Report: DeFi market growth, monthly active developers increased 67% from the beginning of the year

According to BlockBeats, it is well known that DeFi has achieved exponential growth in 2020. However, what is more interesting is that, as the latest report from crypto venture capital firm Electric Capital shows, DeFi is growing much faster than other crypto markets.

Monthly active developers in DeFi have grown 67% since January 2020, while frequent contributors (i.e. contributors who commit code more than 10 days per month) have grown 45%.

Ethereum remains the most dominant ecosystem, with the network receiving over 300 new developers per month, as measured by the number of developer commits. In fact, not only has the number of Ethereum developers increased monthly since December 2019, but ecosystems outside of Ethereum are also losing developers.

High-growth ecosystems outside of Ethereum include Polkadot (whose number of developers doubled in the past year) and Filecoin (whose number of developers tripled in the same period). However, one of the reasons for the sudden increase in developers in these two projects may be that they both launched tokens in the second half of 2020 and released several developer incentive programs.

The ranking of the five DeFi projects by the "absolute developer growth" metric according to their developer growth rate is as follows: Chainlink, Gnosis, Balancer, Uniswap, and Yearn Finance.

Among these projects, the growth of the early first development data of the Yearn Finance project is impressive. According to the report, less than a year after Yearn Finance's first public interview, more than 40 developers participated, which is usually a level that other projects take two years to reach.

Developer activity can be considered one of the most important ways to measure the fundamental value behind a crypto project, aside from market cap. Developer activity can be a positive reinforcement for many market participants.