US Crypto Developer Share Declines Sharply, Raising Concerns Over Future Leadership
A new report from Electric Capital highlights a notable decline in the share of crypto developers based in the United States over the last decade.
Although the US remains at the forefront of global crypto development, its lead could diminish if supportive policies are not enhanced.
The study, which examined over 110,000 developers worldwide, found that the US, India, and the UK rank highest in developer representation, with shares of 18.8%, 11.8%, and 4.2%, respectively. Alarmingly, the US has seen its developer proportion plummet by 51% in nearly ten years, resulting in 81% of crypto developers now residing outside the country.
Maria Shen, a General Partner at Electric Capital, raises concerns that this trend may stem from an unfriendly regulatory climate. She emphasizes the need for clear crypto policies to retain the US’s leadership in the sector and notes that while many believe crypto development is centered in California and New York, a substantial 64% of developers actually live outside these traditional tech hubs.
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The findings also reveal a significant geographic shift, with Asia’s developer share rising from 13% to 32% since 2015, contrasted with a drop in North America from 44% to 24%. This shift comes amid a broader decline in developer activity within the crypto space, with weekly code contributions falling by 50% over the past year, according to data from Artemis.
The number of active weekly developers has also dropped from over 13,000 to around 6,800, indicating a steep decline of approximately 50%. Interestingly, while developer engagement is waning, the number of crypto tokens continues to grow, creating a paradox in the market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
