Maria Shen, partner at Electric Capital, unpacks the venture firm’s latest Developer Report. Hotly anticipated among crypto observers, the annual report captures which chains developers are building on. Despite 2022’s price carnage, the report finds developer interest remains strong. Ethereum is the leading chain by far but EVM-compatibility is emerging as a major force in winning developers’ hearts and minds. Shen unpacks Bitcoin’s stability, Terra’s implosion, and many more insights from crypto’s open-source code repos.


Show highlights:

  • why the report “undercounts” developers and how it defines active developers
  • how developers represent a fundamental measure of the health of emerging technologies like crypto
  • the meaning of developer numbers going up even when prices plummet
  • why in recent years the speed of developer growth jumped so drastically
  • what happened after the number of developers reached an all-time high in June 2022
  • the role of Terra in the decline of developer activity in 2022’s second half
  • why Ethereum dominates the ecosystem and whether it will continue to be the leader
  • the benefits of being part of “the EVM universe”
  • why the number of Bitcoin developers has remained flat over the last year
  • whether looking at the number of developers in the NFT ecosystem is even relevant

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Maria Shen:


Electric Capital Developer Report