The cryptocurrency industry continues to evolve rapidly, driven by changes in developer activity and the emergence of new blockchain ecosystems. A recent annual developer report from Electric Capital sheds light on the global outlook for crypto developers, revealing important trends that indicate a bright future for the industry.
The report highlights the growing presence of senior developers with more than two years of experience, who now account for 70% of code contributions on major blockchain platforms. This suggests a maturing industry where expertise plays a crucial role in driving innovation. Alongside these experienced professionals, a wave of new talent is emerging, driving collaboration and global participation. In 2024 alone, 39,148 new developers ventured into the cryptocurrency sector, reflecting its growing appeal.
Solana takes the lead among new developers
One of the report’s most notable findings is the changing preferences of new developers. For the first time since 2016, Ethereum lost its position as the top choice for newcomers, with Solana becoming the most attractive protocol. According to the report, 7,625 new developers chose Solana as their preferred blockchain ecosystem in 2024, surpassing Ethereum, which attracted 6,456 new developers.
Despite this change, Ethereum maintains its position as a leading ecosystem for decentralized application development, ranking first in developer share across all continents. Solana is the second largest blockchain ecosystem in the world, with its developer base experiencing an impressive 83% year-over-year growth.
Emerging blockchains claim regional strength
The report also highlighted the diversity of blockchain ecosystems in different regions. Ethereum and Solana dominate as the two main ecosystems in the world, but other blockchains are establishing a strong foothold in specific areas.
Polygon is ranked among the three largest and fastest growing ecosystems in Asia and South America, after Ethereum and Solana. In Europe, Polkadot ranks third, while Base, an Ethereum Layer-2 scaling solution, ranks third in North America. Meanwhile, Internet Computer has become the third largest blockchain ecosystem in Africa.
These emerging blockchains are not only creating niches but also attracting significant developer interest. Each of these protocols has attracted more than 1,000 new developers in 2024, highlighting their growing importance in the crypto landscape.
1/ As one of the largest and fastest growing crypto ecosystems in Asia and South America, more and more developers continue to rely on Polygon, year after year.
Check @ElectricCapitalAnnual Developer Report to see how Polygon is leading the charge in EVM innovation 🧵
— Polygon (※,※) (@0xPolygon) December 19, 2024
Diversification of Blockchain applications
The rise of these alternative blockchains highlights a broader maturation within the cryptocurrency sector. Although Ethereum remains the go-to chain for building complex decentralized applications and smart contracts, its limitations, such as high costs and scalability challenges, have paved the way for new protocols offering faster and more efficient solutions. affordable.
The development of the Web3 landscape has further fueled this diversification, as demand for decentralized applications continues to grow. Emerging blockchains address specific needs, driving the adoption of specialized applications and technological innovations.
A collaborative and expanding ecosystem
The report’s findings suggest that the crypto industry is moving toward a more collaborative and decentralized future. The growing participation of seasoned and new developers in various blockchain ecosystems signals a healthy and vibrant environment. This trend reflects the industry’s commitment to overcoming existing challenges and creating blockchain solutions suitable for various use cases.
As the cryptocurrency landscape continues to evolve, collaboration between experienced professionals and new talent promises to propel blockchain innovation, ensuring its relevance and adaptability in an ever-changing technological world.
