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Market News Numbers of Crypto Developers Fall, But Skilled Developers Continue to Work

Numbers of Crypto Developers Fall, But Skilled Developers Continue to Work

In 2022, the number of developers in the cryptocurrency space will drop by 25%, primarily due to inexperienced developers who are unable to handle the rigors of a bear market. Meanwhile, the proportion of American developers is steadily declining, with Ethereum continuing to be the most widely used chain.

TOP1 Markets Analyst

2024-01-18

7224

Blockworks claims that while a large number of developers joined the cryptocurrency space in 2022 as a result of the bull market of 2021, many of them failed to weather the ensuing down market. According to Electric Capital's most recent annual report, which was released on Tuesday, there were 53% fewer blockchain developers operating for less than a year than there were in previous years. This is the primary cause of the quarter decline in overall developer counts during the same period. On the plus side, the industry's technical know-how is improving. The number of experienced crypto developers among the 22,411 active developers each month is rising. Since December 2022, the number of experienced and emerging developers who have worked in the cryptocurrency space for more than a year has climbed by 15%, maintaining a consistent increasing trend.

The market leader, Bitcoin, had a decline of almost 19% in value year over year and currently has little more than 1,000 active developers per month. Although it brings in money from network fees, the 2023 Ordinals phenomena hasn't done much to draw any new programmers to the chain. With 2.7 times more committed new developers than the runner-up, Polygon, Ethereum maintains its lead in developer mindshare. After 'other,' Solana, the 2023 comeback story, comes in fourth place with around 4,700 new developers.

According to this year's poll, over 30% of developers support several chains, including Ethereum workers who also work on layer-2s. This is a considerable rise from previous years. Among the chains expanding the quickest year over year are some of the newer Ethereum rollups, such Base, Aztec, and Taiko. Additionally, there is a noticeable change in the geographical location of developers, with a steady decline in US-based developers observed until 2023, when the trend slowed. Since 2018, the US is the only area where the proportion of developers has decreased.