48% fewer new crypto coders last year - developer report
The number of new developers entering the cryptocurrency sector has dropped by nearly 50 percent over the past year, according to research from Electric Capital’s Developer Report.
The latest gauge of the state of the cryptocurrency developer ecosystem indicates that long-term coders that have worked in the industry for over a year commit more code and work more days than developers that have left.
According to the data, the cryptocurrency ecosystem has an estimated 21,300 monthly active open source developers as of June 1. The space has seen a 22% decline in the number of developers since June 2022.
The caveat is that developers that have exited the space are classified as “newcomers” that worked in the industry for less than a year. The impact of the departure of these developers was made less significant considering that they were responsible for less than 20% of all code commits over the past 12 months.
Related: Searches for ‘AI jobs’ in 2023 are 4x higher than ‘crypto jobs’ when BTC hit $69K
Long term cryptocurrency developers who’ve worked in the industry for more than a year are responsible for over 80% of committed code.
The Developer Report estimates that some 7,700 newcomer developers left the space since June 2022. Emerging developers that have worked in the industry for up to two years has increased by 1650 while established developers that have over two years of experience in the cryptocurrency space increase by 150.
The report notes that the decline in newcomer developers is due to fewer coders exploring work in the cryptocurrency space. This has been exacerbated by an ongoing bear market which has suppressed wider cryptocurrency markets.
The analysts also suggest that while 2023’s retention of new
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