Electric Capital’s 2023 Crypto Developer Report provides valuable insights into the current state and future trends of blockchain technology. This report, released on January 17, 2024, is based on an extensive study of open-source repositories, analyzing a remarkable 485 million code commits across 818k repositories.
The report highlights a mixed picture when it comes to developer trends in the crypto space. While the overall number of developers has decreased by 24%, indicating the volatility and challenges within the industry, Electric Capital emphasizes the steady growth of the most valuable segment of developers. Those with more than two years of experience and who contribute significantly to the code are expanding steadily.
One standout observation from the report is the growth among experienced developers in the crypto field. Developers with over two years of experience are at an all-time high, growing at an impressive annualized rate of 52% over the past five years. Furthermore, developers with more than a year of experience now make up 63% of all monthly active developers, growing by 16% year-over-year.
On the other hand, newcomers to the crypto sector, with less than 12 months of experience, have declined significantly, with a year-over-year drop of 52%. The report attributes this decline to the high churn rate of new developers who joined in 2022.
Another significant trend highlighted in Electric Capital’s report is the rise of multi-chain development. Approximately 30% of developers now support more than one blockchain, marking a tenfold increase from just 3% in 2015. Furthermore, developers working on three or more chains reached an all-time high of 17% in 2023.
The report also notes that growth in developers is not evenly distributed across all projects. Some blockchain projects have experienced increases in developer numbers, while others have seen declines. This divergence suggests that developers are selectively contributing to projects they believe offer real utility and potential.
In terms of global distribution, the crypto developer community is becoming increasingly global, with 72% of developers based outside of North America. The report highlights a significant decline in the US’s share of crypto developers, which has fallen by 14% since 2018 to just 26%. Conversely, regions such as South Asia, Latin America, Eastern Europe, Western Africa, and Southern Europe have collectively increased their developer share by 20% since 2018.