The notion that bear markets benefit builders appears to be true, with the total number of monthly active Web3 developers increasing 5.4% to more than 23,300 over the last 12 months in spite of a near 70% drop in crypto prices.According to a Jan.

16 report from Electric Capital,”full-time”designers– categorized as those who add to 76%of GitHub dedicates– likewise increased 15.2%to over 7,000, while”one-time “home builders fell 6.2%to over 3,500 during the same period, in between December 2021 and December 2022. Regardless of the crypto market capitalization starting its long plunge from its all-time high (ATH) of$2.9 trillion in November 2021, regular monthly developer activity just began to fall this past June, after the metric reached its record high of nearly 26,500 active developers.This fall was partly credited to the fall in designer activity in the Terra community following its disastrous collapse in May. Monthly active designer count gradually compared to crypto’s market capitalization. Source: Electric Capital.The next three months from June to September saw a 26%fall in weekly active Web3 developers.Last year did nevertheless see 61,127 new Web3 designers come into the industry– the most ever taped and a 25.8%increase from 2021. In reality, more new Web3 developers deployed their first line of open-source crypto code in the previous year(109,723)than between 2014 and 2020(101,054). Monthly active developer count given that Bitcoin was introduced compared to when Ethereum and its smart contract performances were introduced. Source: Electric Capital.Ethereum continues to dominate developer activity, having actually increased its full-time designer count by 9%to 1,873– which is more than the next three highest environments integrated: Polkadot(752), Cosmos(511)and Solana(383). Developer relies on non-Ethereum chains are catching up however. The Cosmos and Solana networks increased 34%and 36%, respectively, while Starknet is amongst among the mid-sized ecosystems to have made a solid run In 2022 with a 214 %increase in designer count.Related: Inside the blockchain developers’mind: Building really

free-to-use DApps The report likewise discovered that following Terra’s collapse only 28(9%)of the initial Terra developers stayed for Terra 2.0 while 143 developers(42%Number of devs increased during crypto winter: Electric Capital report

)called it gives up and moved to other ecosystems.Many of the previous Terra developers moved to Cosmos, 42 of 143, one of the most of any other ecosystem. The variety of full-time developers from each ecosystem since their launch date. Source: Electric Capital.Electric Capital discussed there are much more Web3 designers than represented in the report, as some

projects are close-sourced.