With the U.S. experiencing a decline in its share of crypto developers, the country may be jeopardizing its leadership position in the swiftly changing crypto economy.
The United States is experiencing a decline in its share of crypto developers, prompting concerns over its leadership in the blockchain space. Recent data from Maria Shen, general partner at blockchain venture firm Electric Capital, reveals that the U.S. now represents only 18.8% of global crypto developers.
— maria 🐸 (@MariaShen) October 30, 2024We @electriccapital analyzed 110k+ developer profiles to understand crypto devs geographically.
Asia is now #1 for crypto devs. The US is losing market share.
Crypto impacts every state in the US — crypto should be non-partisan.
Here’s what the data shows & why it matters: pic.twitter.com/n5sZ9HWbXu
The U.S.’s developer share has also fallen by 51%, suggesting that the country may be losing its competitive edge. Shen attributes this shift to a challenging regulatory environment, saying that the U.S. “needs clear crypto policy to maintain its country lead.”
— maria 🐸 (@MariaShen) October 30, 2024The US had a 51% drop in dev share since 2015 – while crypto grew from $5B to $2.4T in market size!
Is this the result of negative regulatory environment? The US needs clear crypto policy to maintain its country lead.
Zooming in to the US: How does this break down by US state? pic.twitter.com/5n6gWRtFqM
Despite the trend, the U.S. remains the top country for crypto developers (18.8%), with India and the U.K. following at 11.8% and 4.2%, respectively. Additionally, data revealed that 64% of U.S.-based developers live outside of California and New York, what Shen describes as an “opportunity for job & wealth creation for policymakers.”
In early January, Electric Capital revealed that the overall number of crypto developers in 2023 decreased by 24%, while the number of newcomers dropped by over 50%.
When looking at specific ecosystems, Ethereum remained the dominant platform, attracting over 16,000 new developers actively contributing code this year. Other platforms, such as Polygon, also drew interest. Bitcoin ranked 13th on the list, sharing the spot with Internet Computer, Optimism, and BNB Chain.