Electric Capital’s 2023 Crypto Developer Report
Presenting an insightful analysis of the current state of blockchain development, Electric Capital’s report was released on 17 January 2024, and it is based on an extensive study of open-source repositories.
Developer Trends: A Mixed Picture
Examining 485 million code commits across 818k open-source repositories, the report reveals a nuanced picture of the blockchain developer ecosystem. The overall number of developers in the crypto space has decreased by 24%, with the most valuable segment of developers - those with more than two years of tenure and who contribute most of the code - steadily growing.
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Growth Among Seasoned Developers
The report highlights the growth among experienced developers, indicating a remarkable 52% annualized rate over the past five years. Developers with more than a year of experience in crypto now make up 63% of all monthly active developers, and they expanded by 16% year-over-year.
Decline of Newcomers
Contrasting with the growth of seasoned developers, newcomers - those with less than 12 months in the crypto sector - have declined significantly, with a 52% drop year-over-year.
The Rise of Multi-chain Development
About 30% of developers now support more than one blockchain, a tenfold increase from just 3% in 2015. Notably, developers who work on three or more chains grew to 17% of all developers in 2023, reaching an all-time high.
Project-Specific Developer Trends
Growth in developers is not uniform across all projects, and some blockchain projects experienced gains in developer numbers, while others saw declines. This divergence suggests that developers are selectively contributing to projects they believe offer real utility and potential.
Global Distribution of Crypto Developers
The crypto developer community is increasingly global, with 72% of developers based outside North America. The report points out a significant decline in the US’s share of crypto developers, which has fallen by 14% since 2018 to just 26%.
Hot Take
The 2023 Crypto Developer Report by Electric Capital provides valuable insights into the trends and shifts within the blockchain development space. It sheds light on the dynamic nature of the crypto industry, highlighting both challenges and opportunities as developers navigate the evolving landscape.
