Know all about the reasons for piling contributors into Bitcoin, Ethereum, and Solana since 2018

by | Aug 7, 2022 | Market, Market News, News, Solana | 0 comments

With the introduction bod the new digital currency sector in the financial system, certain changes have been introduced which are quite new for the current market. However, people have accepted the digital currency market quite well and have gotten a hold of it now. But given the nature of the digital currencies, it has been quite difficult for them to maintain stable growth in the industry. As a result of it, it has been exposed to various ups and downs in its career and has even experienced the lowest of the low in terms of its value.

Even though the digital currency market had hit a rough patch for some time now, users involved with coins such as Bitcoin, Ethereum, and Solana have shown a steady increase in their number. A growth of 71.06% of contributors across the given platforms, has been noticed since January 2018. Various reports testify to this fact.

What more do the reports shed light upon?

The reports that have been published after a thorough study by various trusted websites suggest that Solana has had the most number of contributors than any other platform. It has shown a tremendous growth rate of almost 173% months which has set a new record for all to live up to. These statistics came after a study that was conducted in the year 2018, in January.

Some might wonder who these contributors are and what role they play on these platforms. To answer this question, a contributor is a developer who is responsible for sending updates to code on GitHub. It is specifically a code that is a repository for computer programs.

What was the state of other crypto platforms?

After Solana, the platform that occupied the second place was Ethereum with a growth of 24.9% annually, followed by Bitcoin which showed a slow but steady increase in the number of contributors by a mere 17.1% in a year, as recorded by a report since 2018. However, despite the growth rate of each platform, it has been noted that Ethereum has the strongest base of contributors or developers. However, this number had fallen in July to a mere 2000 which has resulted in the decrease in the price is this particular cryptocurrency.

What were the investment opportunities?

It was also suggested by various surveys and studies that even though the number of projects across all platforms has been increasing they have been lacking a certain venturing capital backing. Thus, it meant that there are ample opportunities for investment in these projects. These projects include several interesting activities or platforms that are of high value and interest for the investors and one might invest in them if he or she wants to. Therefore, companies are eager to venture into these investments with high hopes for the future.

Conclusion

Various popular and huge companies are eager to invest in these projects and have also already invested in numerous other projects. Some technology-based companies such as Telstra Venture aspire to venture into this arena with their previous experience of having invested in blockchain companies such as the Blockdaemon and FTX exchange.

It was also observed from a study that worked upon the data collected from a thousand different active organizations that they have offered more than three thousand open projects across platforms such as Bitcoin, Ethereum, and Solana. Therefore it has opened up a wide range of options for investors to choose and invest in. It can make them earn huge profits as well in the future.