Outlier Ventures, a venture capital platform that supports the development, strategies and growth of projects dedicated to blockchain technology, has produced a report analysing the top 50 blockchain projects and top 50 decentralised finance protocols.
This detailed analysis shows the trends in the sector over the last 12 months.
Major blockchain projects
As far as blockchain is concerned, the top 10 projects include Cardano, Ethereum, Iota, Filecoin, Flow, Lisk, Hyperledger, Solana, Avalanche and Polkadot.
Cardano is the highest ranked project in terms of average Commits per Month (CPM) with a total of 701 CPMs, up 24.0% from the previous 12 months. Ethereum is in second place, with an average of 447 CPMs, up 10.5% from the previous period. After Ethereum, the report shows IOTA at 394 CPMs, Filecoin at 368 CPMs, and Flow at 305 CPMs.
In terms of annual performance, Avalanche’s explosive growth is worth noting, with a 709.7% increase in total commits over the last 12 months, matched by a subsequent boom in its price.
On the downside, Aion recorded a -95.1% drop in Commits per Year (CY) levels over the past 12 months, as did Energi, which showed a clear downward trend at -94.19% CPY. In addition, Nuls fell by -80.00% CPY while Steem showed a -67.96% overall. Finally, Ethereum Classic decreased by -65.89% CPY.
Filecoin attracts most monthly active developers
When analysing the number of developers in a project on a monthly basis, Ethereum still demonstrated a high number of active developers with an average of 168 and an increase of 23.2% compared to the previous period.
Cardano had 165 active developers per month with an increase of 31.8%, while Hyperledger had 157 active developers per month.
It is still Avalanche that leads this particular ranking, considering that it has experienced an explosive 299% growth in terms of monthly active developers. Terra showed a solid average growth of 132.1%, while the new Flow project, born in August 2019, demonstrated a 121.4% increase in monthly activity
Aion, for its part, showed a significant drop in Monthly Active Developers (MAD) on average, resulting in -82.6% compared to the same period last year. Energi decreased overall by -85.9% MAD. Kin recorded a -73.7% drop in MAD on average.
Explosive growth of decentralized finance
The report shows that what had already been a perceived sensation for some months in the cryptocurrency sector is taking shape, namely a robust growth in DeFi-related projects.
Among the top five projects related to the world of decentralized finance, the report includes Aave, which showed an incredible growth of 1,794.3% from 142 CPY to 2,690 CPY in total.
From the detailed report of the company founded in 2013 by Jamie Burke, and which has more than 1,000 new technology-related startups in its portfolio, it is clear that the DeFi landscape is constantly evolving and undergoing rapid innovation in a wide area of applications.
SushiSwap also showed initial commits in early August 2020 producing an impressive 4,485 commits in a short period of time. So did Yearn Finance, released in early July 2020, recording 3,120 total CPY. Or Curve, Reflexer with stable levels of commits since the start of the project with 2,883 total commits. Finally, there’s Ribbon Finance, which started at the end of October 2020 and has grown exponentially since the start of the project, with 1,733 commits in 12 months.