The 6th Annual Developer Report from Electric Capital has unveiled insights and trends of the global crypto ecosystem. With a detailed analysis of 902 million code commits across 1.7 million repositories, the report found Asia to be the leading hub for crypto developers, with India’s share being the highest.
We are delighted to release the 6th annual @ElectricCapital Developer Report!
We analyzed a record 902M code commits across 1.7M repos thanks to the 829 people who contributed to making this report since inception.
How did 2024 in crypto look in data?
Long thread below 👇🏽 pic.twitter.com/vHzjWnThct
— maria 🐸 (@MariaShen) December 12, 2024
Major Takeaways from the 2024 Report
- Crypto Development activity indicates a truly global adoption of blockchain technology with Asia emerging as the top continent for crypto developers, claiming one-third of the global developer share. Europe follows as second, while North America has slipped to third.
- As per the report, since the launch of Ethereum in 2015, active crypto developers have grown at an annualized rate of 39%. Monthly active developers increased from 1,000 in 2015 to 23,613 in 2024. However, 2024 saw a slight decline of 7% in overall monthly active developers compared to 2023. Yet, developers with over two years of experience grew by 27%, contributing 70% of all code commits.
- India stands out as the top second country for crypto developer share, climbing from 10th spot in 2015. The nation onboarded 17% of all new developers in 2024, the highest globally.
- Solana became the top ecosystem for new developers in July 2024 and maintained its position throughout the year.
Asia Leading Developer Activity
In 2015, 82% of developers were based in the US and Europe. Today, Asia leads with one-third of all developers, followed by Europe and North America.
Country Rankings: The US remains top country for developer share, but its dominance is declining. India, now at second spot, embodies Asia’s rapid progress. Other contributors in the list include China, which ranks among the top five countries globally.
When it comes to leading ecosystems in Asia, Ethereum remains the dominant ecosystem across all continents. However, Solana ranks as the top ecosystem in India and holds the second position in other key regions. Polygon ranks as the third ecosystem in Asia, driving innovations in decentralized applications. Developers with over two years in crypto are driving innovation, with Asia’s contributions growing steadily. Multi-chain development is on the rise, with 34% of developers now working across multiple ecosystems.
NFTs, DeFi, and Stablecoins: Asia Shines at the Forefront
NFT activity has reached an all-time high, with minting and trading surging globally and Solana captured 64% of mint transactions, with Base and Zora dominating new deployments.
DeFi ecosystems saw substantial growth, with 3,532 monthly active developers working in this sector. Asia’s significant contributions include:
- DEX Activity: Solana led in low-fee decentralized exchange (DEX) transactions, processing 81% of global DEX trades and 646 million transactions in a single month.
- Global Impact: Ethereum and Solana exhibit the most geographically distributed usage, highlighting Asia’s influence on DeFi adoption.
Stablecoin usage is at an all-time high, with $196 billion in circulation and $81 billion transacted daily. Stablecoin transactions peak during Asian working hours, reflecting the region’s integration of blockchain into financial systems. 59% of stablecoins are issued on Ethereum.
As per the report, over 2,000 monthly active developers now work on ZK ecosystems, with activity peaking during Eastern Hemisphere hours. Contract deployments using ZK technologies grew from 40 in 2020 to 639 in 2024.
Developer activity on Ethereum’s L2s has surged, with more than half of Ethereum developers now working on these solutions. ETH L2s, including Base, Arbitrum, and Starknet, collectively support 3,592 monthly active developers, a 67% annualized growth since 2021.
Solana onboarded the most new developers in 2024, overtaking Ethereum as the top ecosystem for fresh talent. Solana processed $574 billion in DEX volume in 2024, more than doubling its transaction count. Its focus on low-fee transactions and small transfers has attracted millions of users across Asia.
Bitcoin development remains stable, with 1,200 monthly active developers in 2024. Established developers (working for 2+ years) hit a record high, driving advancements in scaling solutions. Notably, 42% of Bitcoin developers are focused on scaling innovations like Lightning Network.
Also Read: Will Solana Price Rebound Amid Record Developer Adoption in 2024?