Devs HODL Despite Bear Market Blues 🧷
Crypto developer activity falls 25%, but experienced devs stick around building mainly on Ethereum and EVM chains. Bitcoin development lags, while talent shifts from US to Europe and Asia.
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Electric capital's annual developer report is out, and it provides a fascinating insight on the the crypto ecosystem.
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Check out their Crypto Ecosystems Github repositories since 2019 and with 500+ contributors
Why Developers Matter
Developers are the engine of value creation in crypto. They build the apps and infrastructure that users rely on, attracting new customers and fuelling further growth. Measuring developer activity allows us to gauge the health and trajectory of the industry.
Key Findings
Experienced Developers are Growing: While overall developer numbers dipped by 24%, the most valuable segment - those with 2+ years of experience and contributing the most code - steadily increased at 52% annualised over the past 5 years.
Newcomers Churning: The drop in overall developer numbers can be attributed to a record number of new developers joining and leaving in 2022.
The Rise of Multi-Chain Development: Crypto is moving away from silos, with 30% of developers now supporting multiple chains, a tenfold increase since 2015.
EVM Chains Dominate Multichain Development
While multichain activity has soared since 2015, 87% concentrates on Ethereum Virtual Machine (EVM) chains like Avalanche, Fantom, and Polygon.
Ethereum Layer 2s (Arbitrum, Starknet, Optimism) see the most crossover among EVM developers.
Ethereum still reigns supreme with 7,864 developers and 71% of initial contract deployments.
Bitcoin Lags Behind
Bitcoin developer activity dipped 19% due to part-timers and multi-project developers leaving.
Dedicated Bitcoin developers remain engaged, but Ordinals only attracted 3% of new interest.
Bitcoin Layer 2 and scaling networks show more promise in developer eyes.
Global Shift in Blockchain Talent
74% of developers reside outside the US, with Europe and Central Asia leading the charge at 36%.
US share of global talent shrank from 40% in 2018 to 26% now.
India and Nigeria boast the highest developer growth over the past five years.
The whole report is a must read - 2023 Crypto Developer Report
TTD Week That Was 📆
Saturday: Tether's $100 billion ambition 💥
Friday: Bitcoin's burden of ETF 🤔🏋️♀️
Thursday: The year of ETH? 🫶
Wednesday: Who's got what❓
Tuesday: The Circle of USDC 🟠
Monday: Ethereum's Deja Vu? ✊✌️
TTD Week in Funding 💰
Root Protocol. $10 million. Digital identity service aiming to unify access to Web3 platforms.
Kiln. $17 million. French startup provide enterprise-grade staking platform.
AOFverse. $3 million. Deep social connections through gaming fostering mass adoption of Web3 technology.
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