According to the latest reports, Ethereum remains the most sought-after platform for cryptocurrency and smart contract developers, despite an overall decrease in the number of developers in the cryptocurrency ecosystem in 2023.
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Ethereum and the increasing number of developers
According to a recently published report by Electric Capital’s Developer Report, there was a 24% decrease in the number of active developers working on cryptocurrency projects in 2023, resulting in a decrease from 29,611 to 22,411 developers. The recorded decline is associated with market fluctuations and questions regarding the sustainability of the workforce in the cryptocurrency industry.
Nevertheless, Ethereum has maintained its position as the leading platform for new developers, attracting 17,146 new developers in 2023. This number is nearly three times higher than its closest competitor, the Polygon blockchain. As a result, the second-largest cryptocurrency has become the entry point for 22% of all new developers entering the cryptocurrency space.
The report also revealed that 35% of all developers work on more than one blockchain, indicating a trend towards a more interconnected and versatile development environment. Developers working on Ethereum Virtual Machine (EVM) compatible blockchains, such as BNB Chain and Polygon, have shown significant cross-collaboration with the Ethereum Foundation.
Overall, developers working on Ethereum and Bitcoin make up a quarter of all blockchain developers. Specifically, Bitcoin had a total of 7,864 monthly active developers as of December 2023. However, this number represents a 25% decrease compared to the previous year, when over 10,400 developers were working on the world’s largest cryptocurrency.
The report also highlights the growing expansion of developers beyond North America, especially in regions such as Latin America and West Africa.
