Electric Capital: India attracts 42% of new crypto developers in 2024
According to Electric Capital's latest report, Asian countries accounted for 32% of global cryptocurrency developer activity in 2024, a significant rise from 12% a decade ago. Over the same period, North America's share decreased from 43% to 24%.
The report analyzed over 900 million code commits across 1.7 million repositories, highlighting major shifts in cryptocurrency and blockchain development.
Key findings
Since Ethereum's launch in 2015, the number of cryptocurrency developers has grown by 39% annually. In 2024 alone, 39,148 new developers joined the industry.
70% of code commits were made by developers with over two years of experience in the industry. About one-third work across multiple blockchain ecosystems, compared to less than 10% in 2015.
Ethereum remains the leading ecosystem for developer activity worldwide.
Bitcoin development primarily focuses on scaling solutions, with 42% of its developers working in this area.
Solana is the top ecosystem for new developers, with an 83% year-over-year growth in 2024.
Base accounts for 42% of the new code written within the Ethereum ecosystem.
A more global and cross-chain developer landscape
Over the last decade, the U.S. has retained the largest share of developers at 19%, though this figure has fallen from 38% in 2015. During the same period, India increased its global share to nearly 12% and attracted 42% of the new cryptocurrency developers in 2024.
AI Agent now transfers cryptocurrency to users without requiring a wallet address.The first to experience the benefits of this new technology, developed by Azuki, was singer and actress Taylor Swift.
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