Ethereum (ETH) Co-Founder Joseph Lublin has a mission to bring over a million developers into the Ethereum (ETH) ecosystem. According to Jameson Lopp, more development activity is equivalent to a higher price.
Essentially, more developers will lead to consistent upgrades for the Ethereum (ETH) network, making Ethereum (ETH) more scalable, efficient, and anonymous, which increases the potential for adoption.
Further, more developers equals more dApp and smart contract development. Basically, each crypto project on the Ethereum (ETH) network creates more use cases and attracts more users.
For example, decentralized finance (DeFin) platforms, where users can borrow and lend crypto, have been bringing increasing activity to the Ethereum (ETH) network. More developers working on Ethereum (ETH) increases the chances that another killer app will arise.
Although this theory is quite logical, where more work being put into Ethereum (ETH) will increase its value long term, it is important to note that there is no data to backup these claims. Essentially, it is difficult to know how many developers are working on Ethereum (ETH), and there is no exact data which shows how the number of developers correlates with Ethereum’s (ETH) price.