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Bear Markets Take a Toll on Cryptocurrency Developers, Revealing Inconspicuous Losses

Cryptocurrencies hold various nuances for different investor groups. Some see them as mere casino tokens while others classify them as stocks. A more professional perspective views cryptocurrencies as the new model for crowdfunding. This viewpoint considers factors such as researching the project team, assessing future potential, evaluating the probability of success and understanding the token economy before making an investment .

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Cryptocurrencies hold various nuances for different investor groups. Some see them as mere casino tokens while others classify them as stocks. A more professional perspective views cryptocurrencies as the new model for crowdfunding. This viewpoint considers factors such as researching the project team, assessing future potential, evaluating the probability of success and understanding the token economy before making an investment . However those who are solely interested in quick gains through speculative movements often disregard these important considerations.

 

Developers: The Brains Behind Cryptocurrencies

 

Blockchain technology is the foundation for cryptocurrency ventures and the innovators who are behind these developments are developers. For instance Solana aims to be the quickest layer1 solution while initiatives like Mina aim to be the network with the fewest system needs . Developers are sometimes referred to be the brain of crypto since they develop and use these technologies.

Bear Markets Take a Toll on Cryptocurrency Developers, Revealing Inconspicuous Losses

Markets and Developer Exodus

 

The development of cryptocurrencies and the engagement of developers in the space have been significantly impacted by kets . As of June 1, 2022 there are 22% fewer developers than there were in the prior year. Less than 20% of all code commits came from the engineers who recently departed the crypto industry. These individuals were mainly rookies with less than 12 months of expertise . The majority of code commits or more than 80% of them come from seasoned engineers who have been employed in the field for more than a year .

 

Decrease in Active Developers during Bear Markets

As of June 1, 2023 there are still 21.3 thousand monthly active open-source developers in the crypto space . This number is higher than the period before the crypto markets reached an all-time high in November 2021. From June 2020 to 2021 the number of developers in the crypto space increased by 92% and 25% respectively . However there has been a 22% decrease compared to June of the previous year.

 

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