As of October 1, 2023, the Bitcoin industry boasted 19,300 open-source crypto project developers. Over the year, their number has decreased by 27%. However, compared to the figures from the last bear market on October 1, 2020, there’s been a 66% increase. The majority of this outflow consists of newcomers who have worked for less than a year; their numbers have decreased by 58%, representing a loss of 8,300 individuals.
Experts have also noted a decline in the influx of new specialists. In September 2023, only 1,721 new developers entered the cryptocurrency field. This is 40% lower than the figures for June, 64% lower than September 2022, and 67% lower than November 2021. According to expert observations, the presence of newcomers in the industry correlates with market cycles.
Electric Capital believes that the developers who have remained in cryptocurrency are making more significant contributions, are more actively integrating code, and have a longer tenure in the industry than those who have left. In conclusion, experts highlighted crypto projects that have seen a growth in developer numbers, such as Aztec Protocol, Celestia, and Ripple. Anatoly Yakovenko, the co-founder of Solana, attributes the decline in blockchain developers in the US to regulatory pressures on the industry.
