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Crypto Downturn Eclipsing Major Blockchain Industry Progress

Ofer Sharon
06 December, 2018
2 min read
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The crypto and blockchain industry data show signs of great strength. Development of applications and blockchain job demand are steadily rising.

Why it Matters

While everyone in the crypto community is still licking their wounds from the violent market crashes of the past weeks, the blockchain industry itself might actually be in its strongest shape ever.

The Big Picture

If one looks at blockchain industry data, like app development and job demand instead of market prices, the numbers show there might be good reasons for positive feelings, instead of the prevalent sadness and depression.

The Industry is Mightier than the Market

The crypto market has lost about $700B in market cap since its 2017 ATH (all time high). This has greatly affected activities of both cryptominers and ICO projects.

 

But other industry markers, like job demand and development of Distributed Applications (Dapps), are not affected by the negative price action and appear to be stronger than ever. 

State of the Union

According to statistics taken from the "State of the Dapps" website, the number of new Dapps developed per month has been steadily growing by 182 percent in 2018 compared to 2017. 

New Dapps per Month. Screenshot from stateofthedapps.com.

New Dapps per Month. Screenshot from stateofthedapps.com.

 

780 Dapps were listed in November of last year, compared to 2,281 as of November of this year. Out of 2,293 listed as of press time, only 83 percent are live or under development, while 17 percent are not, either abandoned or broken.

 

It should be noted for balance that counterclaims state that not all Dapps counted are even adopted, have a substantial user base, or offer added benefit compared to non-distributed alternatives:

Reactions to Dapps Stats. Screenshot from Twitter.
 

Reactions to Dapps Stats. Screenshot from Twitter.
 

 

State of the Dapps counts 48,750 daily active users. That's an average of about 40 daily unique addresses in contract transactions per active Dapp.

 

Ethereum continues to be the most popular platform for Dapps, with about 95 percent or 2180 of Dapps being ETH based. Other platforms such as EOS are believed to have fewer numbers of Dapps, but much larger activity in terms of daily users, daily volume, and number of transactions.

 

The biggest sectors based on numbers of Dapps, users, and transactions are gambling, gaming, and exchanges.

You Get a Job, and You Get a Job

Whether or not one interprets the inflation in the Dapps sector as meaningful, it's harder to argue with the statistics regarding rising job demand.

 

Analysis by job recruitment company Glassdoor, using its database of millions of job openings, found a 300 percent increase in blockchain-related job openings in the U.S., compared to last year. The median salary for blockchain-related job openings according to Glassdoor is $84,884 per year. 

Bitcoin Job Growth. Screenshot from glassdoor.com.

Bitcoin Job Growth. Screenshot from glassdoor.com.

 

Understandably, this type of news sees many reacting with joy. eToro's senior crypto market analyst Mati Greenspan's reaction is a prime example:

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