As the cryptocurrency industry continues to evolve, spurred by geographical shifts in developer activity and the inception of new blockchain ecosystems, the landscape of crypto development is undergoing significant changes. These insights stem from an annual developer report recently released by Electric Capital, which provides an in-depth look at the attitudes and behaviors of cryptocurrency developers worldwide.
The report reveals a marked increase in seasoned developers, those with more than two years of experience in the field, who now account for a staggering 70% of code contributions across the leading blockchain platforms. This surge in the presence of experienced developers, however, does not diminish the role of newcomers to the industry. These emerging talents are actively engaging with established developers, underscoring a future for the crypto industry that is increasingly collaborative and global in scope. According to the report, a remarkable 39,148 new developers entered the crypto sphere in 2024.
Among the key findings of the report is the emergence of SOL as the preferred protocol among new developers, outstripping ETH for the first time. This marks a historic shift, as 2024 is the first year since 2016 that a protocol other than ETH has been the most favored among developers. The report reveals that 7,625 new developers opted for the Solana blockchain ecosystem, compared to 6,456 for Ethereum.
Despite this shift, Ethereum retains its position as the leading ecosystem for decentralized application development. The data ranks Ethereum as the top ecosystem by developer share across every continent, with Solana taking the second spot, having witnessed an 83% year-over-year growth in developer count.
The report also highlights the rise of several blockchains occupying the third position in various regions. Polygon, for instance, is the third-largest and fastest-growing crypto ecosystem in Asia and South America, behind Ethereum and Solana. Similarly, Polkadot Network is the third largest in Europe, with Base, an Ethereum layer-2 scaling solution, taking the third spot in North America. In Africa, the third-largest blockchain is Internet Computer, again trailing Ethereum and Solana.
While Ethereum and Solana remain dominant, other emerging protocols, including Polygon, Polkadot, Base, Internet Computer, and others, are carving out their own niches. Each of these protocols has drawn more than 1,000 new developers this year, signaling an expanding variety within the blockchain landscape. This trend points to a broader maturation of the cryptocurrency world, where technological innovations and specialized applications are driving adoption across a range of blockchains.
With the expansion of the Web3 landscape, a multitude of blockchain applications are continually emerging to meet the growing demand for decentralized applications among Web3 users. Ethereum, as the original application chain, enables developers to create complex smart contracts and decentralized applications with a wide range of functionalities. However, due to certain limitations, other blockchains have emerged to offer faster, cheaper transactions, and greater scalability for developers. This continual evolution and diversification of the industry are set to shape the future of the crypto landscape.
