A recent study has revealed a significant increase in the number of developers working in the cryptocurrency industry. Over the past five years, the number of established developers with more than two years of experience in crypto has grown at an annualized rate of 52%. This growth is particularly notable considering the overall decrease in the number of active developers during the same period. The study also highlights the contributions of experienced developers, who account for a majority of code creation in the industry. Additionally, the report explores the fluctuations in developer numbers and the geographical distribution of developers, showcasing interesting trends in the crypto industry.
Experienced Developers’ Contributions
According to a study conducted by Electric Capital, the number of established active developers with more than 2 years of experience working in the crypto industry has grown at an annualized rate of 52% over the past five years. This growth rate is significant, especially considering the overall decline in the number of active developers during the same period. Despite a 24% drop in the total number of developers, the number of experienced developers has continued to increase.
Growth Rate of Established Active Developers
The study reveals that the growth rate of established active developers has remained steady over the years. These developers, who have at least 2 years of experience, account for a significant portion of the crypto development community. The annualized growth rate of 52% indicates a strong demand for their expertise and skills in the industry.
Growth Rate of Experienced Developers
In addition to established active developers, the study also sheds light on the growth rate of experienced developers. These developers, who have at least 1 year of experience, saw a 16% increase in their numbers from December 2022 to December 2023. This growth rate is lower compared to established active developers but still signifies a positive trend for experienced professionals in the crypto industry.
Decline in Number of Developers with Less Than a Year of Experience
While the number of experienced developers has been on the rise, the study reveals a decline in the number of developers with less than a year of experience. This decline of 52% year-on-year suggests that fewer newcomers are entering the crypto development space. The reasons for this decline could be attributed to various factors, such as the complexity of the technology and the competitive nature of the industry.
Significance of Experienced Developers’ Contributions
The study highlights the importance of experienced developers’ contributions in the crypto industry. According to the report, 75% of code is created by developers with at least 1 year of experience. These experienced developers exhibit more consistent commitment to coding compared to newcomers. The contributions of experienced developers play a crucial role in the development and advancement of crypto projects.
Proportion of Code Created by Experienced Developers
The study also reveals that established active developers, along with emerging developers, make an average of three times more code commits than newcomers. This further emphasizes the significance of experienced developers in driving the progress of crypto projects. Their expertise and familiarity with the technology enable them to contribute a larger share of code to the development process.
Code Commits by Established and Emerging Developers
The study findings indicate that both established active developers and emerging developers are actively involved in code commits. The combined efforts of these two groups result in a substantial amount of code being produced in the crypto industry. The collaboration between established and emerging developers creates a dynamic development ecosystem where knowledge and skills are shared and amplified.
Factors Influencing the Fluctuating Number of Developers
The study recognizes that the number of developers in the crypto industry can fluctuate due to various factors. One significant factor identified in the study is the influence of crypto asset prices. It is suggested that the rise and fall of crypto asset prices attract newcomers to the industry. The phenomenon of new developers joining the crypto space coincided with the historical high of the crypto network value in November 2021.
Impact of Crypto Asset Prices on Developer Numbers
The study shows a correlation between crypto asset prices and the influx of new developers. The allure of potential wealth creation during periods of high prices leads to an increase in the number of newcomers entering the crypto development space. Conversely, during periods of market downturns, the number of newcomers may decrease as the potential for quick financial gains diminishes. The impact of crypto asset prices on the number of developers highlights the influence of external market factors on the industry.
Geographical Distribution of Developers
The study also explores the geographical distribution of developers in the crypto industry. It reveals that the United States has experienced a 14% decline in the share of developers since 2018, accounting for only 26% of the total. In contrast, other regions, such as South Asia, Latin America, Eastern Europe, Western Africa, and Southern Europe, have seen their developer share grow by more than 20% since 2018. This shift in the geographical distribution of developers indicates the global nature of the crypto industry and the increasing global participation in crypto development.
In conclusion, the study findings highlight the significant contributions of experienced developers in the crypto industry. Their expertise, consistent commitment, and code contributions play a vital role in the development and advancement of crypto projects. While the number of experienced developers continues to grow, there has been a decline in the number of developers with less than a year of experience. The fluctuating number of developers can be influenced by factors such as crypto asset prices. Additionally, the geographical distribution of developers has shown shifts over the years, with regions like South Asia and Latin America experiencing growth in developer numbers. Overall, the study provides valuable insights into the growth and dynamics of the crypto development community.