According to research from Electric Capital’s Developer Report, the number of new developers entering the cryptocurrency space has dropped by nearly 50 percent in the past year.
The latest gauge of the state of the cryptocurrency developer ecosystem indicates that programmers who have been in the industry for more than a year use more code and work longer days than developers who have left.
According to statistics, as of June 1, there are an estimated 21,300 monthly active open source developers in the cryptocurrency ecosystem. There has been a 22% reduction in the number of developers since June 2022.
The caveat is that the developers who left are classified as “newbies” who have been in the industry for less than a year. The impact of these developers’ departure has been less significant as they accounted for less than 20% of all code commits over the last 12 months.
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Long-term cryptocurrency developers who have worked in the industry for more than a year are responsible for more than 80% of the captured code.
Developer reports estimate that around 7,700 new entrants have left the space since June 2022. The number of budding developers who have been in the industry for two years increased by 1650, while the number of established developers with more than two years of experience in the cryptocurrency space increased. 150 increased. ,
The report states that the decline in the number of novice developers is due to fewer coders looking for work in the cryptocurrency sector. This is further exacerbated by the current bearish market that has blocked the broader cryptocurrency markets.
Analysts also suggest that new developer retention in 2023 was significantly lower than in 2022 and 2021, but the trend is not “unusual” in the long term.
“Looking at group retention analysis since 2015, we see that developers who hit the market in a downturn exit faster.”
New entrants usually enter the cryptocurrency arena around market peaks. Six months after the January 2018 peak, the cryptocurrency market was dominated by new entrants by 70%. This was followed by 60% dominance of new entrants in the six months following the November 2021 market high.
Meanwhile, emerging and established developers are dominating the space as the crypto sector enters bear territory.
In the second half of 2022, we will see a wave of layoffs in the cryptocurrency industry as companies attempt to downsize in response to tough market conditions. According to market research conducted by Cointelegraph, the industry sees a decline in layoffs from February 2023.
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