A recent report by Electric Capital, as of October 1, 2023, reveals that the count of monthly active open source crypto developers stands at 19,300.
This represents a 27% decrease compared to the same period last year.
More Developers This Bear Market
However, when measured against the previous bear market 3 years ago, the number of developers has still seen a 66% increase.
Source: Electric Capital
Electric Capital examined over 164 million crypto commits to pinpoint the approximate figure of 19,300 monthly active open source developers as of October 1, 2023.
A substantial portion of those departing the crypto scene are newcomers who have been involved in crypto for less than 12 months.
They are responsible for approximately 25% of all code commits.
This trend has persisted since July 2023 and has continued to prove true in the venture firm’s recurring analysis.
Why Is There a Decline in Blockchain Developers?
The decline in newcomer developers can be attributed to fewer new individuals venturing into crypto, which is likely a response to the bearish market conditions currently plaguing the crypto markets.
In October 2023, only 1,721 new developers entered the crypto space, marking a 40% decrease in comparison to June 2023.
This is a 64% decrease when compared to October 2022.
However, despite the prevailing bearish trend, certain protocols have managed to sustain growth in their active developer pool.
These include Aztec Protocol, Celestia, Ripple, TON, ZKSync, and Starknet.