I saw this graph floating around X yesterday. The narrative was that developers are disillusioned and abandoning crypto. This seems false to me. Developer activity seems to map to asset prices, meaning tourists come in when it seems like there is easy money to be made and leave when it appears there are greener pastures in other places (ex. AI). Most of the crypto developers I've met over the last 7 years are still around and a lot of them are now working with extreme leverage with a combination of historic knowlege and AI tools, less developers does not = less productivity in this case. It might mean more focused work and higher output.