Published on November 6, 2024
By: Ergim Truefen
Research by Maria Shen, a partner at Electric Capital known for her in-depth analyses of the crypto ecosystem, reveals that the United States now has 18.8% of cryptocurrency developers. This marks a significant 51% decline since 2015, raising concerns about the country’s diminishing competitive edge.
In contrast, Maria notes that the number of crypto developers in Asia jumped from 13% to 32% over the past year. She shared on social media platform X, “For the first time, Asia is the top continent for crypto talent”.
While Asia has surpassed the US, Shen’s posts emphasize that the US still has the largest number of crypto developers, outpacing India (11.8%) and the UK (4.2%). She also points out that 64% of US-based developers live outside California and New York, which she sees as “an opportunity for job and wealth creation”.
Ethereum has attracted over 16,000 new developers by 2024, which isn’t surprising given its appeal to programmers. Elements such as smart contracts, established tools like Truffle, Remix, and Solidity, and strong integration capabilities with many Web3 solutions, all contribute to its attractiveness.
Shen explains that the methodology used to gather this data involved examining over 200 million Git commits spanning over 350,000 repositories.
The analyst highlighted that her geographic data, based on the locations of 110,000 out of 366,000 active crypto developers since 2009, provides valuable insights into the global distribution and trends among these developers.
“While there are a large number of closed-source developers working in crypto, Web3 is highly open-source. This is the main difference between how companies function in Web3 from Web2. In Web2, everyone is developing privately before the final product is shipped. In Web3, developers are shipping and building in the open.
Full-time developers can spend 10 or more days a month on a project, while part-time developers typically work only in the evenings and on weekends. This flexibility is one reason many Web2 developers are transitioning to Web3, as it allows them to diversify their skills and explore new ideas without the limitations of a traditional development environment”.
–Maria Shen (2022) for Cointelegraph.
Further news:
- Mt. Gox has pushed back the repayment deadline to October 2025.
- Vitalik Buterin Converts $1.6 Million in Memecoins to ETH for Charitable Donations.
- Only 7.5% of Citizens in El Salvador Use Bitcoin, Survey Finds.
- PayPal Expands Its Crypto Offering: New Features for Merchants in the U. S.
- More Than 60 New Bitcoin Addresses Holding 1,000 to 10,000 BTC Emerged in 2024.
- Uruguay Passes New Law to Regulate the Crypto Industry.
- Worldcoin Grows in Mexico While Facing Sanctions in Argentina and Global Scrutiny.
- Argentina is now the biggest player in the crypto market in Latin America.
- Switzerland, Dubai, and South Korea: The Best Places for Crypto Business in 2024, According to Social Capital Markets.
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