Ethereum Continues to Lead as Top Blockchain Choice for Developers in Africa
In a recent report by Electric Capital, it was revealed that the web3 ecosystem saw a total of 23,613 monthly active developers in 2024. This marks a 39% growth since 2015 when Ethereum launched with just 1,085 developers. While the overall number of contributing developers dropped slightly by 7% on a Year-on-Year basis, the number of established developers (those with 2 or more years of experience) actually increased by 27%.
One interesting trend is that the adoption of developers has become more globally distributed in 2024. Asia emerged as the continent with the highest developer share, with North America dropping to the third position. The U.S still leads as the country with the most developers at 19% but has seen a decline from 38% in 2015. Meanwhile, India onboarded the most new crypto developers in 2024, with Africa also seeing a 6% increase.
A significant highlight from the report is that 39,148 new developers entered the world of crypto in 2024. Solana attracted the most new developers, marking the first time since 2016 that a chain other than Ethereum was preferred by newcomers. Various projects like Internet Computer, Aptos, Base, Bitcoin, Sui, NEAR, Polkadot, Polygon, and Starknet also saw significant developer interest.
When it comes to different cryptocurrencies, Ethereum remains the primary ecosystem across all continents, with Solana coming in second with an 83% YoY growth in developer count. The report also notes that one in three crypto developers now work on multiple chains, with Ethereum being a popular choice.
In terms of specialties, Base and Solana have emerged as leaders in low-fee NFT use cases. Base dominates NFT minting, accounting for 97% of minting volume, while Solana leads in NFT transactions. In the area of decentralized exchanges, Solana stands out with 81% of DEX transactions and the highest number of unique trading wallets.
The report also highlights the rise of Liquid Restaking Tokens (LRTs) on Ethereum’s mainnet, bringing over $30 billion in Total Value Locked (TVL). Stablecoin usage has also reached unprecedented levels, with a circulating supply of $196 billion and daily transaction volumes of $81 billion.
Overall, the report sheds light on the evolving landscape of developers in the crypto space, showcasing the growth, trends, and diversity in the industry. For more detailed insights, you can access the full report by clicking here.
