Crypto News- Highlights Ethereum’s: Electric Capital’s recent report unveils Ethereum’s enduring dominance in the realm of cryptocurrency development. Over 70% of novel contract codes find their initial deployment on the Ethereum network, solidifying its position as the preferred blockchain for developers, according to the 2023 Crypto Developer Report.
A notable shift is observed in the geographic dispersion of developers globally. Contrary to the consistent growth in regions like Latin America and Western Africa, the majority of crypto developers now reside outside North America.
Report Highlights Ethereum’s Continued Dominance as the Preferred Blockchain for Developers
The report sheds light on the expanding community of multi-chain developers in 2023, surging from 3% in 2015 to an impressive 34%. Ethereum remains the epicenter for smart contract code launches, with 71% of contracts making their debut on this blockchain.
Cross-pollination is evident between Ethereum and Ethereum Virtual Machine (EVM) blockchains, such as BNB Chain, Polygon, Avalanche, and various layer 2 networks, all adopting Ethereum’s smart contract logic. Electric Capital notes a significant sharing of multi-chain deployers among BNB Chain, Polygon, and Ethereum, with at least 30% commonality.
Significant Dual Engagement: 40% of Developers Active in Both Ethereum and Bitcoin Spaces Throughout 2023
Surprisingly, 40% of developers engaged with both Ethereum and Bitcoin in 2023. Bitcoin, with 7,864 monthly active developers as of December 2023, experienced a 25% decline from the previous year. Part-time developers and those involved in multi-chains contributed to this decrease, while Bitcoin layer 2 networks and scaling solutions attracted 40% of developers.
Despite Bitcoin’s transaction volume surge in 2023, only 3% of developers worked directly on the project. Over 9,300 monthly active developers were dedicated to the top 200 crypto ecosystems by market capitalization in December 2023, marking a 31% reduction from 2022 records.
Crypto Developer Landscape Unveiled: Ethereum Dominance, Multi-Chain Surge, and Global Shifts
The total number of blockchain developers witnessed a 24% decline in 2023, falling from 29,611 to 22,411. Newcomers with less than a year of experience in the crypto space played a significant role in this downturn, particularly those who entered during the bullish market of 2022.
In contrast, developers with over a year of experience and established veterans, active for more than two years, continue to contribute and grow. The report highlights a 16% growth in developers with more than one year of experience in 2023, while those with over two years of crypto involvement have seen a remarkable 52% growth in the last five years.
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