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The Big Fundamental: Developers, Developers, Developers

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The Big Fundamental: Developers, Developers, Developers

The most fundamental metric in Web3 = developer activity

Jon Ma
Aug 26, 2022
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The Big Fundamental: Developers, Developers, Developers

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Hello Artemis Friends!

We have a big announcement. And it relates to what we think is the most fundamental metric in web3: developers, developers, developers.

developers developers, developers, developers, developers, developers,  developers - Steve Ballmer | Meme Generator

(For NBA fans: as an aside, if you think about it Steve Ballmer and Kawhi Leonard couldn’t be two more different personalities! 🤔.)

Developer Metrics on GokuStats 😎

We launched our dashboard of real-time Web3 developer activity!

Twitter avatar for @Artemis__xyz
Artemis @Artemis__xyz
Live Developer Activity now at ✨gokustats.xyz/developers✨ Quickly grok the number of weekly commits and active developers by ecosystem 🚀
Image
7:22 PM ∙ Aug 4, 2022
38Likes10Retweets

Here’s a view of the weekly commits and weekly active developers in the web3 ecosystem in the last 3 months.

Here are some reactions from Twitter 🙏🏼

Twitter avatar for @AlanaDLevin
Alana Levin @AlanaDLevin
One of the best charts to track in crypto, h/t @Artemis__xyz
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9:31 PM ∙ Aug 6, 2022
11Likes3Retweets
Twitter avatar for @mariogabriele
Mario Gabriele (🦊, 💭) @mariogabriele
Amazing new dashboard from @Artemis__xyz showing weekly active developers across crypto projects. • Ethereum: 1,720 • Polkadot: 796 • Cosmos: 384 • Solana: 333 • Bitcoin: 267 🔗gokustats.xyz/developers
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3:16 AM ∙ Aug 5, 2022
122Likes37Retweets
Twitter avatar for @jamesjho_
James Ho @jamesjho_
awesome work by the team at @Artemis__xyz real time dashboards to track developer activity across chains / ecosystems - weekly active devs - weekly code commits - # of github repos gokustats.xyz/developers lfgg
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8:14 PM ∙ Aug 5, 2022
30Likes4Retweets

Market Update 📈

8/7/2022 Developers, Developers, Developers

Across the major ecosystems, there’s been a significant decline in the last 1 month and 3 months of weekly active developers across community. Some of this could be attributed to growth in other ecosystems (e.g Aptos), a drawdown in price (and perhaps less of an incentive to build) but also we are currently tracking open source github repos so developers may be building in closed source repos that we don’t currently track. Also summer vacay in August anyone? ☀️

There’s been a narrative that Solana developers have been moving over to Aptos — it’s been interesting to see that Aptos has indeed seen a growth in weekly active developers. Its not confirming this thesis necessarily but it is interesting to see the decline in developer activity in Solana (again note this is just public repos) and growth in Aptos developers.

Solana Developer Activity — weekly active devs down ~30% MoM, 58% last 3 months 📉

Aptos Developer Activity — weekly active devs up 40% MoM, 58% last 3 months 📈

What projects have been spiking in dev activity?

  • Flow: 102 weekly active devs up 40% MoM

    • Instagram added Flow support may have contributed to this spike.

    • Flow claims a total of 8,000 devs are developing on FLOW with 1,000+ projects

    • Flow has ~50k daily active addresses which is > than that of Avalanche (38k) on C-Chain

  • Dappradar claims there’s only 9 Flow projects with 10+ users

  • Metamask: yep, the leading ETH wallet is 21% and 23% last month and 3 months respectively in weekly active devs to 46.

    • Metamask has 10m+ chrome downloads, compare to 2m+ for Phantom and 1m+ for Coinbase Wallet (👀 Phantom has > downloads than Coinbase Wallet)

  • Aptos: as discussed above, 38 weekly active devs up 40% MoM and 58% last 3 months

    • In the Aptos white paper, they claim to have 350+ developers across the globe — one of the drawbacks of not being able to track closed source repos is we’re not able to account for these devs.

    • Aptos is currently on Incentivized Testnet 3 (AIT-3) and clearly laid out what success looks like for AIT-3

    • Speaking of wallets, Aptos seems to be pushing Petra Aptos Wallet which has 2k+ users in the chrome store which should be a great leading indicator of consumer adoption:

8/26/2022 Artemis Weekly Crypto Comps

🚨 If you want this crypto comp table, please email us or you can download the free Artemis Sheet plugin here! We’ll send you the comp table in Google Sheet as a free template.

🚨If you want access to our Excel plugin, please reach out to us at team@artemis.xyz and we’d gladly onboard you onto Artemis Sheet plugin on Excel.

Some observations 👀

Top L1s are up more than Top 10 DeFi
  • Top L1s (by marketcap) are up ~15% last 30 days and Top DeFi (by TVL) are up 5% on average.

  • Top L1s are down 76% from ATH and Top DeFi are down 88% on average.

Tokens up the most
  • Cosmos is up 40% in the last 30 days, 12% in the last 7 days

  • Flow is up 30% in the last 30 days but down 18% in the last 7 days

  • Lido is up 41% in the last 30 days as the leading staking service on ETH with >$7.1B (Staking rewards claims there’s $21.1B staked on ETH)

Artemis Community Insights

We’ve been seeing GokuStats (our L1/L2 dashboard) in the wild on Twitter and there are great insights from the community.

1️⃣ Cosmos: daily active, transactions and TVL are reaching 3 month high

2️⃣ Solana: no major outages this summer

3️⃣ Developer activity: down in the bear market, importance of engaging with devs.

4️⃣ Binance Smart Chain (BSC): large number of active addresses among L1s

Twitter avatar for @_tolks
tolks @_tolks
regarding the recent Cosmos ecosystem & ATOM hype - daily active addresses, transactions, and TVL are following suite and continue pushing 3 months highs data from @Artemis__xyz
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11:34 PM ∙ Aug 25, 2022
6Likes1Retweet
Twitter avatar for @rajgokal
raj 🖤 @rajgokal
probably nothing
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3:26 AM ∙ Aug 23, 2022
552Likes70Retweets
Twitter avatar for @CoinList
CoinList @CoinList
According to @Artemis__xyz data, #Web3 developer activity has tanked in the bear market, highlighting the ever-growing importance of engaging developers via strategies that include hackathons, grant programs, and ecosystem funds. 👀 gokustats.xyz/developers
Image
10:33 PM ∙ Aug 18, 2022
17Likes2Retweets
Twitter avatar for @spencernoon
Spencer Noon @spencernoon
Binance Smart Chain $BSC is now the most used smart contract platform in the world 🤯 Source: @gokustats
Image
9:08 PM ∙ Aug 15, 2022
41Likes8Retweets

See you all next week ✌️

Jon Ma

Author owns $BTC $ETH $SOL $AVAX $DYDX $UNI $MPL and a negligible amount of other tokens.

Views expressed in these emails are ours and ours alone and don’t represent that of previous or current employers. Artemis Analytics Inc provides financial and industry information regarding liquid tokens as part of our dashboard, blog, and emails. Such information is for general informational purposes only and should not be construed as investment advice or other professional advice.

Thanks for reading Big Fundamentals in Crypto! Subscribe for free to receive new posts and support my work.

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