Behind Bitcoin's trillion-dollar market capitalization: a 41-person development team and a weak funding ecosystem
By Eric, Foresight News
Original title: 41 People, $8.4 Million, Supporting Bitcoin's Trillion-Dollar Empire
How many developers does a $2 trillion company need? What is the development cost?
According to public data estimates, among US listed companies, the current market capitalization exceeds 2 trillion dollars, the number of technicians or developers is a few thousand or more, tens of thousands, and annual salary expenses are as high as hundreds of millions or even billions of dollars.
Bitcoin, which had a market capitalization of up to $2.5 trillion, still has a market value of nearly $1.75 trillion. These two figures are $41 and $8.4 million, respectively. Yes, the absolute “big brother” in the cryptocurrency space, has a core development organization of only 41 people and is supported by millions of dollars of donations and wages from a few companies every year.
Through dozens of hours of interviews and research, 1a1z revealed Bitcoin Core, the mysterious team behind Bitcoin, and the investors through a report. This report, which was released in October of last year and shows the full picture of Bitcoin's 2023 and 2024 development team and donors, is slightly outdated, but the changes in the Bitcoin developer system are all on a yearly basis, and even today it is almost the same as when the report was investigated.
The purpose of this report is to let participants understand that Bitcoin is still “vulnerable” to a certain extent at a time when the world is watching the price of Bitcoin, and as probably the only truly decentralized project, you and I can actually contribute to it. I would like to thank X usersAaron ZhangAn interpretation of the report and updated information from 2025.
The world's most efficient distributed team
The first image of the report shows the difference between Bitcoin and technology companies with similar market capitalization:
In 2023, Meta had at least 20,000 developers. At the time, the market capitalization was about 1.5 trillion US dollars, while Bitcoin had a market value of 1.2 trillion US dollars during the same period, there were only 41 people. These 41 developers contributed code to Bitcoin Core, what we often call Bitcoin Core developers. Of the 41 core developers, there are 5 maintainers (maintainers) in special status. They are currently the only 5 people in the world who have the right to incorporate core developers' improvement proposals into Bitcoin Core.
You know, there were only 13 people with this status in the past 10 years, and we'll talk about these 13 people later.
If you don't think Bitcoin is comparable to listed companies, then the report also uses Web3 projects to compare. In the case of Boca, Boca spent $7 million on core developers in 2023, but its market capitalization was only 1.2% of Bitcoin. In 2024, Boca spent $16.8 million on Bitcoin-like development activities. Meanwhile, Ethereum spent around $32.3 million on core developers in 2023 and $50 million in 2024.
There are definitely more than 41 people who have contributed to the Bitcoin code. The numbers given in the report only cover those directly providing code to Bitcoin Core, not including test engineers, researchers, etc., not including protocols such as Lightning Network and Nostr, or even the libsecp256k1 library, which is closely linked to Bitcoin Core.
The digital “contrast” really reflects Bitcoin's strong “anti-fragility.” Bitcoin doesn't have a foundation organization with other projects as a standard, so it doesn't have the ability to finance and allocate resources for other projects, but the author believes that this is also true. Bitcoin does not rely on a single entity to make decisions, and there is no misuse of funds, and every penny is spent: “Bitcoin's firm resistance to any form of centralization or single point of failure is its unique feature, and the only way we believe Bitcoin can succeed.”
When I was interviewing an investment agency in the early years, I asked a question. The decentralized DAO for Web3 projects is so inefficient, and it is often difficult to reach agreement on simple things. What is the value of its existence? The other party answered that inefficiency is one of the ways this system works, because it is impossible to be efficient if one thing is to be widely agreed upon, and this kind of “democracy”, which seems insensitive and inefficient, is exactly where its value lies.
At this point, you'll probably think that the report itself is like a “hymn” to Bitcoin. Perhaps this data shows some of Bitcoin's resilience, but to some extent, this resilience is an unavoidable choice under a very high degree of decentralization. In other words, as the author said at the beginning, Bitcoin Core is fragile, and we still don't pay enough attention and investment at the agreement level to this trillion-dollar empire that allows many people to cross classes overnight.
Who is funding Bitcoin Core developers?
The authors of the report made a strict distinction between sponsors (sponsors) and donors (donors). Speaking of the differences between the two, the author believes that sponsors may be more inclined towards execution, such as ensuring that funds are allocated to designated developers, while donors act as “funders.”
Before getting to know more about these organizations that selflessly contribute to the development of Bitcoin, I'll take a picture above to keep you from being dazzled.
The report lists 13 major funding organizations. The organizations listed must directly hire Bitcoin core developers or have ongoing direct funding programs for core developers. “One-off” grants or non-ongoing funding programs are not included.
Blockstream
BlockstreamFounded by early Bitcoin Core developers, it has contributed a large amount of code to Bitcoin Core and libsecp256k1, but its corporate identity has also been questioned because of its own interests and considerations that will have an impact on Bitcoin. Currently, Blockstream only employs one core developer. Blockstream has disclosed a total of 6 rounds of financing totaling at least $510 million from 2014 to now, which has the flavor of “ConsenSys in the Bitcoin ecosystem.”
Blockstream's co-founder and CEO Adam Back is hailed as one of the “closest people to Satoshi”. The Hashcash Proof-of-Work System for anti-spam proposed in 1997 was the prototype for Bitcoin's PoW consensus mechanism. Satoshi Nakamoto quoted Adam Back's work in the Bitcoin white paper, and also exchanged technical details with Adam Back via email. After founding Blockstream, Adam Back also led the development of scaling and privacy components such as Bitcoin's sidechain Liquid and Lightning Network.
Chaincode Labs
Chaincode LabsIt was funded by Alex Morcos and Suhas Daftuar in Manhattan, New York in 2014. Alex Morcos focused on automated trading and quantitative trading in his early years. He became a Bitcoin core developer in 2012 and is still an active contributor to the Bitcoin Core development community; Suhas Daftuar also worked in trading before entering the Web3 industry and founded Hudson River Trading LLC (HRT). Both were pioneers of algorithmic trading on Wall Street.
Chaincode Labs promotes the development of the Bitcoin ecosystem through self-funding, including promoting the reliability and scalability of the Bitcoin protocol; training Bitcoin developers through development tutorials and funding projects, and carrying out cutting-edge research including the potential threat of quantum computing to Bitcoin. Chaincode Labs published the “Bitcoin Post-Quantum Era (Bitcoin Post-Quantum)” report this year and proposed a migration path based on NIST post-quantum cryptography standards, including introducing new signature schemes (such as Dilithium or Falcon) through a soft fork, which is expected to be implemented in stages from 2026 to 2028.
Chaincode Labs is also the driving force behind major upgrades to the Bitcoin network such as Taproot and SegWit, and one of the funders of Bitcoin Core's first independent third-party audit.
It is worth mentioning that the aforementioned Aaron Zhang announced on X on the 3rd of this month (https://x.com/zzmjxy/status/1996092229962916119）成为 Chaincode Labs BOSS (Bitcoin Open Source Software) Challenge as a partner in China. BOSS Challenge is a free 30-day code challenge. Combined with a 2-month practice period, it helps developers enter open source projects. Currently, it has helped dozens of developers start from scratch and become full-time open source engineers.
Digital currency initiative
Digital currency initiative(DCI) cannot be considered an organization in the strict sense of the word. It was launched by the Massachusetts Institute of Technology in the US in 2015 to neutralize the academic vehicle for core developers after the dissolution of the Bitcoin Foundation. MIT DCI accepts donations to hire Bitcoin developers for a long time, providing a stable salary and research environment so that they can focus on protocol security, performance and consensus improvements, produce academic papers, open source code and public reports, and participate in central bank digital currency (CBDC) research. , in partnership with the Federal Reserve Bank of Boston, Project Hamilton.
DCI emphasizes open source, self-hosting, and privacy principles to demonstrate the value of decentralized technology to policymakers while maintaining an independent contribution to the Bitcoin Core codebase.
Spiral
SpiralIt is an independent Bitcoin development entity under Block (formerly Square). It was founded in 2019 (originally known as Square Crypto) and officially renamed Spiral in January 2022. As of December 2025, Spiral has funded over 100 open source projects and invested hundreds of millions of dollars to drive Bitcoin's privacy, security, scalability, and user experience (UX) improvements. Spiral emphasizes independence and is not directly controlled by Block or its founder Jack Dorsey, but is driven by the Bitcoin developer community.
Spiral is currently headed by former Google engineer Steve Lee, and team members include former Bitcoin Core maintainers and Lightning Labs engineers. According to public information, although Spiral has a wide range of funding, its core revolves around the Lightning Network. It hopes to improve Bitcoin's payment efficiency through the Lightning Network, which is also considered an insistence on Satoshi Nakamoto's original intention.
OKX
Naturally, this doesn't need much introduction; it's worth explaining that OKX's funding program began with OKCoin in 2019, then was taken over by OKX and continued until now, and is now mainly driven by executives Lennix Lai and Hong Fang. OKX currently supports developers who play a key role, such as Amiti Uttarwar and Marco Falke, and other organizations that fund Bitcoin Core, such as Brink, Vinteum, 2140, which we'll talk about soon.
Human Rights Foundation
Human Rights Foundation(HRF, Human Rights Foundation) was founded in the US in 2005 to promote and protect human rights in closed societies (closed societies) around the world, focusing on countering dictatorships, authoritarian governments, and tyranny. HRF has long supported winners of the Sakharov Prize and the Havel Award, as well as well-known dissidents such as Liu Xiaobo, Navalny, and Kim Jong-nam. It has funded thousands of grassroots human rights projects in over 70 countries around the world.
Beginning in 2019, HRF began to regard Bitcoin as one of the most important “human rights technologies” of the 21st century, and believes that Bitcoin is a powerful tool against financial surveillance, financial oppression, and monetary tyranny. In May 2019, HRF established the HRF Bitcoin Development Fund to fund open source development of Bitcoin and the Lightning Network, and has so far donated more than 120 bitcoins.
Brink
BrinkIt is a non-profit organization co-founded by Mike Schmidt and former Chaincode Labs developer John Newbery in 2020 to train and support a new generation of Bitcoin protocol developers and resolve the “successor crisis” of Bitcoin core development through full-time payroll support, mentorship training, and community building.
Brink selects 4 to 6 potential engineers each year and provides 1 to 2 years of full-time salary (approximately $120,000—180,000 per year) to contribute full-time to Bitcoin Core and related agreements. Currently, more than 20 developers have been funded, including Gloria Zhao (current Bitcoin Core maintainer), Greg Sanders, and Josie Baker. Brink is currently the most community-recognized “Bitcoin Core developer incubator”, and almost all newcomers to the Bitcoin Core maintenance team after 2022 have received funding or training from Brink.
100% of Brink's operating capital comes from donations. Donors include Twitter co-founder Jack Dorsey, Chaincode Labs, HRF, and Spiral mentioned earlier, as well as exchanges such as Gemini, Bitfinex, and Kraken, as well as hundreds of individual donors.
Btrust
BtrustFounded in 2021, with Jack Dorsey and Jay-Z co-funding of 500 bitcoins, headquartered in Lagos, Nigeria, it focuses on promoting African and Indian developers to participate in Bitcoin and the Lightning Network's open source development through education and funding. As of December 2025, Btrust has trained hundreds of African developers and funded more than 50 open source projects. Btrust initially acquired Qala, an African Bitcoin developer training program, and integrated it as the Btrust Builders Fellowship.
Btrust is Bitcoin's “Africa Operation Center”. In addition to funding development and providing training, it also hosts BitDev events in major African cities and maintains weekly Bitcoin ecosystem information for the African community.
In September 2024, Abubakar Nur Khalil, a core Bitcoin developer in Nigeria, became the organization's interim CEO, a Qala co-founder acquired by Btrust. In addition to this level of identity, Abubakar Nur Khalil has been one of the core developers of Bitcoin since 2020. He also provides Forbes with information on the development of the Bitcoin ecosystem in Africa and writes investment insights focusing on macro trends. Additionally, he is a founding partner of Recursive Capital.
openSats
openSatsFounded in 2020, it was initiated by the Bitcoin open source community, and core drivers include Elizabeth Stark, co-founder of Lightning Labs. The establishment of openSats was largely due to community concerns about the stagnation of development and maintenance of the Bitcoin protocol in 2020 due to lack of developer funding. Since its establishment, in addition to Bitcoin's core developers, the focus of openSATS's funding has also covered a large number of open source projects around Bitcoin, including Nostr, lightweight full nodes, etc. openSats has provided approximately $30 million in grants to over 330 contributors over the past 5 years.
Vinteum
VinteumEstablished in August 2022, it was co-founded by Bitcoin core contributor Lucas Ferreira and former Brink developer Bruno Ely Garcia to support Bitcoin ecosystem builders in Brazil and Latin America.
Vinteum can be said to be the product of Bitcoin's “developer diversification” wave in 2022. Up until now, it has funded more than 20 developers to become full-time open source project developers, contributing to the review, testing, and improvement of Taproot upgrades. The 2025 report shows that its projects account for more than 15% of Latin America's Bitcoin contribution. Additionally, Vinteum is working to drive Bitcoin adoption in the macro context of Brazil's high inflation.
Maelstrom
MaelstromBitMEX co-founded Bitcoin-specific venture capital led by the Arthur Hayes family office. Maelstrom mainly invests in the business and has established the “Bitcoin Grant Program”. According to the official website, the fund currently provides funding for four full-time developers. In addition to Bitcoin core developers, the projects involved include Bitcoin privacy tools Payjoin, Silent Payments, and development related to peer-to-peer online privacy.
Prior to that, Maelstrom funded the Nostr Protocol and Client Ecosystem, Fedimint Ecosystem, etc., and sponsored Chaincode's BOSS Challenge this year. Additionally, in the third quarter of this year, Maelstrom launched Bitcoin Moonshot Grants, a Bitcoin special funding program designed for high-risk, high-potential Bitcoin projects that “sound crazy but could completely change the rules of the game”. It is a program that emphasizes aggressive innovation. As of December 2025, the program has funded 5 to 10 early projects with a cumulative investment of approximately $20 to $30 million.
B4OS (Bitcoin For Open Source)
B4OSLaunched by the Spanish Bitcoin learning community Librería de Satoshi in April 2024, it is a free advanced Bitcoin open source training course aimed at experienced developers in Latin America, the Caribbean, and Spain. B4OS provides training courses on Bitcoin basics, Lightning Network development, and FOSS tools such as Rust/Python. B4OS funding is small, with funding ranging from $1000 to $5,000 per developer.
2140
2140The establishment was announced by two Bitcoin developers Josie Baker and Ruben Somsen at the 2024 Bitcoin Amsterdam conference, and OKX is the main funder of the program. The name 2140 comes from the fact that Bitcoin is expected to be fully mined in 2140, and the purpose of the organization is also to promote the development of related protocols so that Bitcoin can cope with a situation without block rewards before the arrival of 2140.
2140 is currently the only organization of its kind registered in Europe. It recruits full-time developers at its Amsterdam headquarters and also provides one-year funding for newcomers.
In addition to the above organizations, according to BitMEX research, in the nearly 17 years since the birth of Bitcoin, institutions that have funded the development of Bitcoin and the Lightning Network include Bitmain, Bitfinex, etc., and exchanges including Coinbase, Kraken, and Gemini have also provided more or less grants, but most of them have not been sustainable.
These funders have various funding methods. Some publicly accept donations and then provide them to developers; some use the company's profits to directly support them; some organizations directly hire developers as full-time employees and provide job security; others only provide grants, as shown in the image at the beginning of this paragraph.
After the interview, the authors of the report discovered that as a group of developers, many people inevitably need to support their families, pay their mortgages, and optimize their resumes, so they are more willing to choose the employment model. Some developers describe the grant model as “you have to reapply for a job every two years.” The author said that although the funding provided by the grant model has increased significantly in recent years, in reality, there is still a need for more ways to provide funding in the form of employment to retain talents. At the same time, the author said that the current funding structure still needs to find a balance between non-profit institutions and companies to prevent the risk caused by the departure of unpaid donors and the sluggish market environment.
In between the lines, we can feel that there is a delicate balance between the current developer ecosystem and the organization that initiated the funding. Developers are not all people who “love to generate electricity” with Bitcoin, and the imbalance between employment and simple funding makes developers actually feel insecure. We can see more evidence in the subsequent introduction.
Regarding the amount, the author stated that some figures are estimates based on public information and are not entirely accurate. According to the report, the total expenses of organizations that publicly accept donations (61.5%) are almost double that of companies (38.5%), and funding (60.8%) exceeds wages (39.2%). The difference is mainly due to the fact that the total amount of funding from donor organizations (70%) is much higher than that of corporate entities (30%), while total wage expenses are similar.
The mismatch between donors' support and the resources of some purposeful developers, and the lack of support from for-profit companies is an important issue revealed in the report. The exodus of the Ethereum talent next door is worth Bitcoin's alarm; we still need more companies to take responsibility for maintaining the anchor of cryptocurrency value. The author believes that high-profit companies in the industry, such as stablecoin issuers and exchanges, should be required to provide long-term, employment-type support to Bitcoin developers and cannot “just take advantage of the benefits and not work.”
Where are all the funding organizations?
Of the 13 organizations, 7 are located in North America, and 6 of them have their statutory headquarters in the US. Although registered in Canada, Blockstream also has an operating center in the US. Arguably, the US covers more than half of the funding organizations, and is also the “oldest 7.”
Outside of North America, with the exception of 2140, which is based in Amsterdam, the Netherlands, other organizations are registered in tax depressions. The reason the author listed the distribution of registration sites is that differences in regulatory attitudes may affect the diversity of organizations, and are particularly concerned about the US crackdown on the cryptocurrency industry. However, with Trump's election as the new US president, the problem was solved, but the author's concern that funding the development of privacy technology would pose legal risks to donors and developers is indeed an issue worth considering.
As for the scope of funding from these organizations, it has been more or less covered in previous presentations. Funding for Brink, OpenSats, Maelstrom, Spiral, and OKX is not tied to a specific region. Blockstream, MIT DCI, and Chaincode mainly target the US and are mainly employment-oriented, while others mainly target Europe, Africa, and Latin America, and mostly use funding models.
Where are the developers?
The report shows that out of 41 active core developers who have submitted at least 5 submissions to be merged into Bitcoin Core as of 2024, 33 have publicly disclosed their locations.
The statistical picture shows that there are 26 developers in the US and Europe alone, and 3 in Latin America, which are located in Argentina, Brazil, and El Salvador, respectively. The remaining four are in Africa, Asia (India), Australia, and Canada.
Developers in different regions also have significant differences in code contributions. Of the 41 active core developers in the year ending October 2024, the top 15 developers accounted for 71% of all contributions, the top 5 developers accounted for 41%, and the most active developer alone contributed 11%. Although the US has the most core developers, it ranks second in terms of submission numbers (25%), not only behind Europe (56%), but even the UK alone accounts for 30% of submissions. Furthermore, the contribution of a single person from Sweden is half of the total amount of all developers in the US.
Regarding the distribution of funding organizations and developers, the report author and Aaron Zhang both raised the question that Asia, which has 78% of the global population, does not have a core developer other than India. In response to this situation, the report's author used the obscure expression “huge potential for growth,” while Aaron Zhang admits that Asian developers' contribution to Bitcoin Core is almost zero, “meaning a system that serves global users, and its core development circle is almost isolated from Asia.”
The author believes that this is largely due to cultural differences. Open source culture, which originated in Europe and America, is not well accepted in Asia, and the Asian region doesn't seem to have a strong “sense of freedom.” Although Asia is not inferior to Europe and America in terms of talent strength and density, it is difficult to organize effectively spontaneously in such a decentralized community due to cultural incompatibility. However, I also believe that once such an organization can develop, Asia will also have a say in Bitcoin's development path in the future.
Mysterious “maintainers”
The report revealed to us that there were only 13 Bitcoin Core maintainers in 10 years, that is, people with permission to merge the code into Bitcoin Core.
Currently, there are 5 maintainers. At the time of writing the report, all three belong to Brink, and the other 2 are each from Chaincode and Blockstream. And now, two years later, Ava Chow has moved from Blockstream to despite no changes in personnelLocalhost, Gloria Zhao has moved from Brink to Chaincode.
Russ Yanofsky, funded by Chaincode, is currently one of the most active and respected long-term contributors, known for his extreme rigor, focus on code quality, and long-term maintainability. Russ Yanofsky's most famous contribution is AssumeUTXO, which allows nodes to “assume” that the officially provided historical UTXO set is correct when synchronizing, only verifying the most recent blocks, thereby greatly shortening the initial sync time for new nodes (from a few days to a few hours).
However, it was James O'Beirne who came up with the idea, but Russ Yanofsky spent nearly 5 years refining it and eventually merging it in Bitcoin Core 27.0. Currently, Russ Yanofsky is leading the transformation of Bitcoin Core from a single-process to an enable-multi-process architecture (enable-multi-process), greatly improving future security and scalability. This is an extremely complex and highly controversial reconstruction project that has been in progress for several years.
Ava Chow, who switched from Blockstream to Localhost, is a transgender female developer focused on the utility and security of the Bitcoin ecosystem, known for her contributions in wallet functionality and hardware integration. Ava Chow is the main developer of the Hardware Wallet Interface (HWI) open source library, which supports the integration of hardware wallets such as Ledger and Trezor with Bitcoin Core.
In 2024, amid controversy, Ava shut down Luke Dashjr's PR aimed at limiting Ordinals, citing “no consensus and making noise.” If you make money on ORDI, then you probably need to thank this person.
As the only one of the 5 maintainers and the first biological woman in Bitcoin history, Gloria Zhao focuses on research in the fields of memory pools (mempools), transaction relays (transaction relays), and consensus policy (consensus policy), and is regarded as a leading figure among the younger generation (about 26 years old) in the Bitcoin developer community.
Gloria Zhao led the “Cluster Mempool” project (PR #30611, etc.), introduced the concept of transaction clusters (clusters), rewrote the memory pool logic, and improved the efficiency and fairness of RBF (Replace-By-Fee) and package relays. This feature has been partially activated in Bitcoin Core v28.0, greatly improving the network's resistance to pinning attacks.
Hennadii Stepanov is a Ukrainian developer who worked in college before becoming a full-time Bitcoin developer and quit “all in Bitcoin” after receiving funding from CardCoins and Payvant in 2020. Hennadii Stepanov's area of focus is GUI (graphical user interface), responsible for the Bitcoin Core GUI sub-library, fixing multiple GUI crashes and cross-platform compatibility issues.
According to the data I inquired, this old man seems to be very concerned about the “user experience,” and is also one of the important drivers for Bitcoin to become popular. Its technical philosophy always starts from an “end user” perspective, and even simulates niche scenarios using old notebooks in tests.
Michael Ford, the last and currently the longest serving maintainer (over 6 years), began contributing code to Bitcoin in 2012 and was nominated as a maintainer at the CoreDev conference in 2019. Unlike the previous four, Michael Ford focused on “how to make Bitcoin development” easier, driving Bitcoin's transformation from an intensive dependency to a modern, modular open source project.
Michael Ford led the migration from old Autotools to modern CMake, improving cross-platform build efficiency (Windows, macOS, Linux), and reducing the number of dependency packages by 44%. Additionally, he promoted the migration of security checks from old tools to LIEF (Library to Instrument Executable Formats) to prevent supply chain attacks. Arguably, Michael Ford is a “developer at the service of Bitcoin developers.”
The “Dorsey Problem” in the funding system
According to the report, there are two hidden dangers in the current funding system, one of which is the “Dorsey Problem.”
Although the current funding organizations don't seem to be less decentralized, there are actually 5 organizations that are more or less funded by Jack Dorsey.
90.5% of OpenSATs' donations came from Jack;
14.2% of Brink's donations came from Jack;
Btrust is funded entirely by Jack and Jay-Z;
Jack also made a donation to MIT DCI's Bitcoin Program. The exact amount was not disclosed, but it is estimated that the share is relatively small;
Spiral is also a project under Block, created and CEO by Jack Ren.
In the interview, the author learned that Jack Dorsey hardly interferes with the trend of donation funds, and even some of them are not particularly direct decisions, yet this dependence on the “big brother on the list” still has hidden concerns. The author expressed the same opinion as the author, that more “Jack level” donors, especially private companies that profit from Bitcoin, should take more responsibility in this regard. Thankfully, none of the newly formed organizations are related to Jack, and so are the two new organizations the report's authors are aware of that will be formed.
The second hidden danger is the sustainability of donated funds. Although most interviewees believe that there is currently plenty of funding available, it is questionable whether this level of funding can actually be maintained. In the 2022 bear market, the $8 million donation pledge MIT DCI received in 2021 shrunk drastically, and donations to Brink fell 58% in the same year. Based on the assumption of the cyclical nature of the cryptocurrency market, many organizations will also choose to carefully invest during non-bear markets to prevent capital exhaustion during bear markets.
Based on the current characteristics of Web3 industry products and companies that still prefer transactions, most companies' revenue will fluctuate along with the price fluctuation cycle of risky assets for quite some time to come. A solution to this problem may require a third mention of making companies with cross-cycle profitability (such as exchanges) responsible for maintaining a certain level of donated funds.
Asia needs to cheer up
The report concludes by summarizing several major problems in the Bitcoin developer ecosystem: low number of active developers, low funding amounts, concentration of jurisdictions where funding organizations are located, gaps in the Asian region, high concentration of maintainers (three maintainers belong to the same company in 2024, but this problem has improved), scarce employment opportunities (most funding is still in the form of grants), concentrated funding sources, and poor sustainability.
As for the gap in Bitcoin developers in the Chinese region of Web3, the author analyzed the reasons in the article. In fact, there are countless excellent developers in China, but they can't just shout slogans; instead, individuals or organizations need to step up and take over this task to truly solve this problem.
Perhaps many people are worried about regulatory issues. In particular, the recent publication of many documents to strengthen supervision has made people even more anxious. However, what I want to say is that in the current complex international competition, especially in the context of major power games, strengthening the regulation of cryptocurrencies has essentially initiated a classic “anti-fool mechanism” to prevent a large number of fraud cases and outflows of funds during a period when the economy is no longer growing rapidly, but this does not affect civil society organizations in the industry to gain our voice on Bitcoin.
Looking at the report from beginning to end, it is thankful that a large number of talented technicians have been investing in the improvement and maintenance of Bitcoin over the past ten years, and there are also bosses who have continued to use rocket planes to support these developers. This apparently insufficient support has made Bitcoin representative of new assets in less than 20 years, which can be called a kind of “miracle.”
What is worrisome is exactly “this is a miracle.”
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