U.S. Blockchain Developer Share Dips as Emerging Markets Boom
- The U.S. share of blockchain developers decreased from 40% in 2017 to 29% in 2022.
- Emerging markets like India are capturing the share away from the U.S.
- Regulatory crackdown on centralized exchanges and other crypto participants is threatening market dominance of the U.S.
U.S. Blockchain Developer Share Decrease
According to an analysis by Developer Report, the U.S.’s share of blockchain developers has decreased from 40% in 2017 to 29% in 2022, corresponding to about 2% drop every year. The ongoing crackdown by regulators on centralized exchanges and other crypto participants has left the U.S. crypto sector in a state of trepidation, threatening its market dominance that it has enjoyed over the last few years.
Emerging Markets Capturing Share Away From U.S.
Despite this decline, overall growth in development activity was encouraging with number of developers jumping almost by four times during this period as well. European nations combined accounted for 29% while Asia was home to 13%. India’s lucrativeness as a growing market for blockchain development was evidenced by data showing how it is eating into the share of the U.S., with its developer share steadily increasing from 2% in 2017 to 6% in 2022 – a more consistent growth trajectory than other regions showed at this time as well. Data from Europe also revealed an interesting development, with Ukraine’s share increasing from 4%-6%.