Electric Capital report “The number of cryptocurrency developers has doubled from 3 years ago”


The number of developers doubled from three years ago

Electric Capital, a venture capital firm specializing in crypto assets (virtual currencies), has released its mid-term developer report for 2023. As of June 1, 2023, the total number of open source developers continuously involved in cryptocurrencies declined by 22% year-on-year, but the long-term perspective clearly shows a continuing growth trend. became. Developer size is one of the key indicators of the health and growth potential of the cryptocurrency industry.

According to the report, as of June 2023, the number of monthly active developers related to cryptocurrencies was 21,300. Although this is a decrease from the record high of 27,200, it is 25% higher than the same period in 2021 and about double the number three years ago (up 92%). It continues to grow steadily.

Source: Electric Capital (same below)

Meanwhile, the report reveals different trends between new entrants and veteran developers. The group of “new developers” – those who have created open source code for cryptocurrencies for the first time in the past year – dropped 48% year-on-year to -7,730 people. The number of new developers hit a record high last year.

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Continued growth of the ecosystem

In contrast, the number of veteran developers, those who have stayed in the cryptocurrency industry for a long time, is on the rise. “Emerging developers” with 1-2 years of experience increased by 44% (+1,650 people), while “Established developers” with more than 2 years of experience increased slightly by 2% (+150 people).

According to the report, new entrants are more likely to enter the crypto scene during market highs, but tend to exit during bear markets. Electric Capital currently covers over 215,000 cryptocurrency-related Github repositories and considers developers who have not contributed code for at least two months to have left the sector.

Newcomers leave after only 3-4 months on average, while veteran developers mostly remain after the peak of the market, maintaining 60% dominance. The report also notes that “new developers are leaving faster in 2023 than they did in 2022, which is typical of bear markets.”

However, it should also be noted that several cryptocurrency ecosystems are growing in 2023. Cosmos Network’s DEX “Osmosis”, high-speed L1 chain Sui and Aptos (APT), TON originally designed by the messaging app “Telegram”, and Ethereum L2’s Optimism (OP) showed high monthly developer growth. . Both are showing growth in the hundreds of people. These examples demonstrate the growth potential of diverse ecosystems.

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