As important as marketcaps are to measure the success of a company or a project, they are a flawed measure of success in the long-run.
The use of marketcap as a sole yardstick for success leads to fallible conclusions, even more so in the highly volatile crypto world where 80% drawdowns are normal. Organic indicators that are immune to the whims of markets driven by greed and fear are better at gauging the overall health of crypto. One such indicator is developer activity; developer activity is a great proxy for the level and pace of innovation in a still nascent technological space.
Electric Capital recently released a report on the state of developer activity in the crypto ecosystem and the underlying trends paint a positive picture for the future of cryptocurrencies. Despite the fall in the total number of developers in the past one year (including full-time, part-time and one-time) the total number of full-time developers has actually shown a meaningful growth of 13% over the same year.
Ethereum’s developer community dwarfs that of every other blockchain project in size, with close to 1200 monthly active developers in the Ethereum ecosystem, which is at least 4x more than the next biggest ecosystem. Ethereum is however still some distance away from its stated goal of becoming a global computer for decentralized applications, and Ethereum Killers come and go with no visible effect on the ETH ecosystem. BTC, however has already cemented its place as a global censorship-resistant Store of Value (SoV).