Electric Capital’s mid-year crypto industry development report revealed that there are 21,300 monthly active open source developers as of June 1, 2023.
However, that number is down 22% year-on-year since June 2022. Those who recently left the space were newcomers who had worked in cryptocurrency for less than a year, he noted.
Also, they were only responsible for less than 20% of all code commits, so the declines aren’t as bad as they seem.
New crypto developers on the decline
Developers who have worked on crypto for 12 months or more continue to build, contributing more than 80% of code commits. The research analyzes GitHub activity during the period to derive these figures from developer activity in the crypto space.
Another bullish stat is that there are more developers active now than during the peak of the bull market two years ago.
The declines came on the back of high-profile crashes last year, including Terra/Luna and FTX. However, the veterans stayed the course and continued to work on crypto projects, building through the bear market.
“Newcomer developers have declined as fewer new developers are testing crypto,” the report noted. Furthermore, he added that newcomers to bear markets have lower retention rates.
With this in mind, last year’s declines are not unusual and mirror those of previous bear markets.
A related developer activity report from blockchain analytics platform Santiment revealed that the leading platform for the metric is Polkadot.
The platform posted a 30-day developer activity figure of 546 for Polkadot and its “canary network” Kusama, keeping the two at the top of the list above Cardano in third.
Last month, Twitter co-founder Jack Dorsey announced plans to allocate more capital to Bitcoin developers with a pledge of $5 million.
The crypto market remains flat
Crypto markets remain in bearish territory at the moment, failing to break resistance a second time. This has resulted in another pullback, with total capitalization currently slightly below $1.21 trillion.
BTC and ETH have not moved much over the weekend, trading at $30,148 and $1,860, respectively.
All twenty major altcoins were in the red during the Asian trading session on Monday morning, as market sentiment continues to weaken.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive) – Use this link to sign up to receive $100 free and 10% off your first month’s fees for Binance Futures (terms).
PrimeXBT Special Offer: Use this link to sign up and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposits.
This post New Developers Have Quit Crypto, But Seasoned Coders Keep Building: Research
was published first on https://cryptopotato.com/new-developers-have-left-crypto-but-experienced-coders-still-building-research/
