A report by Electric Capital has shown a significant decrease in the number of developers working on open-source crypto projects, with only 19,300 developers contributing as of October 1, 2023, marking a 27% decrease over the past 12 months. The decline in developer numbers is especially significant when compared to the situation during the bear market of October 1, 2020, when the number of developers had increased by 66%. The most substantial portion of this decline was driven by newcomers who had been involved in the crypto industry for less than a year, with their numbers decreasing by a staggering 58%, or 8,300 individuals. The report also highlighted that retaining experienced talent is vital for the growth and development of the industry.