In the last 12 months, according to reports from Electric Capital, the number of developers working on crypto has fallen significantly due to a number of reasons.The crypto ecosystem is growing however developers are flocking to other projects.
According to Electric Capital, the number of open-source crypto developers dropped down to 22,000 which is a 24% drop from the start of 2023 to the end of 2023.
According to the venture capital firm, the majority of the crypto developers were fairly new and hardly spent any time in the crypto space.
The slowdown in the crypto market and a crypto winter was another reason why a developer left the industry. The fall of LUNA, UST, and the bankruptcy of FTX led to the overall fall of the crypto prices which led to a crypto winter.
According to the report, 52% of the 22,000 are new crypto developers with 1 year or 2 of experience in the space.
Around 40% of all open-source crypto developers come from the United States and that number dropped down to 26% by the end of 2023.
While on the other hand developers from Asia, Africa, and Latin America went up from 18% to 36%.
At 34% Europe has the highest number open source crypto developers in the world.