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Telstra Ventures Dived Deep Into Blockchain And Is Optimistic On The Web Despite The Crypto Winter3

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Telstra’s VC arm, Telstra Ventures, has taken a deep dive into the web3 and blockchain world amid the crypto crash that wiped out $1.3 trillion in investor value, with the market down 60% since January, to to see who survived and prospered.

The 12-page report, titled Blockchain Open Source Developers Signal Strength of Web3 Communityshows that web3 developer interest has remained strong despite the crypto bear market that has seen the terraUSD (UST) Stablecoin Implodes, Cryptocurrency Lender Celsius Files for Bankruptcy and Deploys Hedge Fund Three arrows capital in liquidation after defaulting on its loans.

In that environment, VC investment in space has also fallen by a quarter (25.6%) to $9.3 billion in the first six months of 2022, compared to a record $12.5 billion in the same period last year.

Telstra Ventures’ data science team, led by Dr. Donghai He, conducted health checks on three top blockchain ecosystems – Ethereum, Solana and Bitcoin – and analyzed 1,000 active organizations contributing to more than 30,000 open source Web3 projects.

Their key findings are that:

  • Blockchain developer participation in Web3 communities remains robust as measured by compound annual growth rates of the number of unique active contributors per project and per ecosystem each month.
  • Venture and corporate investors are well aligned with 7 of the top 10 most active projects in key ecosystems.
  • Only 4 to 5 of the top 10 most active projects in each ecosystem are backed by venture and corporate investors, suggesting unfunded opportunities exist.

Telstra Ventures General Partner Yash Patel said blockchain developers’ commitment to Web3 ecosystems is the foundation for the industry’s medium and long-term viability despite short-term price fluctuations, adding that decisions about which protocols to use will be determined by the use case .

To qualify in the survey, projects must have a minimum of 100 stars in related GitHub repositories and have made active contributions between January and April 2022.

The highlights of the Telstra Ventures blockchain report are:

Ethereum remains the largest and strongest developer community

  • Ethereum’s contributor community has grown for the past 4 years since January 1, 2018 at a compound annual growth rate of 24.9%.
  • Since Ethereum’s price spike in November 2021, the number of monthly active contributors has fallen by 9.0%.

Solana is growing fast and is on the heels of Ethereum

  • Solana’s contributions have grown at a compound annual growth rate of 173.0% for the past 4 years since January 1, 2018.
  • Since Solana’s peak price of $204.35 in November 2021, the number of active contributors has fallen by 21%.

Bitcoin continues to grow slow and steady due to price volatility.

  • Bitcoin has seen a compound annual growth of 17.1% in the number of contributors over the past 4 years since January 1, 2018.
  • Since the crypto Bitcoin price spike in October 2021, the number of active contributors has grown by 8.2%.

Institutional investors are geared for robust blockchain development in each of the three primary ecosystemsand investment opportunities remain

  • 7 out of the 10 fastest growing projects are supported by VCs or by companies.
  • 4 or more of the 10 fastest growing repositories in any ecosystem are backed by VCs or corporate investors.

Ethereum is the strongest and largest community

  • Ethereum’s upcoming merger will move from proof of work to proof of stake, meaning the network can process over 100,000 transactions per second, which is much faster and more scalable than it currently is. The excitement of the developers is adding to the recent price rally, and we expect more innovations to come as different chains try to outdo each other.
  • Ethereum’s contributor community has grown for the past 4 years since January 1, 2018 at a compound annual growth rate of 24.9%.
  • Since Ethereum’s price spike of over $4,800 in November 2021, the number of monthly active contributors has fallen by 9%. This can be compared to a price drop of x% during the same period

Solana developer community is growing fast

  • Solana’s developer community started to take shape in late 2017 and the first block was created in 2020.
  • Solana grows 173.0% compound annual contributor growth during the past 4 years of volatility since January 1, 2018. Since Solana’s peak price of over $200 in November 2021, the number of active contributors has experienced a small dip and decline of 21%.

Steady Growth for Bitcoin Developer Community

  • Bitcoin has seen steady growth in the number of active developers over the past eight years. Bitcoin’s contributor community has seen a compound annual growth rate of 17.1% for the past four years since January 1, 2018.
  • Since the crypto Bitcoin price spike in October 2021, the number of active contributors has grown by 8.2%.

You can download the report here.

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