Electric Capital: The number of developers of cryptocurrency projects continues to grow

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A study by Electric Capital showed that despite the decline in the cryptocurrency market, the industry continues to attract new developers.

Electric Capital analysts analyzed250 million code additions on GitHub. It turned out that over the past 12 months the number of cryptocurrency project developers increased by 5.4% and reached 23,300 people. And this despite a 70% drop in the rates of major cryptocurrencies. The number of developers who constantly write code for cryptocurrency projects increased by 15.2%, and the number of “occasional” coders who participated in development only once fell by 5.2%.

The peak of developer activity has been recordedin June 2022 - then 26,500 people participated in the development of cryptocurrency projects. Analysts attribute the decline in activity to the collapse of the Terra ecosystem in May last year. In total, the Web3 ecosystem attracted 61,127 new developers in 2022. This is a record figure, 25.8% higher than the number of new developers in 2021.

The report also notes that, compared toIn 2018, the number of Bitcoin developers increased 3 times, to 946 people, and the number of Ethereum developers increased 5 times and now 5,819 people are working on the ecosystem of the second cryptocurrency. The Solana, Polkadot, Cosmos and Polygon projects have also attracted a large number of workers - now more than 1,000 developers are working on each project. 

The NFT sphere is also popular - quantitydevelopers increased by 299% compared to 2021. Note that if in 2021 more than 2,500 developers worked on DeFi projects, now the figure has increased to 3,900 people.