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EVM Dominates Multichain Development with 9 out of 10 Developers. 🎰💻🏆
In a recent revelation by Electric Capital, the crypto development landscape for Q4 2023 takes center stage. A noteworthy trend emerges, highlighting the dominance of Ethereum Virtual Machine-based (EVM) blockchains in the developer community.
🔹EVM Compatibility Dominance:
The report unveils that almost 90% of multichain developers are directing their efforts towards at least one EVM-compatible chain. Notable players include Starket, Polygon (MATIC), Optimism (OP), and Arbitrum (ARB).
🔹Cross-Pollination Among EVM Chains:
Ethereum's influence extends as BNB Chain (BNB) and Polygon attract the majority of "cross-pollination" from Ethereum's multichain developers. Surprisingly, 37% choose BNB, while 35% opt for Polygon.
🔹Developer Growth Trends:
Despite an overall 24% decrease in total monthly active developers in the crypto space, experienced developers, boasting over a year in crypto, witnessed a growth of 16% in 2023. Ethereum leads in attracting newcomers, welcoming over 16,700 new developers, nearly three times that of Polygon.
🔹Bitcoin's Development Landscape:
Bitcoin experiences a 19% YoY decline in development activity, with just over 1,000 monthly active developers. However, Layer-2 networks and scaling solutions on Bitcoin capture more than 40% of all open-source Bitcoin developers.
🔹Multichain Development Surge:
Multichain development activity has skyrocketed by 1,000% since 2015. As of December 2023, 30% of all monthly active developers are involved with at least two blockchains, reflecting a 125% increase since 2018.
The crypto development realm unmistakably favors EVM-compatible chains, underlining Ethereum's enduring influence. Despite challenges in specific ecosystems, the overarching trend signals growth, adaptability, and a heightened skill diversification among developers. The rise of multichain development paints a vibrant picture of the ever-evolving crypto landscape.
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