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The market might be down, but developer interest in bitcoin isnt. Since the all-time high almost a year ago, it has grown more than 8%, according to a recent study. Telstra Ventures data science team performed health checks on 3 top blockchain ecosystems and concluded that open-source developers signal strength of web3 community. The story here, though, is bitcoin. Which isnt really part of the web3 community, but thats a topic for another time.

The studys introduction briefly mentions Terras collapse and Celsius and Three Arrows Capital disaster stories. It doesnt mention Tesla panic selling 75% of its bitcoin, which is another reason for the downturn. Since January, a 60% loss in crypto market cap wiped $1.3 trillion, and VC investments tumbled 25.6% to about $9.3 billion, down from a record $12.5 billion invested during last years first half, Telstra said.

Nevertheless, developer interest in bitcoin, Ethereum, and Solana remains high. According to the companys General Partner Yash Patel, developers decisions about which protocols to use will be driven by use case and will point to the winning protocols.

Telstra buried the lead and downplayed the phenomenon. Bitcoin has seen a steady growth in the number of active developers over the past 8 years, the study says. The fact of the matter is that developer interest in the network has been growing since its inception 13 years ago. Bitcoin continues slow and steady growth through price volatility, such is the networks rhythm.

Consider that bitcoin doesnt need as much development, because its trying to be money and not a world computer of some sort. Also, consider that the network is much older than Ethereum and Solana. Those two facts make this next bullet point even more impressive.

During the same period, Ethereums developer interest had a drawdown of 9.0% and Solanas number of active contributors has declined 21.0%. It figures. And still, those numbers are not bad at all considering were probably in a bear market.

Also, consider that developer interest in the same period for Solana is growing 173.0% compound annual growth rate and Ethereum is growing 24.9% compound annual growth rate. It figures, since we used to be in a bull market and Altcoins tend to do well in that environment.

Its worth noting that Telstras study includes Stacks projects in the mix, and well, Stacks is not bitcoin at all. Its also important to point out that bitcoin is in a category of its own and its not part of the altcoins world. In any case, besides Stacks and general Web3 projects, the repositories with more development interest in bitcoin land include the Zeus Lightning wallet, the Bitcoin Development Kit, the phenomenal Sparrow Wallet, Galoys projects including stablesats, and the essential Mempool.

Its important to point out how Telstra Ventures data science team arrived at those developer interest numbers.

So, the study is comprehensive.

So, the study has limits and only considers developer interest in established projects.

So, the study is GitHub-heavy. Developer interest in non-GitHub projects is not considered.

Perfect. Understood.

In conclusion, developer interest in the three studied blockchains remains high. However, after the collapse, it only continued growing on bitcoin. It figures, because bitcoin developers are interested in something bigger than fiat gains. Bitcoin aims to separate money and state, and market action doesnt affect the mission. Tick Tock, next block.

Originally posted here:
Nevermind The Bear: Developer Interest In Bitcoin Keeps Growing, New Study Shows | Bitcoinist.com - Bitcoinist