The Big Fundamental: Developers, Developers, Developers
The most fundamental metric in Web3 = developer activity
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.
(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!
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 🙏🏼
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 email@example.com 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
See you all next week ✌️
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.
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