• Research from Electric Capital revealed that there are 21,300 monthly active open-source developers in the crypto industry as of June 1, 2023, a 22% decrease year-on-year.
• Newcomers who had worked in crypto for less than 12 months were responsible for only 20% of all code commits and left the space recently.
• Experienced coders who have worked in crypto for more than 12 months continue to build projects and contribute over 80% of code commits.
Crypto Developer Scene Declining
Research from Electric Capital has revealed that there are 21,300 monthly active open-source developers in the crypto industry as of June 1, 2023, a 22% decrease year-on-year since June 2022. Despite this drop in numbers, there are still more active developers now than during the bull market peak two years ago.
Newcomers Leaving Crypto
The decline has been attributed to newcomers leaving the space who had worked in crypto for less than 12 months. They were only responsible for 20% of all code commits before they left which means that experienced coders who have worked in crypto for longer than 12 months continue to stay and build projects. These coders contribute over 80% of code commits overall.
Reasons Behind The Decline
The report suggests that the reason behind the decline is because fewer new developers are trying out crypto during bear markets and those newcomers tend to have lower retention rates compared to old hands or experienced coders who stay throughout market conditions. Last year saw some high profile collapses such as Terra/Luna and FTX which may have put off some new devs from entering into cryptocurrency development.
Experienced Coders Still Building Projects
Despite these declines, experienced coders remain working on various projects within the cryptospace and their contributions make up most of development activity across numerous platforms like GitHub and other coding repositories. This indicates that although new devs may come and go, those with more experience remain dedicated to building quality projects within cryptocurrency development which will be beneficial for future growth within this space.
Overall, it seems that although newcomers have been leaving crypto due to recent events such as high profile collapses or bear markets, experienced coders still remain committed to building quality projects which is beneficial for future growth within this space. It should also be noted that there are still more active developers now compared to two years ago when the market was at its peak so it seems cryptocurrency development remains popular despite recent declines in numbers