The crypto industry is facing challenges in keeping new developers engaged, according to data from early-stage venture capital firm Electric Capital.
At the same time, the firm also found that the current developer’s pool is 66% larger than it was three years ago during a period when crypto markets were not doing well, although it has seen a 27% decline in the past year as per the blog post.
Most of the developers who recently left the crypto industry were newcomers who had been involved in crypto for less than 12 months and were responsible for only about 25% of the code contributions.
The report, which considered developers to have left the field if they hadn’t contributed any code for two months, highlights a downward trend in developer engagement in the crypto industry.
The company’s recent social media post stated that the number of new developers joining each month dropped dramatically, going from approximately 5,200 in November 2021 to only 1,700 in September 2023.
Furthermore, their research highlighted a noticeable split in how developers contributed to the project over time.
Developers who left after July 2023 accounted for about 25% of all the changes or additions they made to the project’s software code.
On the other hand, those who remained actively involved after that point were much more productive, making up 75% of the code contributions.
In addition, the developers who continued to work on the project after July 2023 were found to be coding on more days.
Also Read: Crypto Market Faced ‘Challenging Quarter’ in Q3: Binance Reports
