According to a recent report by Electric Capital, a crypto asset management firm, a large number of crypto contributors and developers exited the sector during the heavy market correction that took place and stretched for a while this year. However, the report does not show that there’s any cause for alarm at all. The “Developer Report” by Electric Capital examines coding in all crypto open-source projects and this one released on Monday the 12th is a follow up from the first edition published in March, 2019.
The report specifically states that during that period, up to 77% of developers left their respective projects. However, two major points are highlighted. Firstly, most of the developers who left were not fully committed and were “one time per month and part time developers.” Secondly, the report states that the majority of developers in question were from some of the least successful projects.
“The biggest developer drop-off came from projects outside of the Top 100 by network value.”
It would also seem that these developers, left direct crypto projects and joined other promising endeavours including smart contracts, infrastructure and decentralized finance (DeFi).
Regardless of these stats, the life span of most crypto projects hasn’t been shortened and they haven’t taken a hit. The report states that:
“Despite market downturns in 2018, Full Time developers increased 13% year-over-year in June 2019 and are consolidating around high network value projects.”
This means that the exit wind of developers who have left their crypto projects, whether promising or not, have done nothing to bring down the market in general.
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