We are excited to announce that Ren has been promoted to Partner at Electric Capital. In keeping with our unique approach of hiring engineers instead of investors, Ren is also an engineer and will continue to ship code along with his investment responsibilities. Ren is an engineer who supports founders to build new, sustainable crypto protocols. Ren invests in emerging technologies that expand what is possible for users. He drove our investments in Tonk, Monad, Ellipsis, and Solana. Tonk uses zero-knowledge tech to enable developers in a variety of applications. Monad gives users fast finality at very high throughput by building the world’s best parallelized EVM. Ellipsis is the #1 CLOB on Solana and offers users better liquidity opportunities at low costs.

We are excited to announce Thuan Le’s promotion to Partner and Head of Founder Platform at Electric Capital. Thuan Le is the heart of Electric’s Founder Platform. Thuan connects founders with the expert resources they need to thrive. She creates opportunities for founders to learn and unwind at Electric’s Founder Summit. She adds a human touch to all of our engagements, from designing custom swag to sending gifts for founders’ new babies. Thuan also builds the broader crypto community by hosting dozens of open cafes and events at global conferences like EthCC, Solana Breakpoint, Token2049, and more.

We fingerprinted 485 million code commits across 818k open-source repositories to create this year's Developer Report. While developers overall are down 24%, the most valuable segment of developers (2+ year tenure who contribute the most code) continues to steadily grow. Crypto is now clearly Multi-chain. Crypto is global, and the US continues to lose developer share.

There are 19.3K active crypto developers, down 27% year-over-year as newcomers leave, though developer counts are up 66% vs. the last bear market. Developers with 1+ years experience now contribute over 70% of code. Those still active tend to have more commits, work more days, and have longer crypto tenure than those who left. The upcoming Report will analyze the crypto developer ecosystem.

On September 7, 2023, the Commodities Futures Trading Commission (CFTC) announced settlements of enforcement actions with 3 decentralized exchanges (DEXs): Opyn, ZeroEx, and Deridex. Here are key takeaways for founders.