The U.S. is seeing a decline in its share of global crypto developers, and industry stakeholders are raising concerns about its competitive position in the blockchain industry.
According to Maria Shen, general partner at blockchain venture firm Electric Capital, the U.S. now accounts for just 18.8% of global crypto developers. This marks a significant drop of 51% in its developer share, with Shen attributing the decline to regulatory challenges. She emphasized that the U.S.
“needs clear crypto policy to maintain its leadership in the sector.”
We @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
— maria 🐸 (@MariaShen) October 30, 2024
Despite the drop, the U.S. still leads with the largest share of crypto developers at 18.8%, followed by India with 11.8% and the U.K. with 4.2%. Additionally, 64% of U.S.-based crypto developers live outside California and New York, which Shen highlights as a significant “opportunity for job and wealth creation” across the country.
In early January, Electric Capital reported a 24% decline in the total number of crypto developers in 2023, alongside a drop of over 50% in new developer entries. Ethereum remains the top ecosystem, attracting over 16,000 developers to contribute code this year, while platforms like Polygon also saw growth in developer interest. Bitcoin, however, ranked 13th, alongside Internet Computer, Optimism, and BNB Chain.
However, despite the regulatory uncertainties, North America continues to dominate the cryptocurrency sector, with $1.3 trillion in on-chain value recorded between July 2023 and June 2024, according to a recent report by Chainalysis.
Notably, the U.S. drove much of this activity, accounting for over $750 billion. Institutional interest has been a major driver, with around 70% of North American crypto transactions exceeding $1 million. Financial giants such as Goldman Sachs, Fidelity, and BlackRock are furthering this trend. U.S. stablecoin activity experienced growth until 2023, but domestic adoption has since slowed, even as global stablecoin usage accelerates.
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