Vanessa
Asia crypto developers have now overtaken North America as the leading hub for cryptocurrency and blockchain development talent.
According to the fifth annual Electric Capital Developer Report, the share of Asia crypto developers worldwide increased to 32% in 2024, from 13% in 2015. This shift positions Asia at the forefront of the crypto development sector, surpassing North America, which saw its share decrease to 24% from 44% over the same period.
Maria Shen, a general partner at Electric Capital, emphasized the importance of this shift in a recent X post: “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.”
Despite the decline, the United States still maintains the highest number of individual crypto developers globally, with 18.8% of all developers based there. India follows with 11.8%, and the United Kingdom ranks third with 4.2%. However, the U.S. has experienced a 51% drop in its share of developers since 2015, even as the industry continues to grow.
Source: Electric Capital
The report’s findings are based on an analysis of over 200 million crypto-related GitHub commits across 350,000 repositories, supplemented by geographical data from over 110,000 developer wallets with self-reported locations. This comprehensive data collection highlights the geographical distribution of crypto developers, which is a crucial indicator of regions likely to drive future blockchain innovation and mass adoption.
Source: Electric Capital
Interest in cryptocurrencies has surged in Asia, particularly in South Korea, where the number of crypto investors rose by over 21% in the second half of 2024. This surge has significantly boosted the operational profits of the top 21 local centralized exchanges (CEXs), which collectively saw a year-on-year increase of 106% in profits, exceeding $4.2 billion.
The decentralization of developer talent suggests a shifting paradigm in the global blockchain ecosystem, with Asia crypto developers poised to lead future enhancements in the sector. The US, while still a major player, will need to adapt to this changing landscape to maintain its competitive edge in the burgeoning field of digital currencies and blockchain technology.
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Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions
