The latest developer report from Electric Capital for Q4 2023 has brought to light Ethereum's unwavering dominance in the cryptocurrency development landscape. According to this comprehensive analysis, Ethereum Virtual Machine-based (EVM) blockchain networks have become the preferred choice for the vast majority of builders, with a staggering 87% of all active multichain developers working on at least one EVM-compatible chain.
This significant developer engagement reflects Ethereum's robust ecosystem, which continues to attract and retain talent. The report notes that prominent networks such as Starknet, Polygon, Optimism, and Arbitrum are witnessing considerable crossover of developers, underlining the interoperability and flexibility offered by EVM-compatible chains.
In a detailed examination of developer trends, the report reveals a nuanced narrative. Despite a 24% decrease in the total number of monthly active developers across the crypto ecosystem, from 29,611 to 22,411 in the final quarter of 2023, the number of experienced developers – those with over a year in crypto – has impressively grown by 16% throughout the year. Maria Shen, a general partner at Electric Capital, highlights this as indicative of a resilient core within the crypto developer community, persevering through market fluctuations.
Ethereum, in particular, has been a magnet for new talent. The platform saw over 16,700 new developers in 2023, significantly outpacing competitors like Polygon and Solana. This influx, despite a protracted bear market, underscores the underlying strength and appeal of the Ethereum ecosystem.
In contrast, Bitcoin has experienced a 19% decline in development activity, though layer-2 networks and scaling solutions have seen a significant uptick in developer interest, representing over 40% of all open-source Bitcoin developers.
The report also sheds light on the growing trend of multichain development, with a 1,000% increase since 2015. As of December 2023, 30% of all monthly active developers are engaged in building on at least two blockchains, a figure that has grown by about 125% since 2018.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
