Which altcoin selection the developers are after is among the most important issues in the crypto world. Now there is a new report. The report covers this issue. Let’s look at the details.
The report includes which altcoin group the developers chose
As the cryptocurrency market evolves, the developer community appears to play an important role in growth and innovation. The latest developer report by Electric Capital reveals the shifts in the crypto developer community as of June 1, 2023. According to the report, there has been a decline in the number of developers, especially among newcomers. However, contributions from established developers continue. There is also notable growth in ecosystems such as altcoin Osmosis, Sui, Aptos, altcoin TON, altcoin Optimism and Aztec Protocol.
The report reveals that there are 21,300 monthly active open source developers as of June 1, 2023. This represents a 22% decrease compared to the previous year. However, this number is higher compared to the previous period as the Bitcoin and altcoin markets hit all-time highs in November 2021. The decline in incoming developers is largely seen in developers who started working in the crypto industry for a shorter period of time and only made less than 20% of their code commitments.
Experienced developers contributed more
On the other hand, the situation is different for developers with 12 months or more experience. They continue to make significant contributions by fulfilling more than 80% of their code commitments. This demonstrates the commitment of established developers to build and advance the blockchain ecosystem.
According to data from June 2022 to June 2023, there is a 48% drop in newly arrived developers. There was also a loss of approximately 7,730 developers. However, the number of developers with 1 to 2 years of experience increased by 44%. In addition, approximately 1,650 developers showed growth. Embedded developers, on the other hand, showed a modest 2% increase among those with more than 2 years of experience. It corresponds to about 150 developers.
Why does the decrease occur?
The decrease in newcomers can be attributed to two main factors. First, the decrease in the number of new developers entering the crypto space is causing the pool of newcomers to shrink. The report states that only 2,900 new developers showed interest in crypto in May 2023, marking a decrease of 20% from February 2023, 42% from November 2022 and 50% from May 2022.
Second, historical data shows that developers who participate during bear markets tend to hold on at a lower rate. The report compares retention rates over the 2021-2023 period. Accordingly, it reveals that new developers in 2023 are emerging from the crypto space faster than their counterparts in 2022 or 2021, in keeping with the typical behavior observed in bear markets.
Also, the dominance of the developer community is changing depending on market cycles. Newcomers tend to be more active when the market is at its peak. But developers that have been active for more than a year are becoming more dominant in bear markets. This was evident after the market peaks in January 2018 and November 2021.
It is important to do the impact assessment well.
Despite the reduction in overall developer numbers, it’s important to assess the impact of developers leaving. The report shows that developers who stopped contributing after March 2023 only accounted for 20% of their past code commits. This shows that developers staying in the crypto space are the driving force to move forward.
The report also highlights a few trends, focusing on features from developers who contributed recently in April and May 2023. These developers consistently make the majority of their code commitments (more than 80%) and stay active more days than those who leave. Also, while they have been in the crypto space for an average of more than 19 weeks, the average time for leaving developers is only 8 weeks.
Report shedding light on the future for the altcoin group
cryptocoin.com Looking at it as a whole, the Electric Capital developer report sheds light on the growth of certain ecosystems in the changing dynamics. Ecosystems such as Altcoin Osmosis, Sui, Aptos, TON, Optimism, and Aztec Protocol have experienced monthly developer numbers ranging from 27% to 267%.
In conclusion, the Electric Capital developer report provides valuable insight into the changing dynamics of the crypto developer community. There has been a drop in newcomers and the overall number of developers. However, the ecosystem continues to move forward, with contributions from established developers. Moreover, the growth in certain ecosystems demonstrates the resilience and innovation potential of the crypto space.
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