In the ongoing Crypto recession, Blockchain developers have slowed down their contributions to top crypto projects amid the lingering market downturn, with Bitcoin and Ethereum experiencing a decline of over 30% in developer activity over the past three months.
Ethereum, as the leading and strongest crypto community, had 1,850 weekly developers for the week ending August 27. In the Past 3 months, the developers made over 30% less commits than previous.
Bitcoin is no exception, during the last week of August, devs made 1,600 commits to the Bitcoin blockchain and its sub-ecosystem, which is down by more than 35% in one month and 38% in three months.
Other crypto projects as Solana, Polkadot, Cosmos lose around 50% of their weekly developers over the past three months.
How is it looking with Crypto Winter?
It started in early May, when the collapse of 's algorithmic stablecoin UST exacerbated the market crash. Terra's implosion sent ripple effects across the entire crypto industry, leading to the failure of some prominent crypto firms like Three Arrows Capital, which wiped off around USD 2 Trillion from the overall crypto market capitalization.
Major Cryptocurrencies are heading down since then, as BTC is about $21,000 and Ethereum sits on $1,760.
Thanks for Reading my Post. You can also find me on Instagram
