Asia now leads in the share of global crypto developers, with its portion jumping from 13% to 32% in just one year, according to a report from Electric Capital’s General Partner, Maria Shen. In contrast, the United States now comprises only 18.8% of global crypto developers, marking a significant 51% decline. This trend may be due to the increasingly complex regulatory environment in the U.S., which some believe is stifling innovation.
The U.S. Remains a Developer Hub
Despite this shift, the U.S. maintains a strong developer base, followed by India at 11.8% and the U.K. at 4.2%. Notably, a majority of U.S.-based developers (64%) work outside of California and New York, indicating potential for job growth and wealth generation across other regions of the country, Shen noted.
In its January findings, Electric Capital also observed a 24% drop in crypto developer numbers in 2023, with new entrants into the field decreasing by over 50%. Ethereum has continued to lead, attracting more than 16,000 new developers this year. Platforms like Polygon are gaining ground, though Bitcoin has lagged, ranking 13th alongside networks like Internet Computer, Optimism, and BNB Chain.
The report’s findings are based on extensive analysis of over 200 million crypto-related GitHub commits across more than 350,000 repositories, with geographic data derived from the self-reported locations of 110,000 developers.
Anticipated Growth in Web3 Development
Although Web3 developer growth has slowed, experts remain optimistic about future expansion. Noëlle Becker Moreno, CMO of Edge & Node and Co-Founder of House of Web3, highlighted the high learning curve as a major barrier to new developers entering Web3. However, she expressed optimism, noting that tools and frameworks in the space are evolving quickly.
“To attract developers, initiatives that provide collaborative environments and mentorship can help simplify the complexities of Web3 and nurture ongoing talent growth in this dynamic ecosystem,” Moreno added.
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