DeFi Growth Powered by Other Blockchains Beyond Ethereum?
A recent report by Electric Capital reveals interesting insights about the state of Web 3.0 development and the progress made so far. According to the firm, Polkadot, Solana, NEAR Protocol, Binance Smart Chain, Avalanche and Terra are experiencing faster growth in their initial stages than leader Ethereum did at a similar stage.
Electric Capital used the length of days since the first “commit” and the total number of developers working on the blockchain since launch as the metrics for analysis. The Layer 1 blockchain networks listed above enjoy a higher number of active developers working on them than Ethereum did in its early years.
In terms of number of developers, Ethereum continues to hold the lead as the largest blockchain ecosystem. The remaining names in the top five list include Polkadot, Cosmos, Solana and Bitcoin.
BSC, Solana and Avalanche have established themselves in the world of DeFi, taking up the moniker of being potential Ethereum killers as more developers switch to these ecosystems owing to high costs involved in creating dApps for Ethereum. Meanwhile, Polkadot recently saw a successful round of its first parachains which will foster development of its ecosystem in the coming months.
NEAR Protocol has also been in the news in recent weeks, soaring to record highs and enjoying strong performance through December when most of the market remained sluggish. Supporting only two DeFi projects at present, NEAR’s ecosystem is likely to see explosive growth in this space in 2022, making it a strong contender going up against Ethereum and other established chains in the DeFi space.
According to the report, “DeFi has grown +76%, in line with overall Web3 growth. Over 500 new developers committed code to a DeFi project every month in 2021 except for January. At the same time, DeFi full-time monthly active contributors grew by 64%.”
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