According to Electric Capital, the overall number of crypto developers in 2023 decreased by 24%, while the number of newcomers dropped by over 50%.
In a 180-page research report, crypto venture firm Electric Capital revealed that the overall number of monthly active crypto developers decreased by 24% from 29,611 in December 2022 to 22,411 in December 2023.
Despite the overall decrease, the study indicates a steady growth in the number of blockchain developers who have been actively contributing to the space for more than one year. This subgroup has seen an increase from less than 2,500 individuals in January 2018 to surpassing the 10,000 mark in 2024.
However, the same cannot be said about newcomers, defined as developers with less than 12 months of experience. The total count of such developers experienced a significant decline of 52% in 2023 compared to the previous year. The data indicates a trend where newcomers tend to enter the crypto space during periods of significant price rallies. In 2022, over 90,000 programmers joined the community following Bitcoin’s surge to nearly $70,000.
Examining specific ecosystems, Ethereum maintains its position as the leading platform, attracting over 16,000 newcomers who actively wrote code in 2023. Other platforms, including Polygon, also got developer interest. Surprisingly, Bitcoin ranked 13th in the list, alongside platforms like Internet Computer, Optimism, and BNB Chain.
Among the ecosystems, Stellar emerged as the least preferred for newcomers, with only 248 developers contributing code to this ecosystem in 2023.
Despite the global nature of the crypto industry, the U.S. experienced a decline in its standing, with the number of blockchain developers located outside the country surpassing the 70% mark in 2023.
According to Electric Capital’s analysis, the U.S. has seen a 14% decrease in developer share since 2018, now accounting for only 26% of blockchain developers. Conversely, regions such as South Asia, Latin America, Eastern Europe, Western Africa, and Southern Europe collectively witnessed a 20% growth in developer share since 2018.