We are proud to present The State of Hedera and the Open Source Crypto Ecosystems in 2024. This Radar Report provides a comprehensive analysis of Hedera’s position within the broader open source crypto ecosystem, assessing the dynamics of blockchain development and innovation. This analysis, sponsored by Hedera and produced by Bitergia, was further strengthened by rigorous peer review from the Exponential Science Foundation. It explores the dynamics of open source blockchain development, key players, and the evolving innovation flow in the crypto landscape.
The Radar Report serves as a baseline benchmark against which Bitergia will be measuring the impact of Hedera’s transition to an open governance model, following the codebase donation to the Linux Foundation’s Decentralized Trust Foundation and the forthcoming initial release of the Hiero Open Source project.
Key Highlights from the Radar Report:
- Interconnected vs. Independent Development Models: The report identifies two main approaches to building blockchain ecosystems—highly interconnected ecosystems like Ethereum, Avalanche, Polygon, and BNB Chain, which leverage shared technologies, versus more independent development approaches seen in Hedera, Cardano, and XRP.
- Hedera’s Community and Developer Engagement: With over 655 contributors in 2024, Hedera remains a growing but less interconnected ecosystem. While the core technology development is largely driven by Hashgraph, LimeChain, and Envision Blockchain Solutions, broader community engagement is flourishing in tooling and application development.
- Bridging Crypto Ecosystems: While some ecosystems, like BNB Chain and Avalanche, heavily depend on Ethereum’s Geth, Hedera and Cardano operate with fewer cross-ecosystem connections. The report highlights how a small but growing number of developers are bridging these gaps.
- Key Players Driving Development: Unlike some blockchain projects dominated by a single organization, Hedera has a more distributed development model, with multiple companies contributing significantly to the codebase.
- Managing Growth and Sustainability: The analysis reveals that while Hedera’s backlog growth is under control, continued attention is needed to ensure sustainability, especially in critical components like the Consensus Node and Ledger.
- ROI of Open Source Development: The report emphasizes the return on investment for open source contributions, particularly in the Tooling and Applications layers, where community developers play a vital role in ecosystem growth.
This report is a must-read for developers, researchers, and anyone interested in the open source evolution of blockchain technology. It offers a unique perspective on Hedera’s role in the broader crypto ecosystem and provides actionable insights for fostering developer engagement and sustainable growth.
Grab the Full Radar Report Now!
Read the full Radar Report: The State of Hedera and the Open Source Crypto Ecosystems in 2024 here.
We look forward to hearing your thoughts on these findings!
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