• The blockchain developer share in the U.S. fell from 40% in 2017 to 29% in 2022, ceding a considerable chunk of the pie to emerging markets around the world.
• India was captured the share away from the U.S., showing consistent web3 growth and increasing its developer share from 2% in 2017 to 6% in 2022.
• 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 over other countries.
Analysis of Blockchain Developer Share
According to an analysis by Developer Report, the blockchain developer share in the U.S. fell from 40% in 2017 to 29% in 2022, corresponding to about 2% drop every year due to emerging markets like India capturing its share away from the U.S.. Despite this decrease, the number of developers jumped almost fourfold during this same time period and U.S still remains as the market leader with 29%. European nations also enjoyed a combined market share of 29%, while Asia accounted for 13%.
Growth of India’s Blockchain Industry
India’s growth trajectory showed more consistency than other regions as its developer share steadily increased from 2% in 2017 to 6% by 2022, eating into the United States‘ market dominance over other countries within this period of time according to data collected by Developer Report . This lucrativeness as a growing market for blockchain development was further evidenced by reports that Coinbase was contemplating setting up a trading platform outside of the U.S.. Brad Garlinghouse, CEO of Ripple Labs also stated that due to hawkish stances taken by SEC (Securities and Exchange Commission), it may dent prospects for U.S as an inviting destination for blockchain development and cryptos going forward if not addressed properly soon enough .
Decline In Other Countries
While UK and Germany lead Europe with their developer shares at present, both countries saw their dominance decline within this 2017-2022 period studied by Developer Report . On another note , Ukraine’s shared increased from 4 %to 6 % since war began , highlighting how conflict ridden nations can still be appealing destinations for web 3 developers despite challenging economic conditions .
Overall , although US is still leading when it comes to blockchain developers , emerging markets like India are quickly gaining ground due to their attractive opportunities and lucrative conditions they provide . At present , these trends seem unlikely reverse unless proper regulations are implemented soon enough which could keep US at par with other countries when it comes to attracting new developers who wish become part of this industry .