According to ShibDaily, Asia has surpassed North America as the leading region for cryptocurrency and blockchain development talent. The fifth annual Electric Capital Developer Report reveals that Asia's share of global crypto developers increased to 32% in 2024, up from 13% in 2015. This shift places Asia at the forefront of the crypto development sector, overtaking North America, which saw its share decline to 24% from 44% during the same period. Maria Shen, a general partner at Electric Capital, highlighted the significance of this change, noting that the United States is losing market share in the crypto development space.
Despite the decline, the United States still hosts the largest number of individual crypto developers globally, accounting for 18.8% of all developers. 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 expand. 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 underscores the geographical distribution of crypto developers, which is a crucial indicator of regions likely to drive future blockchain innovation and mass adoption.
Interest in cryptocurrencies has surged in Asia, particularly in South Korea, where the number of crypto investors increased 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 profit increase of 106%, exceeding $4.2 billion. The decentralization of developer talent suggests a shifting paradigm in the global blockchain ecosystem, with Asia poised to lead future advancements in the sector. While the U.S. remains a major player, it will need to adapt to this changing landscape to maintain its competitive edge in the rapidly evolving field of digital currencies and blockchain technology.
