Crypto developers plummet 22% despite increasing prices

Crypto developers plummet 22% despite increasing prices

Despite the positive price movement in recent weeks, the software development aspect of the crypto industry is trending in the opposite direction.

According to a report by venture firm Electric Capital, the number of active developers working on open-source crypto projects has declined by 22 percent over the past year.

In June, there were 21,300 active developers, compared to 27,200 the previous year. This decline may be attributed to developers finding more enticing opportunities in other booming tech sectors like AI, as suggested by self-described DeFi addict and crypto analyst Miles Deutscher on Twitter.

The report highlights that most of the developers leaving the crypto space are newcomers with limited experience.

Since June of the previous year, 7,730 newcomers have departed from the digital asset space. However, newcomers account for less than 20 percent of all code commits.

In contrast, the majority of commits come from experienced open-source developers who have been working with crypto for more than a year. This group has seen a 16 percent increase in numbers, growing from 11,300 to 13,100 over the past year.

The decline in the number of developers exploring crypto projects for the first time is also notable.

In May of the previous year, 5,900 developers entered the space, while this past May saw only 2,900 new entrants. This decline in interest could be attributed to factors such as fatigue and reduced venture capital investment. US regulatory uncertainty is also causing upheaval as related businesses move their operations to more welcoming countries, like the UK.

Despite the decline in newcomers and the shifting preferences of investors, the report suggests that the exodus of fresh talent from the crypto industry is not necessarily a cause for concern.

Historically, newcomers have dominated the digital assets space after previous market peaks—only for the momentum to shift back to experienced developers. Therefore, it remains to be seen whether this shift is a temporary phenomenon or a longer-term trend.

(Photo by ANIRUDH on Unsplash)

See also: Decentralised social network Damus to be kicked from App Store

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Axelar creates virtual machine to allow dApps to run on every chain

Axelar creates virtual machine to allow dApps to run on every chainDuncan is an award-winning editor with more than 20 years experience in journalism. Having launched his tech journalism career as editor of Arabian Computer News in Dubai, he has since edited an array of tech and digital marketing publications, including Computer Business Review, TechWeekEurope, Figaro Digital, Digit and Marketing Gazette.

The world of Web3 development has gone multi-chain. Users want the ability to interact across multiple ecosystems, but for developers, building these experiences is painful and potentially risky. Using the wrong infrastructure can lead to billions in losses – and new technology is always developing under their feet.

The Axelar network already connects major blockchain ecosystems, solving widespread security risks with the first generation of “bridges” and interoperability networks. Today, at Ethereum Denver’s BUIDLWeek, Axelar is announcing the next phase of secure interchain infrastructure.

Axelar Virtual Machine will allow developers to build their dApps once – whether on EVM, Cairo VM, Cosmos or another ecosystem – and run them on all chains. It’s a programmable interoperability layer that automates complex multi-chain deployment and management, so developers can span the whole of Web3, as if they were building on a single chain.

True multi-chain capability is also forward-compatible. New technologies like ZK proofs and interchain light clients are coming. Developers connecting to Axelar Virtual Machine will be able to integrate these technologies, wherever they emerge.

Starknet, zkSync, Celestia, Centrifuge, Coinbase Base, MobileCoin, NEAR, Shardeum and other partners are already collaborating and planning what developers can build via integration with Axelar Virtual Machine. The first two products that will ship for developers are:

  • Interchain Amplifier: A simple, permissionless way to connect a new chain with the Axelar network and all of its interconnected chains.
  • Interchain Maestro: A solution that enables developers to orchestrate multi-chain deployments for a dApp – comparable to Kubernetes for Web3.

Axelar co-founder Sergey Gorbunov said: “Building in Web3 should be simpler than in Web2, if the right building blocks are in place.

“It’s possible: blockchains have a lot to offer developers – but users need multi-chain experiences, and the infrastructure hasn’t existed to make them. We’re on track to building it and it can get there.”

StarkWare co-founder Eli Ben-Sasson said: “We are excited about this opportunity to expand Starknet to additional audiences.

“Starknet is all about bringing to the front new possibilities, reaching additional communities, allowing composability for builders and users, and Axelar’s excellent technology allows to do all that in a secure and seamless way.”

Marco Cora, head of business development at Matter Labs, said: “We’re delighted to work with Axelar to make launching multi-chain dApps even simpler. Axelar’s mission to provide full-stack interoperability is a natural fit with the potent mix of scalability, security, and low gas fees on zkSync Era. “Together, we will bring this reality to more developers in 2023.”

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