Asia Surpasses North America in Share of Crypto Developers: Electric Capital

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Ruholamin Haqshanas

Author

Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto…

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Last updated:

October 31, 2024 08:34 EDT

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The United States now accounts for just 18.8% of global crypto developers, a drop of 51% over the past year.

According to new data from Maria Shen, a general partner at Electric Capital, the decline suggests that the nation could be losing its competitive edge in a field where innovation is paramount, attributing the trend to the country’s challenging regulatory landscape.

On the other hand, Asia’s share of crypto developers climbed from 13% to 32% in the past year.

“For the first time, Asia is the #1 continent for crypto talent,” Shen wrote on X.

The U.S. Leads in Developer Presence

Despite the downturn, the U.S. still leads in developer presence, followed by India at 11.8% and the U.K. at 4.2%.

Interestingly, 64% of U.S.-based developers reside outside California and New York, presenting an opportunity for job and wealth creation, according to Shen.

In January, Electric Capital reported a 24% decrease in the total number of crypto developers in 2023, with newcomers dropping by more than 50%.

Ethereum continues to dominate the sector, attracting over 16,000 new developers this year.

Meanwhile, platforms like Polygon are also gaining traction, while Bitcoin lags at 13th place, sharing the spot with other networks such as Internet Computer, Optimism, and BNB Chain.

The methodology involved an analysis of over 200 million crypto-related Git commits spanning 350,000+ repositories.

Geographic data, sourced from the self-reported locations of 110,000 developers out of a total of 366,000 crypto developers active since 2009, offers insights into global developer distribution and trends, Shen said.

According to Electric Capital’s 2023 Developer Report, Web3 developers decreased by 24% last year.

Findings also show that blockchain developers active for fewer than 12 months fell by 53% year over year.

Web3 Developer Number to Increase

Although Web3 developer growth is low, industry experts believe that the talent pool will increase as opportunities advance.

“One of the biggest challenges in attracting new Web3 devs has been the learning curve for developers entering the space,” Noëlle Becker Moreno, Edge & Node CMO and House of Web3 Co-Founder, said.

She remains hopeful, though, noting that the tools and frameworks in the industry are maturing rapidly.

“To continue attracting developers, we need to introduce them to initiatives like the ones mentioned here. These provide a collaborative environment and a community that can serve as mentors, help to demystify the complexities, and nurture their sustained progress in this growing ecosystem,” she remarked.