage protocol, and Internet Computer, a blockchain network, were two of the few leading smart contract platforms that have grown, with gains of 206.6% and 21.7%, respectively.
Building smart contracts that power decentralized applications, maintaining and updating infrastructure, and developing blockchain architecture are the key responsibilities of blockchain developers (DApps).
One of the key indicators of a smart contract platform’s success is the activity of its blockchain developers, as a platform with few developers would probably find it difficult to expand.
Tascha Che, a crypto researcher and the founder of Tascha Labs, told her 173,700 Twitter followers on Thursday that she didn’t think the trend was all that concerning because it was said that “tourist investors” and “builders” had left, which would now give real builders “peace to get real work done.”
A second Twitter user who identified themselves as a Binance research analyst said that developer activity would be an “essential measure” to take into account in the future because of the “flywheel effect” it has on the industry. They did not remark on the downward trend.
The decline in developer activity comes after a decline in the cryptocurrency market from mid-April to mid-June, during which the total market valuation of all cryptocurrencies fell from $2.1 trillion to $890 billion.
