Crypto Winter Puts Dampener on Web3 Developer Growth
Last January, there were over 18,000 monthly active developers in the Web3 ecosystem, according to the crypto VC firm Electric Capital. The firm has just released a follow-up report, which states there are 23,343 monthly developers as of December 2022. That number had gone over the 26,000 mark during June of 2022, but the “70%+ decline in prices” of cryptocurrencies over the rest of 2022 put a halt to the upward growth curve. Electric Capital states that it “tracked over 9,000 ecosystems and over 163,000 repositories specifically dedicated to crypto” for the new report.
Overall, the number of monthly active developers rose 5% year-over-year — not bad considering the crypto crash, but this is also partly due to the natural rate of growth for all developers.
Before we take a closer look at the developer activity statistics, it’s interesting to note the different categories of developers in Web3:
