While the crypto market is experiencing a rough start to the new year, a number of Ethereum (ETH) competitors are recording strong strides.
In a new annual developer report, Electric Capital said that while Ethereum's rapid growth continues to accelerate, a number of rival projects are growing at unprecedented rates.
“Polkadot, Solana, NEAR, BSC [Binance Smart Chain], Avalanche and Terra are outgrowing Ethereum at similar times in its history.”
Layer 1 blockchain protocol Solana (SOL) had a breakout 2021 as token value skyrocketed from under $2 to peak near $260 in November. The altcoin is currently trading in the $11 region.
The Polkadot Cross-Chain Interoperability Protocol (DOT) also had a big run in the last year. DOT has risen from under $10 to a peak of $54.98 in early November and is currently trading at $11.
Terra (LUNA) – the 10th-ranked crypto-asset on coinmarketcap – has grown from under $1 to over $20 in the first half of 2021. And following a market-wide correction in May, the asset has been on the rise. started a series of steady upward moves, from near $5 in July to $10 today after peaking at $7.
Electric Capital co-founder Avichal Garg shared key data on month-to-month growth of full-time developers, noting Terra grew 313% and Solana came in second with 307%.
Garg also called attention to Ethereum's momentum. He said:
“Ethereum has grown by over 42% in total developers, over 24% in full-time developers. ~700 new developers contribute to the Ethereum ecosystem every month.”
The co-founder also provided a chart documenting Polkadot's 66.6% growth against Ethereum from 2020 to 2021.
At the time of writing, Ethereum is down 3.% on the day to $3.239.