Electric Capital’s Mid-Year Crypto Developer Report
According to Electric Capital’s mid-year crypto industry developer report, there has been a decrease in the number of active open-source developers in the crypto space. As of June 1, 2023, there are 21,300 monthly active developers, which is a 22% decrease compared to the previous year. However, this decline is mainly due to newcomers leaving the space, who were responsible for less than 20% of all code commits. Developers who have been working in crypto for 12 months or more continue to contribute over 80% of code commits.
Main Breakdowns:
- Newcomer developers in crypto have decreased as fewer new developers are trying crypto.
- Declines in developer activity over the past year are not unusual and are similar to previous bear markets.
- Polkadot and its “canary network” Kusama have the highest developer activity, followed by Cardano.
- Twitter co-founder Jack Dorsey plans to allocate $5 million to Bitcoin developers.
- Crypto markets remain in a bearish state with total capitalization at $1.21 trillion.
Closing Paragraph: Hot Take
While the decrease in newcomer developers may seem concerning, the overall developer activity in the crypto industry remains strong. Experienced developers continue to contribute the majority of code commits, and the declines in developer activity mirror previous bear markets. The focus should be on supporting and retaining new developers to ensure the long-term growth and innovation of the industry. Additionally, the high developer activity on platforms like Polkadot and the investment from Jack Dorsey are positive signs for the future of crypto development.
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