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According to a Developer Report investigation, the United States gave up a sizeable portion of the global blockchain development industry to developing nations.
According to the research, the developer share in the U.S. decreased by around 2% per year, from 40% in 2017 to 29% in 2022.
The continuous regulatory assault on centralized exchanges and other cryptocurrency users puts the U.S. crypto market in a state of anxiety and threatens the country’s recent market domination.
The research emphasized that despite the crypto network value falling to levels seen in January 2018, the overall surge in development activities remained positive. Almost four times as many developers were hired during that time.
With 29% of all blockchain developers, the United States continued to dominate the industry as of the writing of this article. The total market share of European countries was 29%, whereas 13% of all web3 developers were based in Asia.
The developer stake in emerging countries like India, however, consistently increased from 2% in 2017 to 6% in 2022, while the U.S. share has decreased over time. According to the research, India’s economic trajectory was more steady than those of other areas.
The statistics indicating how India was eroding the U.S.’s market share provided proof of the lucrativeness of the country as a developing market for blockchain technology.
A fascinating development was also shown by data from Europe. Even though the UK and Germany had the largest developer shares, both nations’ supremacy waned from 2017 to 2022. In contrast, after the war, Ukraine’s contribution has climbed from 4% to 6%.
There have recently been rumors that Coinbase is considering establishing a trading platform outside of the United States. Even though Coinbase didn’t issue an official response, the claim had weight due to worries that the biggest cryptocurrency exchange in the United States would face legal action.
The CEO of Ripple Labs, Brad Garlinghouse, claimed in an interview that the crypto business has already shifted abroad and that the SEC’s hawkish attitudes may make the United States less attractive as a location for blockchain and cryptocurrency research.
