Anticipated Growth in the Developer Community
By the close of 2024, the global developer community is projected to swell to an impressive 28.7 million individuals, as reported by Statista. Interestingly, developers specializing in crypto and blockchain make up a minuscule fraction—less than 0.1%—of this estimate. Despite this, the number of seasoned developers in these emerging technologies is witnessing a remarkable surge.
The Current Landscape of Crypto and Blockchain Development
Recently, Electric Capital unveiled its Developer Report, shedding light on the nascent stage of the crypto and blockchain sectors. According to their analysis, there are 23,613 active developers each month, with 18,511 of them concentrating on individual blockchain platforms.
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Over the past three years, the crypto developer community has expanded by 3%. However, a year-over-year decline of 7% has been observed since 2023, with a significant 23% drop following the onset of the bear market in 2022.
Opportunities for Early Adopters in Crypto and Blockchain
These trends suggest that the crypto and blockchain fields might still be in their infancy, contrary to some enthusiasts’ beliefs. If this assessment is accurate, the current landscape presents a golden opportunity for pioneering developers to innovate and shape the future.
Global Dynamics: United States, India, Ethereum, and Solana Leading the Way
The geographical distribution of blockchain developers highlights that the United States accounts for 18.8% of the total, closely followed by India, which holds 11.7%. The United Kingdom trails at 4.3%, underscoring the dominance of the leading nations in this sector.
In terms of blockchain platforms, Ethereum (ETH) and Solana (SOL) lead in attracting both full-time and total developers. Ethereum boasts 6,244 developers, with 2,181 working full-time, dedicating at least 10 days monthly to coding. Solana follows with 3,201 developers, of whom 582 are full-time contributors.
The Rise of Established Developers
A notable trend in 2024 is the burgeoning growth in what Electric Capital identifies as “established developers.” These are individuals who have been contributing to open-source crypto projects for over two years. By November 2024, the number of these established developers surged to 11,243, reflecting a 27% year-over-year increase and a 65% rise over the past two years. Of these, 668 are affiliated with Ethereum and 141 with Solana, while 1,151 (10%) are engaged with the Ethereum Virtual Machine (EVM) stack, which encompasses various composable blockchains.
Conversely, Solana emerged as the preferred blockchain for new developers in 2024, with 7,625 newcomers exploring its ecosystem.
Exploring Opportunities in Crypto and Blockchain Development
As the industry evolves, the potential for crypto to bridge the gap and reach a wider audience could entice more developers to enter the sector. Despite the relatively small proportion of developers focusing on blockchain projects, the market’s growth potential in the coming years is significant.
Some industry analysts predict that 2025 could herald the onset of a major bull market, touted as “the mother of all bull markets” and potentially “the biggest crypto bull run ever.” Experts like Alex Becker suggest that “utility altcoins” might present the most promising and reliable opportunities in crypto.
Should these forecasts materialize, we could witness a substantial influx of developers keen on building utility projects and seizing this unprecedented opportunity.
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