The United States now accounts for just 18.8% of global cryptocurrency developers, down 51% over the past year.
According to new data from Maria Shen, general partner at Electric Capital, the decline suggests that the country may be losing its competitive edge in an area where innovation is paramount, attributing the trend to the country’s difficult regulatory landscape.
On the other hand, the share of cryptocurrency developers in Asia has increased from 13% to 32% over the past year. “For the first time, Asia is the No. 1 continent in terms of cryptocurrency talent,” Shen wrote in X.
The United States leads the way in terms of developer presence
Despite the recession, the United States continues to lead the way in terms of developer presence, followed by India with 11.8% and the United Kingdom with 4.2%. Interestingly, 64% of U.S.-based developers live outside of California and New York, creating an opportunity for job and wealth creation, according to Shen.
In January, Electric Capital reported a 24% drop in the total number of cryptocurrency developers in 2023, with the number of new developers dropping by more than 50%. Ethereum continues to dominate the sector, attracting more than 16,000 new programmers this year.
Meanwhile, platforms such as Polygon are also gaining popularity, while Bitcoin remains in 13th place, sharing that spot with other networks such as Internet Computer, Optimism and BNB Chain.
The methodology included analysis of more than 200 million cryptocurrency-related Git approvals covering more than 350,000 repositories. The geographic data, derived from the self-reported locations of 110,000 developers out of a total of 366,000 cryptocurrency developers active since 2009, offers insights into global developer distribution and trends, Shen said.
According to the 2023 Electric Capital Developer Report, the number of Web3 developers dropped by 24% last year. The results also show that the number of blockchain developers active for less than 12 months fell 53% year-on-year.
Although the growth in the number of Web3 developers is low, industry experts believe the talent pool will increase as opportunities develop.
“One of the biggest challenges in attracting new Web3 developers is the learning curve for developers entering this space,” – said Noëlle Becker Moreno, marketing director of Edge & Node and co-founder of House of Web3.
“To continue to attract developers, we need to present them with initiatives like the ones listed here. They provide a collaborative environment and community that can act as mentors, help demystify complexity and nurture their continued progress in this evolving ecosystem,” – she noted.
