Electric Capital’s 2024 Developer Report Highlights ICP’s Growth

Electric Capital’s 2024 Developer Report has brought encouraging news for the Internet Computer Protocol (ICP) ecosystem. Developer growth in this blockchain surged by 75% last year, placing ICP among the top performers. It now ranks as the third largest ecosystem for attracting new developers, underscoring its expanding influence.

With 2,155 new developers joining the ICP ecosystem in 2024, the project’s ambition to become a “world computer” is gaining momentum. In terms of full-time developer growth, a critical metric for long-term project success, ICP secured the second-highest spot across all chains. The blockchain’s reach also extends to Africa, where it has become the third-largest ecosystem, reflecting its broad global appeal.

Electric Capital’s meticulous analysis of the Web3 developer ecosystem involved reviewing an impressive 902 million code commits across 1.7 million repositories. This monumental undertaking highlights how developers are the backbone of the blockchain industry. They build applications that deliver tangible value to users, attract customers, and create a positive feedback loop of growth and innovation.

The report’s findings also reflect on the global distribution of developer activity. Asia has taken the lead as the top continent by developer share, surpassing North America, which has dropped to third place. India’s onboarding of the most new crypto developers in 2024 demonstrates its growing significance in the Web3 landscape. Meanwhile, stablecoin and NFT activity underline the 24/7, globally distributed nature of the crypto industry, with different regions embracing unique use cases.

Solana emerged as the number one ecosystem for new developers last year, experiencing an 83% year-over-year growth. Ethereum, however, continues to dominate in total developer activity across all continents, with Bitcoin maintaining steady numbers thanks to its scaling solutions. The diversification across chains is another key trend, with one in three developers now contributing to multiple ecosystems, a sharp increase from less than 10% in 2015.

As use cases evolve, Solana and Base are leading in low-fee applications for NFTs, while Solana also dominates decentralised exchange (DEX) transactions. Ethereum’s innovation in tokenised assets and Layer-2 solutions is adding significant value, with full-time developers focusing on EigenLayer and the emerging re-staking sector.

The report also sheds light on stablecoin usage, which has reached all-time highs with a $196 billion circulating supply and $81 billion in daily transaction volume. These assets have cemented their role in global commerce and remittances, offering diverse transaction sizes across chains.

Electric Capital’s research was a community effort, with over 500 contributors helping map crypto repositories since 2019. This collaborative approach ensures the report captures the dynamic and fast-evolving nature of the blockchain industry.

As Electric Capital points out, the report is not investment advice but rather a snapshot of the ecosystem’s current state. Its findings highlight the immense potential of projects like ICP and the broader Web3 movement, setting the stage for further innovation and adoption in the years ahead.

The insights from this year’s report serve as a reminder of the vibrant and ever-changing landscape of blockchain development, with projects large and small contributing to the future of decentralised technology.

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Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

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