Developer Report: Crypto Developers Hold Steady in 2024
The State of the Crypto Developer Community
According to a report released by Electric Capital, the ranks of cryptocurrency developers held steady in 2024, with some recent entrants leaving the industry while veterans mostly sticking around.
The total number of developers working in crypto worldwide remained flat, declining a statistically insignificant 7% from the previous year, with 23,613 monthly active developers in November, according to the report.
Solana’s Momentum and Ethereum’s Dominance
The Solana ecosystem, which has been at the forefront of the memecoin craze, was the most popular blockchain among new developers, with an 83% increase in its ecosystem compared to the previous year. In July, this community became the first since 2016 to bring on board more devs than Ethereum, with 7,625 new developers joining the Solana ecosystem in 2024.
The results underscore the challenge Ethereum faces as rival smart contract platform Solana’s low fees and fast transactions attract investment and talent.
Electric Capital’s Insights
Maria Shen, a general partner at Electric Capital, highlighted the growth of the developer community, stating that the share of developers who have worked in crypto for more than two years grew in 2024. Among those who left the industry, the largest group were relative newcomers.
“These are people who effectively joined during the bear market, and haven’t really seen anything since then,” Shen said. “When we look at the sector of established developers, it’s growing and looking very healthy. When we look at full-time developers, this had the least amount of declines, very small, like a 4% decline year over year. So overall, I would say, the population is looking very healthy, but it’s flat, and mainly because of the losses from people who joined less than a year ago and then less than two years ago.”
Global Developer Distribution
The report also showed that crypto is becoming more global, with Asia becoming the continent with the biggest number of blockchain developers, and North America dropping from first place to third. However, the U.S. remains the number one country for developers, with a 19% share.
India, however, brought on board more new crypto developers in 2024 than any other country, with 17% of the new developer share.
“Anecdotally, there’s a lot of education programs and developer education programs, there’s a lot of hackathons in India,” Shen said. “The idea that the U.S. and North America continues its dominance is not only unlikely, but I would say, kind of undesirable. You do want to see more global diversity in crypto, and to be borderless, and I think there’s a lot of great engineering talent outside of the U.S.”
Conclusion
The 2024 developer report by Electric Capital provides valuable insights into the state of the crypto developer community. The report highlights the growth of the Solana ecosystem and the challenge Ethereum faces in maintaining its dominance. Additionally, the report shows that crypto is becoming more global, with Asia and India playing a significant role in the development of the industry. Overall, the report provides a positive outlook for the crypto developer community, with a growing number of developers and a increasing global distribution.
FAQs
Q: What was the total number of developers working in crypto worldwide in 2024?
A: The total number of developers working in crypto worldwide remained flat, declining a statistically insignificant 7% from the previous year, with 23,613 monthly active developers in November.
Q: Which blockchain ecosystem saw the most growth in new developers in 2024?
A: The Solana ecosystem saw the most growth in new developers in 2024, with an 83% increase in its ecosystem compared to the previous year.
Q: What was the share of developers who have worked in crypto for more than two years in 2024?
A: The share of developers who have worked in crypto for more than two years grew in 2024, with a significant increase in the number of established developers.
Q: Which country had the most new crypto developers in 2024?
A: India had the most new crypto developers in 2024, with 17% of the new developer share.
Q: What was the global distribution of crypto developers in 2024?
A: Asia became the continent with the biggest number of blockchain developers, and North America dropped from first place to third. However, the U.S. remains the number one country for developers, with a 19% share.
