The number of new developers entering the cryptocurrency sector has dropped by nearly 50 percent over the past year, according toThe latest gauge of the state of the cryptocurrency developer ecosystem indicates that long-term coders that have worked in the industry for over a year commit more code and work more days than developers that have left.
The caveat is that developers that have exited the space are classified as “newcomers” that worked in the industry for less than a year. The impact of the departure of these developers was made less significant considering that they were responsible for less than 20% of all code commits over the past 12 months.Long term cryptocurrency developers who’ve worked in the industry for more than a year are responsible for over 80% of committed code.
The report notes that the decline in newcomer developers is due to fewer coders exploring work in the cryptocurrency space. This has been exacerbated by an ongoing bear market which has suppressed wider cryptocurrency markets.The analysts also suggest that while 2023’s retention of new developers has been significantly less that 2022 and 2021, the trend is not “abnormal” across a longer time frame.