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Tezos Shines In Developer Metrics Reports & Git Repository Analysis

Tezos has seen large growth in developer metrics according to independent reports and other git repository analysis.

A Look Into Tezos Git Repositories

Back in late December 2020, a plan was hatched by Djangobits (a prominent Tezos community member) and myself to create a list of all known Tezos Git repositories in order to create a large Tezos Gource video based on previous efforts from Django here and myself here. We aimed to do this in order to gain a truer video visual of Tezos development.

Many previous Tezos development reports in the mainstream cryptocurrency media and over social media channels seemed to focus on just Tezos Github development (excluding Tezos core development activity on Gitlab) and even then the coverage of Tezos Github appeared to be missing many repositories.

Even our own previous efforts using the Gource development visibility software did not manage to cover all known Tezos repositories, in fact, my latest Gource video only covered the Tezos Gitlab.

Tezos development is very decentralized in nature and is often widespread, featuring across many Git tracking systems and repositories.

After some weeks of pulling together these Git repositories, a list of some 512 was created here (although it was previously on the HackMD platform which anyone could edit). This list was nowhere near exhaustive and many repositories were still not listed.

This list was sent to various people in the Tezos community who were looking for similar visibility on these metrics.

Due to the sheer number of Git repositories we found, we have been struggling to find a workaround to the system that can handle all of the data when creating the new Gource video file (although we are still trying).

The Electric Capital Report

More recently Electric Capital pulled together an even bigger list of 614 repositories with the help of Corey Soreff of the Tezos Commons, which can be found here by typing in the word ‘Tezos’ and pressing enter. Although we expect there are far more than the 614 repositories listed (due to our own efforts of 512 not even touching the surface), this figure still represents a thriving Tezos developer community.

On the 10th of December, Electric Capital presented its data in the form of a report, found here. In the report, some interesting Tezos developer stats were found:

  • Tezos, Cardano, and Polkadot had 100+ devs in 2019 Q3 and gained even more developers in 2020 Q3.
  • Tezos, Polkadot, and Filecoin had the biggest developer gains from 2019 Q3 to 2020 Q3.
  • Ethereum, Bitcoin, Polkadot, Cosmos, Tezos, Cardano, and Eos are the biggest layer 1 developer ecosystems.
Electric Capital Report Data

Rockaway Blockchain Fund Developer Valuation Analysis

Since then the Rockaway Blockchain Fund gave their point of view by using some of this data, here.

David Rakusan CFA and Investment Manager of the Rockaway Blockchain Fund stated:

“Based on valuation per active developer, it seems that Cosmos and Tezos are undervalued to peers and Avalanche is highly overvalued. The war of the blockchains is far from decided and there is still a lot of upside to be made on L1 solutions.”

Alongside it he posted this image, showing ‘Valuation per # of developers’ as of the 28th January 2021:

Rockaway Blockchain Fund

The calculation shows the market cap divided by the number of developers in order to give a viewpoint of under-valued developer ecosystems in relation to their cryptocurrency market cap.

In this illustration it showed that Tezos had 230 developers, with a market cap of $2,229,035,264, giving an implied observational price per dev of $9,691,458.

This showed huge divergence in relation to some other well-known blockchains for example Avalanche, Algorand, and Cardano with implied observational price per devs of $282,450,838, $104,622,263, and $95,531,806 respectively. Ethereum had an implied observational price per dev of $63,469,117, over 6 times higher than Tezos.

Only Cosmos featured below Tezos in the chart, suggesting they have a very high ratio of devs in relation to their market cap compared to other layer 1 blockchains, just like Tezos.

In 2019 alone it was stated that over 1300 new Tezos developers were trained and this large-scale training appears to have transpired into active development too with the report suggesting 230 active Tezos developers.

It is not known whether Tezos has more than 230 active developers, or not. The Tezos Foundation has goals to fund development and with the previous bi-annual report calculating the Tezos foundation had close to 24,500 in BTC (over $904,000,000 taking today’s price and not taking into account any of their other assets under management), it is likely this active developer figure will be growing even further in the coming months.

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