Developer Activity as a Market Barometer

There couldn’t be a better opener to this piece than this beautiful explanation of market dynamics from the A16z State of Crypto 2023 report —“ Tech markets are a function of supply and demand”, or innovation and adoption.
Hence, we need to consider the supply-side KPIs, also known as innovation proxies (such as developers' interest and contract deployments), alongside demand-side KPIs, or adoption indicators (like active addresses and transactions). This approach provides a comprehensive view of the state of crypto.

In summary, developer activity offers several key insights:
Interest in various blockchain ecosystems serves as a discovery tool for identifying future innovation hubs.
Geographical trends among developers highlight patterns in global crypto adoption and proactivity.