mariaa.eth ๐ธ
@MariaShen
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General Partner @ElectricCapital. Views my own. ๐ฆ๐
Joined March 2009
We are delighted to release the 6th annual @ElectricCapital Developer Report!. We analyzed a record 902M code commits across 1.7M repos thanks to the 829 people who contributed to making this report since inception. How did 2024 in crypto look in data?. Long thread below ๐๐ฝ
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Only static over the radio. The same as it had been the last ten days. I knew there would be nothing else. I gathered what last provisions I had, donned my gas mask, and set out into the city to find survivors. Find them. before *they* find us. #apocalypse2020 #SanFrancisco
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1/ We are excited to introduce the @ElectricCapital Crypto Market Map!. The Crypto Market Map tracks 1,500+ projects in crypto. It contextualizes every major project in crypto by organizing projects into 6 tech layers & 137 categories. Let's explore ๐๐ฝ
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1/ Time for the 4th annual @ElectricCapital Developer Report!. This year we are also proud to launch -- showcasing the data behind the report. We analyzed 250m code commits and 300+ people contributed to this year's report. Let's dig in๐.
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0/ We are delighted to release the 5th annual @ElectricCapital Developer Report. We analyzed a record 485 million code commits across 818k repositoriesโ20x more code than our first report from 2019!. 356+ people across the community contributed to making this report. Long,
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We're in an NFT renaissance! I'm blow away by the new uses for NFTs I see every day. Here are 5 new frontiers for NFTs & predictions for the future: Monster Thread of 5 new NFT frontiers๐๐ฝ (1/28).
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The U.S. has lost its lead in blockchain developers & has gone from 40% to 29% market share of open source devs. We analyzed 200+ million code commits & 11k+ developer profiles to capture geography data. Full analysis here: Let's break it down ๐๐ฝ.
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We @electriccapital analyzed 110k+ developer profiles to understand crypto devs geographically. Asia is now #1 for crypto devs. The US is losing market share. Crypto impacts every state in the US -- crypto should be non-partisan. Hereโs what the data shows & why it matters:
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Reminder: Ethereum has 100% uptime through 16 upgrades. Thatโs not just an engineering flex. Itโs why we trust it to secure billions. Ethereum is reliable & credibly neutral. Ethereum is the only foundation for a truly free global economy.
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China is starting to test the Digital RMB and educate its citizens. ๐จ๐ณ. This video is circulating WeChat: China's digital currency in action w/ the Agricultural Bank of China. The woman takes out 50RMB from her bank card & converts it into China's new digital RMB
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Most popular topics being discussed at the Bitcoin conference:. - roll ups.- L2s.- MEV.- data availability layers.- NFTs. I was not expecting this.
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I am excited to become General Parter at Electric Capital. Crypto will reinvent finance for the better. NFTs are digital assets that will underlie the biggest markets in the world. If youโre creating new primitives here, please DM!. Also, Electric has an amazing group of people.
1/ We are excited to announce that Ken Deeter (@puntium) & Maria Shen (@mariashen) have been promoted to General Partners @ElectricCapital!. Here's why we believe engineers make for amazing crypto investors and how Ken and Maria exemplify our approach. ๐.
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NFTs are more than art or PFPs. Most NFTs will *not* derive value from how they look visually. Let's look at 4 categories of NFTs beyond art or PFPs. a ๐งต
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Who are ๐ฅ NFT artists flying under the radar on Twitter right now?.
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I always save new crypto social experiments that break the mold. Here are 20 of the most innovative on-chain experiments I've seen in the last 3 years. Some are well-known, some are not, some are no longer active. First, let's start with elegant human coordination mechanisms:.
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I saw crypto being used in the coolest ways in Miami this week & none of them had to do with payments. All of them had to do with building strong communities.
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1/ @ElectricCapital raised $1 billion in new capital to invest in Web3. Here are ideas we want to fund in specifically DAOs & NFTs ๐งต.
1/ @ElectricCapital has raised $1 billion in new capital, our largest fundraise yet. The web3 economy built on top of the programmable money stack will be one of the defining disruptions of the 2020s. Where are we going to invest $1 billion?. ๐งต๐.
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1/ We updated the @ElectricCapital Crypto Market Map!. The Crypto Market Map now tracks 1700+ crypto projects. 233 contributors added new projects & changes for this update. What are the biggest updates?
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Quick thoughts around why I recently changed my mind about RWAs:. Long term:.RWAs will exist on-chain long term. I have always believed this. Question is how they get on chain. Why I wasn't bullish RWAs in 2018:.In 2018, many projects were putting real estate on chain, price.
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Who grew the fastest by total devs? Total devs reflect new developer and hackathon participant interest. Top 10 fastest growing ecosystems by overall developers comparing Q3 2023 and Q4 2024:. @eigenlayer, @Aptos, @solana, @dfinity, @base, @aztecnetwork, @Stacks,
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North America lost its lead in crypto developer share to Asia. North Americaโs share of devs dropped sharplyโfrom 44% in 2015 to just 24% in 2024. Meanwhile, Asiaโs share climbed from 13% to 32%. For the first time, Asia is the #1 continent for crypto talent.
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Wei Dai is the author of b-money (the 1st paper Bitcoin references). This never occurred to me until today: "2 different cryptocurrencies have been named after him, the โDaiโ coin used by the Maker organization, and the โWeiโ, which is the smallest unit of the Ether currency."
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Developer Report 2023 is coming SOON. If you write open source code, include your work in this year's Dev Report by adding your repository to the open crypto taxonomy:. We are locking the data for repositories this week! ๐. DM me if you have qs.
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Who grew the fastest by Full-time devs? Full-time devs commit code 10+ days out of a month, so they produce steady work for the ecosystem. Top 10 fastest growing ecosystems by Full-time developers comparing Q3 2023 and Q4 2024:.@eigenlayer, @dfinity, @SeiNetwork, @aztecnetwork,
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1/ At its height, Yuga Labs earned ~$15M/month in royalties. As more users opt out of royalties, some are calling the end of NFTs. Again. Today's royalties may die. But new, sustainable incentives will rise in their place. 5 models for the next evolution of royalties:.
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Our team @ElectricCapital built a way to see the crypto developer concentration around the world at Crypto is global and it is very cool to see it visualized like this.
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1/ โCredible neutralityโ is Ethereumโs secret weapon. Itโs not sexy. Itโs not easy to explain. But itโs why Ethereum matters and why it can outlast everything else. Hereโs what it means, and why itโs so powerful:.
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The fallacy of asking about use cases in crypto is thinking weโll be able to recognize it when we see it & pattern match to what we know today. Historically we are bad at recognizing the utility of new tech. People asked why email when you could call, or why credit card when.
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Reflections from HK this week:. Every major financial hub starts with radical openness. - Hong Kong opened in 1842, first thriving on free trade. - Singapore became a free port in 1819, drawing traders from across Asia. - New York in the 1800s was a financial free-for-all. -.
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2/ TLDR:.* Monthly devs grew 5% y/y while prices are down 70%+.* 23k+ monthly devs.* 471k monthly code commits.* 3.9k monthly devs in DeFi.* 61k NEW devs touched crypto code in 2022.* Several ecosystems outside of @ethereum have 500+ devs and are growing through this bear market
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Five years ago:.โ No ETFs.โ $4B in stablecoins.โ $600M in DeFi. Today:.โ BTC & ETH ETFs.โ $227B in stablecoins --> 57x growth.โ $96B in DeFi --> 160x growth. Zoom out. Weโve come far.
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thank you @FortuneMagazine for including me in the top 50 NFT influencer list!. what actually amazes me beyond who's included & who's not is that a Fortune Top 50 NFT Influencer list exists. what a long way NFTs have come & what a long way to go.
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Easy money in NFTs is over. The market will be forced to innovate. @nounsdao will be held as an example, & we will see new models tested out in the coming months for cc0s, emissions, governance & more. In the next year, we'll witness the dead & rebirth of NFTs.
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Listen to @derekedws, @kevinrose, and me round up the most interesting developments in NFTs in the newest Proof podcast. We spend the first 20 minutes on @lilnounsdao and @nounsdao โโจ-โจ.
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If you're in Brooklyn and want to chat NFTs @0xJim @mikedemarais and few of us are holding a casual park hangout Sunday 9/19 3PM. more details to follow - save the date!
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We can identify top ecosystems in these continents by developer share. Ethereum is the # 1 ecosystem by developer share on every top continent. @solana is # 2. @0xPolygon is # 3 in Asia and S. America. @Polkadot is # 3 in Europe. @base is # 3 in N. America. @dfinity is # 3 in
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I am so excited to speak at ETHDenver! . Come find me there if you want to hear absolutely everything about crypto developer numbers!.
๐ค SPEAKER ANNOUNCEMENT . ๐ฃ We are THRILLED to welcome @MariaShen from @ElectricCapital as an #ETHDenver2024 speaker!
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9/ Other ecosystems barely existed in 2018 & are sizable now:. * @solana, @NEARProtocol, & @0xPolygon grew 40%+ YoY & have 500+ total monthly devs. * @SuiNetwork, @AptosLabs, Starknet, @MinaProtocol, @osmosiszone, @hedera, @optimismfnd, & @arbitrum grew 50%+ YoY
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putting in finishing touches. Developer Report coming this week! ๐
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We @ElectricCapital announced our new $110 Seed & Series A Fund!. ๐ญRead about the 16 ideas that excite us across DeFi, Community Owned Networks, Marketplaces, Privacy, and more!. If you're raising money, DM us or email us at info@electriccapital.com.
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Cryptoโs superpower is price discovery and capital formation at the speed of narrative. Crypto always created markets around new asset explosions:. 2017: ICOs.2020: DeFi Summer.2021: NFTs.2023: Memecoins. Next: AI-native micro-startups & protocols. Fast, revenue-generating.
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To all my NFT people in NYC -- . We @ElectricCapital are taking over a cafe near the conference. This is a fun place for us to hang out, work, meet up, & caffeinate. Free:.โข โ๏ธCoffee.โข ๐ซTea.โข ๐Snacks.โข ๐ฉโ๐ปWiFi + Outlets. Sign up here:
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Cryptopunks are the Bitcoin of NFTs:. 1. itโs (arguably) the first asset of its kind.2. it has the most liquidity.3. brand recognition means it has incredible network effects.
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4/ Interestingly these Newcomer devs tried new ecosystems: @0xPolygonLabs, @solana, @BNBChain, @cosmos, @arbitrum, @optimism, @NEARprotocol, @avax, @celoOrg, @dfinity, @Starknet, @FantomFDN, @zksync, @aptos_network, @filecoin. These ecosystems had 1,000+ new devs in 2023
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NFTs may enable the biggest financial markets we've ever seen. The volumes are small today, but may grow exponentially. Letโs look at.A) why NFTs enable viral financial markets.B) where we are today.C) where we are going. 1/n.
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my milady deserves her own portrait. thank you @shiro57102 for this beautiful piece!. i love it very much.
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The real treasure map on the back of the Constitution is the friends we made along the way.
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Life lessons I've learned from chess. I just started learning chess and realizing it's full of interesting lessons. Here's my running list:. - have a plan for where you are going. Donโt simply react. When you think there are no moves, take a step back and look again at the.
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What getting drinks with my regular friends is like โ. Me: Iโm very concerned about the fall of fiat. Friends: whatโs fiat?.
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Heading into ETHDenver today!. If youโre building a consumer app, Iโd love to chat. Some quick, honest thoughts:. - Public perception of crypto is still rough. - Most creators struggle to use tokenomics for revenue + engagementโeven crypto-native teams get it wrong. -.
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everyone asks โwen tokenโ?. no one asks โhowโs tokenโ? ๐ข.
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Any devs who contributed to crypto for over 5 years?. Please DM me this is you or if you know one. I would like to interview you for the Developer Report this year!.
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2/ Important caveats:. - this undercounts the total projects in crypto. This map only incorporates major projects. Inclusion criteria is at the end of the thread. - there are still gaps. The map is in beta & everyone can contribute to the map. Contribution details at the end.
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i still dunno wen airdrop, but at least i figured out where airdrop
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The US had a 51% drop in dev share since 2015 - while crypto grew from $5B to $2.4T in market size!. Is this the result of negative regulatory environment? The US needs clear crypto policy to maintain its country lead. Zooming in to the US: How does this break down by US state?
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C. Interoperability. With more chains, the ability for information to transfer across chains has become crucial. Projects in this layer focus on enabling inter-chain communication, data sharing, & asset transfer. 6/
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Asia is now the # 1 continent by developer share. 1 in 3 crypto developers live in Asia. Europe is # 2. North America fell from # 1 to # 3 since 2015.
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NFTs are the first truly viral assets. The future is all about borderless, digital communities connected by the NFTs they own. Why?. 1/.
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This is a team effort! Follow the creators for more crypto knowledge:. Research:.@0x9e0ff.@0xren_cf.@garythung .@mitchelljhammer .@puntium .@sanjaypshah.@sidmvenkat .@swatimardia . Design:.@chloepark.@mishafrolov. Eng:.@lucasg_dev .@sheatgm . Review:.@martha_shear.@EmilyMMeyers.
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Ethereum is the only truly free economy in the world. โ Strongest property rights on the internet.โ Rules that donโt change mid-game.โ No borders, no gatekeepers.โ Credibly neutral, fully permissionless. Ethereum is a network of unalienable rights.
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Need a break during Come to Crypto Coffeehouse!. Come hang, chat NFTs, & get some work done w/ @______jpg______, @papercheckout, @SyndicateDAO, & the @ElectricCapital crew. Free coffee, tea, wifi, outlets, & pastries . Open to everyone, just sign up ๐ฅโ๏ธ
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In SF and like jpegs?. @AliaksandrH and I are hosting a crypto park hangout this Thursday with โจโจNFT giftsโจโจ. Come hang with us on Thursday Aug 19th!.
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42% of Bitcoin devs -- almost half -- are working on Bitcoin scaling solutions.
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Crypto has grown at an annualized 39% since the launch of Ethereum in 2015. There were ~1,000 monthly active developers in 2015. Today: 23,613 monthly active developers now work on crypto.
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Weโre seeing โ in real time โ the emergence of how crypto can be tightly integrated in everyday life. Crypto being EARNED by engaged members and then being USED to unlock new, exciting opportunities. Crypto is using incentives to build, grow, & coordinate passionate communities.
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12/ In 2019:.- 500+ projects were in our market map (basically anything non-scammy we could find). Today:.- 1,500+ projects, despite only accounting for significant projects. Here are 6 of the biggest shifts in crypto since 2019:
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crypto recently feels dark compared to previous years. previous trends felt fun, silly, sometimes absurd -- funny nft collections, hamster racing, dog coins. this cycle has a dark intensity to it, perhaps because crypto is now more accessible than ever.
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@tanjirodisciple @ZZZAGABOND Agreed it can feel daunting to get started learning about web3! Here are some resources:.- good newsletters: - high signal ppl to follow: - what to do after setting up a wallet: use @rabbithole_gg.
Assuming someone already has a wallet and only a small amount of money. What are the first 3 on-chain things they should do to be convinced of web3?.
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11/ It takes years for dev communities to reach critical mass & grow:.* @Polkadot @ethereum @solana @0xpolygon took years to grow to 1000+ total devs.* @0xPolygon, @solana, @NEARProtocol, @kusamanetwork, & @BNBCHAIN took <4 years to 150 full-time devs: fastest of emerging ecos
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Top 3 ecosystems by country by developer share:.Ethereum is # 1 in the US, UK, China, and Canada, # 2 in India. @solana is # 1 in India, # 2 elsewhere. @base is # 3 in US and India. @0xPolygon is # 3 in the UK. @NEARProtocol is # 3 in Canada. @Polkadot is # 3 in China.
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V. Innovative tech have moved from theory to practice. Using zero-knowledge tech as an example. In 2019: .- zk was used by a few pioneering projects like Zcash. Today:.- 159 projects in the Crypto Market Map utilize zk tech. 17/.
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E. Protocols. These projects are characterized by rules that largely execute on-chain. These projects span use cases across Decentralized Finance, NFT and Gaming, Social, Identity & Data Sovereignty, Privacy, and more. 8/
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People say there are no apps in crypto. But the first time I used Uniswap, my mind was blown realizing I was moving thousands of dollars with no account & no counterparty. Just code running permissionlessly. We can do better, build more, but shouldn't discredit what exists.
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D. Developer Tools and Services. This layer catalogs tools, services, & data providers essential for developers & users. It includes everything from development frameworks to data analysis tools. 7/
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3/ The Crypto Market Map contextualizes the role every major projects plays. Projects are divided into 6 tech layers from infra to end-user-facing projects:. A - Core Infra.B - Scaling.C - Interop.D - Dev Tools & Services.E - Protocols.F - Applications.
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โobviouslyโ. after causing heart attacks for 60+ minutes
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Overall in 2024 for new devs:.- @solana is the # 1 ecosystem for new devs.- Ethereum is # 2.- @dfinity, @Aptos, @base, Bitcoin, @SuiNetwork, @NEARProtocol, @Polkadot, @0xPolygon, & @Starknet all had 1K+ new devs in 2024.- @arbitrum, @BNBCHAIN, @Optimism, @StellarOrg, and
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2024 Takeaways:. Crypto is global & dev momentum shifted outside of N. America. Devs & use-cases are diversifying across ecosystems. Usage spans all time zones, suggesting global usage
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China's government run media analysis: The growth of #DeFi is the reason that crypto and especially Ethereum has grown 100%+ YTD. If you think China's only focusing on their own digital currency without knowing what's happening in the rest of cryto, think again. 1/.
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A. Core Infrastructure. This foundational layer includes projects like Bitcoin & other Layer 1 blockchains that expanded on Bitcoin's initial design. Mining services, hardware manufacturers, & other infrastructure level projects are included in this layer. 4/
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1/ The high level summary:. Overall developers are down 24% but losses stem mostly from Newcomer developers. Long-term committed developers continue to steadily grow. Crypto developers have clearly shifted to multi-chain development. Crypto has clearly become a global
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B. Scaling. As usage of Bitcoin, Ethereum, & other Layer 1s increased, projects emerged to address scalability. This layer includes Layer 2s, Layer 3s, & modular blockchain projects. 5/
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23/ 9,357 monthly active developers work on Top 200 ecosystems outside of Bitcoin and Ethereum, down -31% year-over-year. But some ecosystems managed to grow very quickly in 2023 including @Scroll_ZKP, @aztecnetwork, @CelestiaOrg, @aleohq, and @ton_blockchain
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๐ฉ๐ปโ๐ป18,416 monthly developers contribute to Web3.๐ฅณ34,391 *new* devs joined in 2021 - an all-time high.๐๐ผLargest open-source dev ecos: #ETH, #Bitcoin, #Polkadot, #Cosmos, #Solana, #BSC, #NEAR, #Avalanche, #Tezos, #Polygon, #Cardano . Time for @ElectricCapital's Developer Report! ๐๐ฝ.
1/ Time for @ElectricCapital's Annual Developer Report:. We analyzed 150m+ repos & xM code commits to produce these 100+ charts. This was a community effort: 150 people contributed via email and Github! Thank you everyone who helped. Let's dig in๐.
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20/ Projects must have at least 1:.- $2M+ funding since 2023 & active updates.- $50M+ funding & active updates.- 50+ devs in 2024.- top 100 mktcap.- leading DeFi project on a chain.- 10K+ followers on Twitter.- play a leading or significant role in a chainโs ecosystem.
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Brooklyn NFT Park Hangout . When: Sunday 9/19 @ 3PM.Where: McCarren Park.Vibe: chill, non-exclusive, all NFT people welcome.Bring: blankets, food, drinks, speaker, frisbee, or just yourself. We'll see y'all there ๐ @0xJim @mikedemarais @caseykcaruso.
If you're in Brooklyn and want to chat NFTs @0xJim @mikedemarais and few of us are holding a casual park hangout Sunday 9/19 3PM. more details to follow - save the date!
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11/ Why did we create the Crypto Market Map?. Crypto has become specialized & complex as it matures. Since we published a market map in 2019, crypto has shifted meaningfully. We created the Crypto Market Map to provide an overview of the rapidly expanding industry.
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By day: crypto analyst โ๏ธ.By night: Maria Meeker, Mother of Charts ๐.
1/ We @ElectricCapital fingerprinted more than 20,000 code repos and 16M commits to create a Dev Report on crypto. Analyzed by @MariaShen (better known internally as "Maria Meeker"). Data powered by @jubos. Here are the highlights โก๏ธ.
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F. Applications. These projects are characterized by rules that mostly do not execute on-chain. These projects span use cases across Centralized Finance, Creator Platform, NFT & Gaming, Social, Identity & Data Management and Sovereignty, Privacy, and more. 9/
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37/ The US had an early lead in crypto development and has lost it. The US had 40% of developers in 2018 and is now down to 26%, losing 14% marketshare while the total number of devs has 2x-ed.
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Lastly, a BIG thank you to everyone who gave feedback! ๐.@Flynnjamm, @masoncags, @mraltantutar, @MSilb7, @next_roy, @shanefanx, @szenics, @WaverlyMaven, @whizwang.
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23/ Read about our motivation, methodology, & crypto landscape changes here:.
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21/ Projects NOT included:.- hackathon projects.- projects that do not show intention of shipping products that they initially announced.- projects where the shipping timeline is potentially too far in the future.
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