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Active crypto developers grew 5% YoY despite market decline

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Active crypto developers grew 5% YoY despite market decline

Active crypto developers grew 5% YoY despite market decline Soumen Datta · 3 hours ago · 2 min read

The study revealed a 3x increase in the number of Bitcoin monthly active developers and a 5x rise in the number of Ethereum developers.

2 min read

Updated: January 18, 2023 at 10:18 am

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Cover art/illustration via CryptoSlate

BitcoinMonthly active developers grew 5% YoY, despite a more than 70% decline in crypto prices in 2022, according to a recent crypto developer report from venture firm Electric Capital.

The report also outlined more than 8% YoY growth in Full-Time developers. The report said:

“Full-Time developer growth is the most important growth signal to track because they contribute 76% of code commits.”

Source: Developer Report

Further, there were 471,000 monthly code commits toward open-source crypto.

The study also revealed a threefold increase in Bitcoin monthly active developers, from 372 to 946, and a five-fold growth in Ethereum monthly active developers, from 1,084 to 5,819. Moreover, developers in other networks like Solana, Polkadot, Cosmos, and Polygon grew from 200 to 1,000+.

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Other networks are emerging beyond Bitcoin and Ethereum

With 1,873 full-time developers, Ether (ETH) remains the largest crypto ecosystem.  However, about 72% of monthly active developers work outside of the Bitcoin and Ethereum ecosystems, according to Electric Capital’s data.

Polygon, NEAR, and Solana have all grown 40% YoY and have more than 500 monthly active developers combined. Further, Sui, Aptos, Starknet, Mina, Osmosis, Hedera, Optimism, and Arbitrum grew 50%+ YoY and had over 100 active developers.

There has been a 240% increase in DeFi protocol developers since ‘DeFi summer’ – 50% of whom are outside Ethereum. In addition, there have been more than 900 active NFT developers since 2021 – a 299% increase.

In total, the number of crypto developers has nearly doubled since Electric Capital released its first developer report in August 2019. The report stated:

Developers build killer applications that deliver value to end users, which attracts more customers, which in turn attracts more developers.

The firm analyzed 250 million code commits for the 2022 report, including additions, revisions, and other modifications to crypto-specific open-source software. The results consider only crypto programs performed on public projects and exclude private projects for crypto companies.

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Justin Sun aims to get TRON adopted as legal tender in 5 nations by 2023

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Justin Sun aims to get TRON adopted as legal tender in 5 nations by 2023

Justin Sun aims to get TRON adopted as legal tender in 5 nations by 2023 Monika Ghosh · 2 hours ago · 2 min read

Sun said that getting TRON adopted as legal tender across countries could boost the cryptocurrency’s usage and cause its value to increase.

2 min read

Updated: January 29, 2023 at 2:08 pm

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Cover art/illustration via CryptoSlate

Tron founder Justin Sun aims to get TRON (TRX) accepted as legal tender in 5 countries this year. In a Twitter thread, Sun said that while the goal is “ambitious,” he is “confident” that it can become a reality.

In a separate Twitter thread, Sun said it is important to look beyond the U.S. to get TRX adopted as legal tender. He wrote:

“The US is just one country, and while it may be a major player in the crypto world, it’s not the only one.”

Sun acknowledged the importance of U.S. crypto regulations and said that if the rest of the world adopts TRON as legal tender, the U.S. will eventually follow suit. Therefore, he said it is important to work on a global scale and build partnerships with governments and businesses worldwide.

St. Maarten eyeing TRX as legal tender

In October 2022, the Commonwealth of Dominica adopted TRX and six other Tron-based cryptocurrencies as legal tender.

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Earlier this week, a member of parliament proposed a law that, if passed, would make Tron legal tender in the eastern Caribbean island nation of St. Maarten. In line with Dominica, the St. Maarten draft law proposes adopting Tron as the national blockchain of the country.

How adoption as legal tender will help TRON

According to Sun, adopting TRX as legal tender across countries will increase the cryptocurrency’s “legitimacy and usage.” He wrote:

“When a government recognizes a digital currency as legal tender, it gives a sense of trust and security to the general public, making it more likely to invest and use it.”

Moreover, as a legal tender, TRON will become a valid means of exchange in the country. This would encourage more businesses to start accepting TRX as a means of payment, which in turn will boost the cryptocurrency’s usage, Sun explained.

He said that government recognition as legal tender would make it easier for businesses and individuals to transact with TRX, leading to broader adoption. The increasing adoption will not only “benefit the entire ecosystem” but also boost the demand for TRX, causing its price to increase, Sun wrote.

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New York introduces bill to legalize crypto payments for state purposes

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New York introduces bill to legalize crypto payments for state purposes

New York introduces bill to legalize crypto payments for state purposes Mike Dalton · 7 hours ago · 2 min read

State agencies could accept Bitcoin and other cryptos for fines, taxes, and more.

2 min read

Updated: January 28, 2023 at 1:27 am

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Cover art/illustration via CryptoSlate

Legislators in New York introduced a bill in the local senate on Jan. 26 that could allow state agencies to recognize cryptocurrency as a legal payment.

If the bill in question — New York Assembly Bill 2532 — enters law, it will allow cryptocurrencies to be accepted as payment in certain circumstances.

The bill does not seem to encourage the commercial adoption of crypto. Instead, it would amend existing laws to allow state agencies to accept cryptocurrency for their purposes. Those agencies could accept crypto for payments related to taxes, rent, fines, penalties, interest, and so on through agreements with individuals and groups.

The bill’s text also suggests that some cryptocurrency payments could be conditional until the final payment is received in full. Furthermore, the text allows the state to charge a fee if it would otherwise be made to pay the costs of a transaction.

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The bill also makes references to “issuers” but seems to use the term broadly. Contextually, the term seems to extend to services that handle crypto, not just those who create it.

The bill specifically names Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as acceptable currencies. However, it also says that other cryptocurrencies can be accepted and does not make any attempt to declare certain assets as acceptable.

The bill was introduced by Assembly member Clyde Vanel, who has also put forward bills related to crypto fraud and establishing crypto task forces.

The bill is not yet law. It must be passed by New York’s Assembly and Senate and signed by Governor Kathy Hochul before it comes into effect. Other versions of the bill have been introduced since 2017, suggesting its success is not guaranteed.

New York is known for its strict policies toward other areas of the crypto industry. Just 32 firms are permitted to operate under its BitLicense or limited purpose trust charter. The state also imposed strict regulations on crypto mining late last year.

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Massachusetts bill for special blockchain commission to assess government usage

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Massachusetts bill for special blockchain commission to assess government usage

Massachusetts bill for special blockchain commission to assess government usage Liam ‘Akiba’ Wright · 1 hour ago · 3 min read

The Special Commission bill was filed on the same day as another bill related to increasing consumer protection against crypto exchanges.

3 min read

Updated: January 22, 2023 at 6:50 pm

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Cover art/illustration via CryptoSlate

Two bills related to crypto were introduced to the Massachusetts House of Representatives on Jan. 19. The first related to a new “special commission on blockchain” and the second on “protecting consumers in cryptocurrency exchanges.”

Given the recent publicity received through the FTX collapse, it is unsurprising that officials would look to add extra consumer protection. The creation of a ‘special commission’ on blockchain could also be a bullish indicator for the citizens of Massachusetts, providing the commission receives adequate information to analyze.

Massachusetts Special Commission on crypto

Special Commission

Massachusetts Representatives Josh S. Cutler and Kate Lipper-Garabedian submitted the bill entitled “An Act establishing a special commission on blockchain and cryptocurrency” on Jan. 19 to create a steering group within the Massachusetts House to look at blockchain technology.

“For the purposes of making an investigation relative to blockchain technology to develop a master plan of recommendations for fostering the appropriate expansion of blockchain technology in the Commonwealth.”

The commission is planned to contain 25 members, including the House Speaker, the minority leader, and the president of the Senate, suggesting, if passed, the commission is to be taken seriously.

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The commission is designed to focus on several key areas

  • The feasibility, validity, admissibility, and risks related to using blockchain technology for government usage within Massachusetts.
  • Whether its definition of blockchain is sufficient concerning enforceable laws.
  • The potential impact on the Massachusetts state revenues of digital assets and cryptocurrencies.
  • Government and business advisory availability, with a focus on cannabis retail stores.
  • How energy consumption may need to be regulated.
  • Any additional consumer protections required for retail users of crypto.
  • “Best practices for enabling blockchain technology to benefit the commonwealth.”
  • Which state entities should be responsible for the enforcement of blockchain regulations.
  • Any other blockchain-related topic suggested by the commission.

“The commission shall take input from a broad range of stakeholders with a diverse range of interests affected by state policies governing emerging technologies, privacy, business, finance, the courts, the legal community, and state and local government.”

According to the bill, the commission will report its findings within one year of the authorization as it looks to “foster a positive blockchain technology environment.”

Consumer protection

A further bill was filled with the title “An Act protecting consumers in cryptocurrency exchanges.” The bill was submitted by Representative Susan L. Moran to “protect” consumers engaging with crypto exchanges.

The bill is directed at businesses that offer crypto trading or conversion operating in the state of Massachusetts or with Massachusetts customers.

However, given the specific wording of the bill, the new rules should not apply to Decentralized Exchanges (DEXs) within Massachusetts. The bill describes a Massachusetts customer as “a person who uses a virtual currency exchange service whose information on record with or available to said exchange service indicates a Massachusetts home address.”

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Therefore, any site able to operate within the U.S. without any KYC requirements would not be affected.

A vital aspect of the bill is the requirement for crypto exchanges operating in the state of Massachusetts to pay the state an annual “Registration fee” of 5% of gross revenues.

Further, businesses must retain any advertising materials used to promote crypto for no less than seven years. All marketing must also include the business’s legal name and confirmation of its registration to operate a cryptocurrency business.

To attempt to combat incidents such as the FTX collapse reoccurring, the bill also requires businesses to “disclose in clear, conspicuous writing all material risks to the person associated with the particular virtual currency business activities in which it engages.”

Virtual Currency Insurance Fund

The bill also introduced the concept of a Virtual Currency Insurance Fund to protect customers against fraud. The insurance pool will be funded through payments related to any violations of the newly proposed regulations. Each violation shall come with a fine of up to $5,000 per violation.

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Customers will be able to receive grants from the fund if they have crypto assets held with an exchange “that is unable to meet any monetary obligations to any of its customers.”

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