Electric Capital’s mid-year crypto industry developer report revealed that there were 21,300 active open source developers per month as of June 1, 2023.
However, this number has decreased by 22% year-on-year since June 2022. Those who left the space recently were newcomers who had been in crypto for less than a year, male.
Furthermore, they were only responsible for less than 20% of the total code commits, so refusals aren’t as bad as they seem.
New Crypto Developers Are In Rejection
Developers who have been coding for 12 months or more continue to build, contributing over 80% of code commits. The research analyzes GitHub activity over the period to derive these numbers for developer activity in the crypto space.
Another bullish statistic is that there are more active developers now than there were during the height of the bull market two years ago.
The declines followed notable crashes of the past year, including Terra/Luna and FTX. However, the old hands have kept the course and continue to work on crypto projects, building through the bear market.
The report noted that “newcomer developers have declined because fewer new developers are attempting coding.” Moreover, he added, new entrants in bear markets have lower retention rates.
With this in mind, the declines over the past year are nothing unusual and mirror those of previous bear markets.
A related developer activity report from blockchain analytics platform Santiment revealed that the leading platform for the scale is Polkadot.
The platform posted a 30-day developer activity number of 546 for Polkadot and its “Canary Network” Kusama, putting the two at the top of the list above Cardano in third place.
Last month, Twitter co-founder Jack Dorsey announced plans to allocate more capital to bitcoin developers with a pledge of $5 million.
The cryptocurrency market is still flat
Cryptocurrency markets are still in a bearish territory at the moment, as it failed to break the resistance for the second time. That led to another pullback, with total capitalization currently down marginally at $1.21 trillion.
BTC and ETH did not move much over the weekend, trading at $30,148 and $1,860, respectively.
The entire top twenty altcoins were in the red during the Asian trading session on Monday morning as market sentiment continued to weaken.
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