Antony Parsons
Electric Capital, a prominent venture firm in the cryptocurrency space, recently published its annual developer report, providing a comprehensive overview of the global crypto development landscape as of November 2024. The report highlights several key trends, including the globalization of crypto, the emergence of new leaders, and the evolving preferences of new developers. Here are the main takeaways:
Globalization of Crypto
The crypto industry has always aimed to be a decentralized, global movement. According to the 2024 Developer Report, this vision is becoming a reality. Developer activity is now more evenly distributed across different regions, with a significant shift in momentum beyond the United States. This globalization is evident in the growing number of developers from various parts of the world contributing to the crypto ecosystem.
Leaders by Share
Asia has emerged as the leading hub for crypto development, with every third developer now based in this region. The role of India, in particular, has grown significantly, contributing to the continent’s dominant position. North America, which previously held the top spot, has dropped to third place, reflecting the shifting dynamics in the global crypto landscape.
Total Number of Active Developers
As of November 2024, the crypto industry boasts 23,613 monthly active developers, representing a small but notable fraction (0.0875) of the global software developer population of 27 million. While the number of developers in crypto has grown over the long term, the report indicates that the growth rate has slowed down. This could be attributed to various factors, including market conditions and the maturation of the industry.
Leading Ecosystems
Ethereum continues to maintain its position as the dominant ecosystem, with the highest total developer activity globally. However, a significant portion of Ethereum’s activity is now focused on second-layer networks, which are designed to enhance scalability and reduce transaction costs. Over 50% of Ethereum’s developer activity is now centered on these second-layer solutions, highlighting the ongoing efforts to improve the network’s performance.
The Choice of Newcomers
One of the most striking findings of the report is the surge in new developers choosing Solana. In 2024, Solana onboarded 7,625 new developers, representing an 83% increase year-over-year. This number surpasses Ethereum, which attracted 6,244 new developers during the same period. Solana’s rapid growth can be attributed to its high transaction speed, low fees, and robust developer tools, making it an attractive choice for new projects and developers.
Diversification Trends
Beyond the leading ecosystems, the report underscores a significant trend of diversification among developers and use cases. In 2024, one in three crypto developers worked across multiple chains, up from less than 10% in 2015. This shift indicates a growing preference for interoperability and cross-chain development, as developers seek to leverage the strengths of different blockchain networks.
Conclusion
The 2024 Developer Report from Electric Capital paints a picture of a dynamic and evolving crypto landscape. While Ethereum remains the dominant force, the rise of Solana and the increasing globalization of development activities highlight the industry’s adaptability and innovation. As the crypto ecosystem continues to grow and mature, these trends are likely to shape the future of blockchain technology and its applications.
