Electric Capital: The number of developers of cryptocurrency projects continues to grow

A study by Electric Capital showed that despite the fall of the cryptocurrency market, the industry continues to attract new developers.

Electric Capital analysts analyzed 250 million code additions on the GitHub portal. It turned out that over the past 12 months, the number of developers of cryptocurrency projects has increased by 5.4% and reached 23,300 people.. And this despite the fall in the rates of major cryptocurrencies by 70%.. The number of developers who constantly write code for cryptocurrency projects increased by 15.2%, while the number of “random” coders who participated in development only once fell by 5.2%.

The peak of developer activity was recorded in June 2022 – then 26,500 people participated in the development of cryptocurrency projects. Analysts attribute the decline in activity to the collapse of the Terra ecosystem in May last year. In total, the Web3 ecosystem attracted 61,127 new developers in 2022. This is a record figure, 25.8% more than the number of new developers in 2021.

The report also notes that, compared to 2018, the number of Bitcoin developers has increased 3 times, to 946 people, and the number of Ethereum developers has increased 5 times and now 5,819 people are working on the ecosystem of the second cryptocurrency.. The Solana, Polkadot, Cosmos, and Polygon projects have also attracted a large workforce, with more than 1,000 developers now working on each project.

The NFT space is also popular – the number of developers increased by 299% compared to 2021. Note that if in 2021 more than 2,500 developers worked on DeFi projects, now the figure has increased to 3,900 people.