Asia's share of global crypto development activity surged to 32% in 2024.
Solana attracted the most new developers by mid-2024, surpassing Ethereum.
India has become a leader in new crypto developer recruitment since 2023.
As highlighted in Electric Capital's latest report, crypto development in Asia has seen a substantial rise, accounting for 32% of global developer activity in 2024.
This marks a dramatic shift from Asia's 12% share in 2015, while North America's contribution has fallen sharply from 43% to 24% over the same period.
Based on over 900 million code commits across the crypto sector, the report reveals a significant realignment in where crypto innovation is taking place.
India has emerged as a major player in this transformation, holding 11.7% of the global developer share, trailing only the United States. The country has consistently led new developer recruitment, outpacing other regions since 2023.
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This influx of talent signals a shift in the global balance of crypto development, with emerging markets now driving much of the industry's growth. Notably, Asia contributed 41% of the new developers in 2024, showing strong technical capabilities in regions that had yet to be represented in the past.
While Ethereum remains the dominant platform for developers worldwide, Solana has gained traction among newcomers. By mid-2024, Solana became the most preferred platform for fresh developers, particularly in markets like the United States, China, and the United Kingdom.
This surge in developer interest aligns with a broader trend where newer blockchain ecosystems, such as Solana, Aptos, and Polygon, attract more developers than established platforms like Bitcoin and Ethereum.
The report also notes a slight decline in overall developer activity in 2024, with the industry losing more developers than it gained. However, the number of experienced developers with more than two years in the field has increased by 27%, now accounting for over 70% of the code commits.
Electric Capital’s study provides a comprehensive view of the evolving global developer landscape. Emerging markets are now playing a more significant role in shaping the future of crypto.
