Developer Report

January - November 2024 I DeveloperReport.com

 2024 DeveloperReport.com 2

Executive summary
Developers are a leading indicator of value creation. Developers build apps that The community contributing to the report has grown 24x since 2019 with 339
deliver value to users. Killer apps attract customers. New customers bring more people contributing in 2024. A total of 829 people have helped since its inception.

developers. Because crypto is significantly open source, we have an unprecedented

ability to measure this developer-value creation flywheel in a rapidly evolving industry.
This year we also include data from StablePulse.org, NFTPulse.org, and
CodeSlaw.app, three of Electric Capital’s public goods.
We analyzed 902 million code commits across 1.7 million repositories to create the 2024
Developer Report.

Crypto developer and user activity is more global and more cross chain than ever.

Developer trends Developers are diversifying across chains and ecosystems

Crypto developers have grown 39% per year since Ethereum’s launch in 2015. 1 in 3 crypto developers work on multiple chains, up from <10% in 2015
39,148 new developers explored crypto in 2024 Ethereum is the #1 ecosystem for total developer activity on every continent
Total developers are marginally down in 2024 with a decline of 7% Bitcoin total developers are consistent with 42% working on scaling solutions
Established Developers (those in crypto for 2+ years) are at all-time highs, growing 
 Solana is the #1 ecosystem for new developers in 2024 and grew 83% YoY
27% YoY and committing 70% of code commits. Base is responsible for 42% of the new code being written in the Ethereum ecosystem.

Adoption is globally distributed Use-cases are growing and diversifying across chains
Asia is the #1 continent by developer share; North America dropped from #1 to #3 Base & Solana lead in low-fee use cases for NFTs: Base owns 97% of NFT minting
The US is the #1 country with 19% developer share but is down from 38% in 2015 volume. Solana owns 64% of NFT mint transactions.
India onboarded the most new crypto developers in 2024 Solana leads in DEX usage: Solana captures 81% of DEX transactions and has the highest
number of unique trading wallets. Base is #2 by unique trading wallets
Crypto activity spans all time zones: Stablecoin transactions are consistently active, LRTs as a new sector added $30B+ in TVL to Ethereum mainnet. EigenLayer invented the
rising 2-3% during Asian, European, and African work hours. NFT trading peaks re-staking sector and grew Full-time developers 130% as AVS developer adoption grows
during American work hours, while minting peaks during Asian work hours, Stablecoins usage is at all-time highs: stablecoins have $196B in circulating supply and
indicating how different parts of the globe gravitate toward different use cases. $81B in daily transaction volume. Transaction sizes are diverse and vary by chain
Bitcoin ETFs rank amongst the most successful ETF launches ever.
 2024 DeveloperReport.com 3

Methodology: We look at the crypto developer community

through code commits
We measure active developers in the open-source crypto ecosystem. We Overall, our methodology undercounts total crypto developers. There are many
fingerprinted 902 million commits across 1.7 million repositories to create the 2024 more crypto developers than our report shows. Teams working on closed-source
Developer Report.
projects are not counted.

We count developers who support multiple chains. Total developers include We also undercount developers in roles such as testing or release engineering if their
Single-chain and Multi-chain developer segments.
efforts do not result in unique code contributions. Despite these caveats, we
consider the analysis in this report directionally for understanding the crypto
We remove activities that would likely overcount developers developer community.

We collapse developer profiles into single canonical entities if they are likely to be Finally, it requires more than developers to build crypto products that reach
the same person mainstream adoption. This is a dramatic undercounting of the total number of people
We identify commits originating from upstream projects, and we remove commits building in crypto.

that are forks. This avoids counting copy pasted code Feedback

We identify and remove “bots” that are committing code. Bots are often We are always looking to improve. Please share feedback with us at
automations and are not malicious, but are not active developers [email protected].

We remove repos that are data lists (e.g. coinlists, tokenlists, asset repos, grant Contribute

repos). While these projects are important to the overall crypto ecosystem, Learn more and contribute at our GitHub: 

activity in these repos may not reflect active developers. github.com/electric-capital/crypto-ecosystems

Thank you to our data providers.

codeslaw
 2024 DeveloperReport.com 4

About Electric Capital

Electric Capital is an engineering-led global venture capital firm investing in early-stage crypto and frontier technology. Founded in
2018, Electric invests in companies and protocols across infrastructure, developer tooling, crypto-enabled fintech, decentralized
finance, marketplaces, applications, and the intersection of crypto and AI. Learn more at ElectricCapital.com
+300 volunteers in the
crypto community who
We share this data publicly in the hopes of helping the crypto community better understand the industry's 
 added to the GitHub
collective progress. We are grateful to the individuals in the community who contribute to our GitHub, the 
 taxonomy that powers this
foundations who help us validate our analysis, and the friends who offer feedback on drafts. report and scrubbed data!

Contributors

Maria Shen Emre Caliskan Aditya Koolwal Curtis Spencer Misha Frolov Emily Myers Yizhao Tan Danielle Harris Avichal Garg Gary Thung Kate Li Ken Deeter
Author Engineer Product Manager Data Designer Contributor Data Engineer Designer Contributor Engineer Data Scientist Data
@mariashen @n4motto @koolwal @jubos @mishafrolov @EmilyMMeyers @yizhaotan_ @looklookstudio @avichal @garythung @kateli_nyc @puntium

Martha Shear Mitchell Hammer Ren Tony Scinocco Swati Mardia Chloe Park Geoff YuHasker Sara Wampler Sid Venkateswaran Mark Xia Lucas Gismondi
Contributor Contributor Engineer Engineer Engineer Contributor Engineer Contributor Research Engineer Engineer

PREVIEW ONLY
@martha_shear @mitchelljhammer @0xren_cf @scinocco_a @swatimardia @chloepark @0x9e0ff @sarawampler @sidmvenkat @sheatgm @lucasg_dev
 2024 DeveloperReport.com 5

Thank you to the 339 people who contributed via GitHub

0xandee
Alim Şahin
Babs
ComfyGummy
dtuzi
GuglielmoXRD
Jaipal Jadeja

0xbe1
Alisina Bahadori
barisCW
CousCous08
dungtrinh97
Guillaume Claret
James Harrison Somto

0xdanjablonski
Allen Saji
battmdpkq
Cristian Fleita
Dusan Morhac
Han
Jason Byteforgia

0xhardman
Alon Herbst
bellgloom
Dan Lynch
EasySwap
haner
Jeason

0xKawaka
Amiya Behera
Benjamin
Daniel Helm
edgar
Hardhat Chad
Jeremy Theintz

[email protected]
Amritanshu05
Benjamin
Daniil Fronts
Elliot Voris
Hawwal Ogungbadero
Jim

0xmove
andrehuynh96
BogdanA
daoauth
Endogen
Henri Berger
jiulong.hjl

A₿del ∞/21M
Andrew Westberg
Bora Atik
Dat_Andre
enekoox
hhe44
Jomari Peterson

AAII
AnhVAR
brady
Data Always
Enrique Herreros
hhuang728
jon reiter

Abner P
anthony-near
Brian Whippo
Dave
Eric Chen
Huynh (James)
José Cerqueira

Adam Wozniak
Antoine Herzog
brimigs
David Leng
erwin solihin
hypn0t1z
Jose Herminio Collas

Adegbite Ademola Kelvin

Anurag
bt
David Leung
Eshan Sharma
I. Christwin
José Pedro Sousa

Adei
Appala Naidu Gadu
BT.Wood(Tang Bo Hao)
davinci
Ezequiel Martin Rodriguez
Idris Olubisi
Joseph Omotade

Aditya Aggarwal
Arihant Bansal
Calcutator
dbl
Fabio Federici
Ilyar
Josh McDougall

agodbug
Arun Jangra
Carlos Fiestas
Deepanshi Sharma
Fenrir Fawks
init1
Joshua W

Ahesui
Ash
Carlos Souza
Deepcryptodive
Fernando Otero
Interchain Adair
Josué Araya Marín

Akira
Ashutosh Tripathi
Catsmile Project
DerLomo
fran6.eth
Ivan Pavičić
Joy Adah

Alan Orwick
Asten
Centure2222
DEV Cardano Stake Pool
Francesco Ceccon
İzzet Emre Demir
juno.monster

Alejandro Lanaspa
Auditoshi
Chia Yong Kang
devELIOper
Francis Ohilebo
j_m_k
Kamil

alex
Avi Atkin
Chien Jui Chen
Devisha Gupta
frankp.eth
Jack
kaouki99

Alex Kan
Avinaash M
christophe
devnet0x
Gabriele Picco
Jack Jun
Karan Agarwal

Alexander
Await-0x
Clément Walter
Dishant-garg
George Zhang
Jack Xu
Karas

Alexander Codes
axz91
Cloakd
Dmitry Mirgaleev
Giuseppe DeLuca
jacksturt
kat0che

AlexIvanHoward
AyoofKaia
cocozstar
Donovan Solms
Grant F.
Jacob Creech
Kenil shah

Ali Afsharzadeh Ayush Tomar CodingCas Drew GRELF jaguard kenny

PREVIEW ONLY
 2024 DeveloperReport.com 6

Thank you to the 339 people who contributed via GitHub

Keshav Thakur
Marshall
Nolan
Punith B M
seuchenhund
Thibaut Sardan
Wil Wade

kevin
Marvin
Noy
qunosteve
Shaun
Thomas
Winston Robson

Kevin Neilson
Matt Ketmo
Oak
Randula
Shooter
Thomas Butler
Wolf

Kieran Simkin
Max Mohammadi
okhai
raschel
Shubh Kesharwani
Thouny
Yad

Kirk Haines
Mayank Mishra
Okoli Evans
Reet Batra
Shubh Sahu
Timan Rebel
Yolosys

KS Lee
Mayank Yadav
Ollie Ottersync
rigel
shubhamspadhi
Timothée Delabrouille
yr12345678

Lakshya Agarwal
merkletrade
Omar U. Espejel
Rise In
Shwetabh Niket
timothyAgevi
Yuri Tkachenko

Larry
mia
Ömer Aşkın
Robi Alfred
Sidharth-Singh10
tkt
yz2552

Leafaar
Michael Kantor
Ömer Talip Akalın
roger_s
solscihub
Tobias Wohland
Zach

lley154
Mike
Oshioke Salaki
Roongroj.P
StarkMint
Toni Tabak
ZackAmes

Lokesh
Mikhail Sementsov
Outputlayer
RumeelHussain
Starknet Dev
tonyprometeo
Zero

LordGhostX
Moritz Fuller
Owen
s-n-park
STdevK
Uttam Singh
zerosnacks

LowSkiII
MSG
Owshen Network
Sachin Jangid
Strong Force
Vansh Kapoor
zhivkoto

lufengbelove
Nabih
panora-exchange
Sai Krishna Varma
Suning Yao
VegeBun
ZxStim

Luis Jiménez
Nate
parketh
Sal Samani
Swyamk
vict0rcarvalh0

M.Emin Taş
Nelis.sol
Patrick Bennett
salonii04
Syn
VietnameseRick

machuwey
NellySayon
Pavla
Sam Tanner
taleweaver
Vijay

Maksim
nemo
PayBox Labs
Sam Wilson
Tamaghna Basu
Vincent Vu

Manish Kumar
Nestor Ltd
Phil Kwok
Sameep Singhania
Tarun Kumar
Viral Sangani

Marcelo G Feitoza
Nicholas Gilbert
Phil Ngo
Samuel Tan
Tarun Sharma
Vishwas Anand Bhushan

Marco Michelino
Nicolas Dulio
Philippe ROSTAN
Sara Jane (SJ)
Tbelleng
Vitor Py

Marek Olszewski
Nikita
pia
Savio
Ted Smith
Vladimir Sinyakov

Mark Glasgow
Nityam Tripathi
prames
Sean Batzel
TedD
Vladyslav Korniienko

Markus
nlyrthiia
PranavReddy0148
Sébastien Rannou
TheGreatAxios
wayfzbee

Maroti Patre nnectar Prathamesh Mutkure Sethu Raman Omanakuttan thertln wbnns

PREVIEW ONLY
 2024 DeveloperReport.com 7

Table of contents 01 Developers 8 - 15

Developer Geography 16 - 35

New Developers 36 - 44

Multi-Chain Developers 45 - 70

02 Ecosystems 71

Ethereum 72 - 87

Bitcoin 88 - 100

Top Ecosystems 101 - 110

03 Use cases 111

Zero Knowledge 112 - 123

NFTs 124 - 140

DeFi 141 - 182

Stablecoins 183 - 197

ETFs 198 - 214

PREVIEW ONLY
 2024 DeveloperReport.com 8

01 I Developers
 2024 DeveloperReport.com 9

23,613 monthly active developers contribute to

open-source crypto Nov 2024

All crypto monthly active developers

35,000
23,613
monthly active
developers

30,000

25,000

20,000
Developers

15,000

10,000

5,000

0
Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 10

Developers grew 39% per year annualized since 2015

Monthly active developers grew from 1,085 devs when Ethereum launched in 2015 to 23,613 devs in 2024

All crypto monthly active developers

Nov 2024
35,000

30,000
23,613
developers

25,000

20,000
Developers

15,000 Jan 2009

1
July 2015

1,085
10,000

5,000
developer

Bitcoin launch
developers

+39%
annualized
Ethereum launch

0
Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 11

Developers fell 7% in the last year, within the range of

typical annual fluctuations
Nov 2023
Nov 2024

All crypto monthly active developers 25,419 23,613

35,000

A 7% change is typical noise and falls

within historical fluctuations of 5 to 10%

30,000 in previous reports.

25,000

20,000
Developers

-7%
15,000 -1,806 devs

10,000

5,000

0
Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 12

Established developers in crypto 2+ years grew 27% in

2024, while developers with shorter tenures fell
Nov 2023 Nov 2024
All crypto monthly active developers by tenure
22,000
Newcomer
20,000 Emerging
Newcomers
Established
18,000 <1 year in crypto
Emerging

16,000 1-2 years in crypto

Established

+27%
14,000 Established

2+ years in crypto
Developers

12,000
11,243 +2,370 devs
10,148
10,000
Newcomers

-12%
8,873 8,968
8,000

6,000 6,398 -1,180 devs

Emerging

-47%
4,000
3,402
2,000
-2,996 devs
0
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 13

Established developers contribute the most code: 70%

of code commits come from Established developers
All crypto commits made by developers of different tenures
100%
Newcomer
90%
Emerging
80% Established

70%

60%
Commits

50%

40%

30%

20%
70%
of code commits

come from

10% Established devs

0%
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 14

Developers remain stable across all types with 10% or less

decline across Full-time, Part-time, & One-time developers
Nov 2023 Nov 2024
All crypto monthly active developers by frequency of activity
18,000
One-time
16,000
Part-time
One-time
Full-time
14,000 Active one day
 13,440 Part-time

-8%
per month
Part-time
12,386
12,000 Active fewer than 

10 days per month -1,054 devs
Developers

10,000 Full-time

Active for 10 or more
 8,034 Full-time

-4%
days per month
8,000
7,673

6,000 -361 devs

3,945 One-time

-10%
4,000
3,554

2,000
-391 devs

0
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 15

How have developer demographics

changed since 2015?

Let’s look at how crypto developers

are distributed around the world

 2024 DeveloperReport.com 16

01 I Developers

Developer geography
Crypto is now global
 2024 DeveloperReport.com 17

Developer Crypto is global. Crypto developers are distributed across

the world.
geography:

Asia is the #1 continent in crypto developer share while

key takeaways North America went from #1 to #3.

Ethereum is the #1 ecosystem on every continent by

developer share. Solana is #2.

US is the #1 country by developer share with 19% of

developers. The US had 38% developer share in 2015, but
lost share consistently every year.

India onboarded the most new crypto developers in 2024.

India has been the biggest country for new crypto developers
since 2023.
 2024 DeveloperReport.com 18

Crypto developers are now distributed across the world

In 2015, 81% of crypto developers were in North America & Europe. In 2024 that number dropped to 55%.

2015 Crypto Developers 2024 Crypto Developers

arrow-up arrow-up
arrow-up
North America Europe Asia North America Europe Asia
43% 37% 12% 24% 31% 32%

arrow-up arrow-up arrow-up

South America Africa Oceania South America Africa Oceania
2% 2% 3% 5% 6% 2%
 2024 DeveloperReport.com 19

Asia, Europe, & North America are the largest crypto hubs

Distribution of monthly active developers by continent

Asia
40% Europe

35% 32% of devs

#1 Asia
North America
Africa
South America

31%
30%
of devs Oceania
#2 Europe
25%
Developers

20% 24% of devs

#3 N. America

15%

10%

5%

2016 2018 2020 2022 2024

 2024 DeveloperReport.com 20

Asia is #1 by developer share: 1 in 3 developers live in Asia

North America fell from the #1 to #3 region for crypto developers since 2015

Distribution of monthly active developers by continent

Asia
40% Europe

35%
43% of devs
2015: #1 N. America
32% of devs
2024: #1 Asia
North America
Africa
South America
30%
Oceania
25%
Developers

20% 24% of devs

2024: #3 N. America

15%

10%
12% of devs
2015: #3 Asia
5%

2016 2018 2020 2022 2024

 2024 DeveloperReport.com 21

What are developers


working on?
Let’s look at what developers worked on in 

different parts of the world
 2024 DeveloperReport.com 22

Top 3 ecosystems by continent

Top ecosystems by the share of overall developers working on each ecosystem in 2024

Top 3 ecosystems by continent

Continent #1 by developer share #2 by developer share #3 by developer share

Asia Ethereum Solana Polygon

Europe Ethereum Solana Polkadot

North America Ethereum Solana Base

Africa Ethereum Solana ICP

South America Ethereum Solana Polygon

Oceania and Antarctica are excluded for insufficient developer sample size.
 2024 DeveloperReport.com 23

Ethereum is the #1 ecosystem on every continent

Top 3 ecosystems adopted by monthly active developers in each continent

35% #1
Ethereum

Solana
#1
30%
#1
Polkadot

ICP
25%

#1 #1 Base

Polygon
Developers

20%

15%

10%

5%

0%

Ethereum Solana Polygon Ethereum Solana Polkadot Ethereum Solana Base Ethereum Solana ICP Ethereum Solana Polygon

Asia Europe North America Africa South America

Oceania and Antarctica are excluded for insufficient developer sample size.
 2024 DeveloperReport.com 24

Solana is the #2 ecosystem on every continent

Top 3 ecosystems adopted by monthly active developers in each continent

35%
Ethereum

Solana

30%

Polkadot

ICP
25%

Base
#2

Polygon
Developers

20% #2

#2
15% #2
#2

10%

5%

0%

Ethereum Solana Polygon Ethereum Solana Polkadot Ethereum Solana Base Ethereum Solana ICP Ethereum Solana Polygon

Asia Europe North America Africa South America

Oceania and Antarctica are excluded for insufficient developer sample size.
 2024 DeveloperReport.com 25

Polygon, Polkadot, Base, and Internet Computer are the #3

most popular ecosystems across different continents

Top 3 ecosystems adopted by monthly active developers in each continent

35%
Ethereum

Solana

30%

Polkadot

ICP
25%

Base

Polygon
Developers

20%

15%

#3
10%
#3
#3
#3
#3

5%

0%

Ethereum Solana Polygon Ethereum Solana Polkadot Ethereum Solana Base Ethereum Solana ICP Ethereum Solana Polygon

Asia Europe North America Africa South America

Oceania and Antarctica are excluded for insufficient developer sample size.
 2024 DeveloperReport.com 26

Let’s take a closer look at

new developers by continent

 2024 DeveloperReport.com 27

The majority of new crypto developers live in Asia

In 2024, 41% of new crypto developers live in Asia

Distribution of new developers by continent

Asia
40%
Europe
35% 41% of new devs
#1 Asia
North America
Africa
30% South America
Oceania
25%
26% of new devs
Developers

#2 Europe
20%

15% 19% of new devs

#3 N. America

10%

5%

Jan 2016
2016 Jan 2018
2018 Jan 2020
2020 Jan 2022
2022 Jan 2024
 2024 DeveloperReport.com 28

Which countries have the most

crypto developers?
 2024 DeveloperReport.com 29

US, India, United Kingdom, China, and Canada are the

top five countries for crypto developers
20%

#3: United Kingdom

4.2%
#5: Canada
3.8%
#1: United States
18.7%
Percent of Developers

#4: China
4.0%
10%

#2: India
11.7%

0
 2024 DeveloperReport.com 30

India is #2 by developer share, climbing up from #10 in 2015

The United States remains #1, but has consistently lost developer share in the same time period

Distribution of monthly active developers by country (top 10 countries for developers)

United States
35% India
United Kingdom
30%
38% of devs
2015: #1 US
China
Canada
25%
19% of devs
2024: #1 US
Germany
France
Developers

20% Brazil
Spain
15%
12% of devs
Japan
1%
2024: #2 India
of devs
2015: #10 India
10%

5%

2016 2018 2020 2022 2024

 2024 DeveloperReport.com 31

Ethereum is #1 ecosystem in the US, UK, China, and Canada

Ethereum is #2 in India by developer share

Top 3 ecosystems adopted by active developers in the top 5 countries

35% Ethereum
#1 Solana
30% #1 Base
Polygon
25% #1 Polkadot
#1
NEAR
Developers

20%

15%

10%

5%

0%
Ethereum Solana Base Solana Ethereum Base Ethereum Solana Polygon Ethereum Solana NEAR Ethereum Solana Polkadot

United States India United Kingdom Canada China

 2024 DeveloperReport.com 32

Solana is the #1 ecosystem in India

Solana is #2 in the US, UK, China, and Canada

Top 3 ecosystems adopted by active developers in the top 5 countries

35% Ethereum
Solana
30% Base
#1
Polygon
25%
Polkadot
NEAR
20%
Developers

15%

10%

5%

0%
Ethereum Solana Base Solana Ethereum Base Ethereum Solana Polygon Ethereum Solana NEAR Ethereum Solana Polkadot

United States India United Kingdom Canada China

 2024 DeveloperReport.com 33

Base, Polygon, Polkadot, and NEAR are the #3

ecosystem in different countries
Top 3 ecosystems adopted by active developers in the top 5 countries
35% Ethereum
Solana
30% Base
Polygon
25% Polkadot
NEAR
20%
Developers

15%

#3
10%
#3 #3 #3
#3
5%

0%
Ethereum Solana Base Solana Ethereum Base Ethereum Solana Polygon Ethereum Solana NEAR Ethereum Solana Polkadot

United States India United Kingdom Canada China

 2024 DeveloperReport.com 34

Since 2023, India has onboarded the most new crypto

developers, moving past the US
Distribution of new developers by country (top 10 countries for new developers)
35%
India
United States
China
30%
Canada
Nigeria
25%
United Kingdom

17% Share of new devs France

Developers

20% #1 India
India onboarded more new
Brazil
developers than the United
States and became the #1 Germany
15% country for new

developers in 2023 Japan

10% 14% Share of new devs

#2 US

5%

2016 2018 2020 2022 2024

 2024 DeveloperReport.com 35

Visit developerreport.com for a full developer breakdown by ecosystems and by country.

www.developerreport.com
 2024 DeveloperReport.com 36

01 I Developers

New developers
There is significant new developer activity in 2024
 2024 DeveloperReport.com 37

New 39,148 new developers explored crypto in 2024.

developers:
Solana is the #1 ecosystem for new developers. This is
key takeaways the first year since 2016 any ecosystem has attracted
more new developers than Ethereum.
Internet Computer, Aptos, Base, Bitcoin, Sui, NEAR,
Polkadot, Polygon, and Starknet all had more than
1,000 new developers in 2024.
BNB, Optimism, Stellar, Scroll, and TON had more

than 500 new developers in 2024.

 2024 DeveloperReport.com 38

39,148 new developers explore crypto in 2024

All new
crypto
crypto
new developers

80,000 77,815

70,000

60,000
52,647

50,000
45,580
Developers

39,148
40,000

32,368

30,000

22,544 21,920

20,000
14,354

10,000
5,603
2,739 3,009
213 495 527 1,294
0
2010 2012 2014 2016 2018 2020 2022 2024
 2024 DeveloperReport.com 39

3,000+ new devs explored crypto every month in 2024

All new
crypto
crypto
new developers
8,000

7,000

6,000 3,000+ new devs

explored crypto

every month in 2024

5,000
Developers

4,000

3,000

2,000

1,000

0
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 40

Solana became the #1 ecosystem for new developers in

July 2024
New developers exploring Ethereum, Solana, and other ecosystems
2,800
Solana
2,600 Ethereum
2,400 July 2024: Solana

became the first

Aptos
2,200 ecosystem to

onboard more
Sui
2,000 developers
Base
than Ethereum

1,800 since 2016 Internet Computer

1,600 Bitcoin
Developers

1,400 Polygon
Nov 2024
1,200 NEAR
Jul 2024 Polkadot Network
1,000
800
600
400
200
0
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024

Ethereum ecosystem includes Ethereum mainnet and Ethereum L2s

 Developers

0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Solana 7,625

Ethereum 6,456

Other 3,383

Internet Computer 2,155

Aptos 1,695

Base 1,695

Bitcoin 1,531

Sui 1,394
7,625
new developers

explored Solana
NEAR 1,357

Polkadot Network 1,167

Polygon 1,110

Starknet 1,033

Arbitrum 984

BNB Chain 750

Optimism 639

Stellar 578

TON 533

Scroll 477

Avalanche 387
Ethereum is the #2 ecosystem for new developers in 2024

Cardano 348
Number of new developers exploring different crypto ecosystems in 2024

Celo 348

334
Ecosystem
ZKsync

Lightning 330
2024 DeveloperReport.com

Kusama 313
Ethereum ecosystem includes Ethereum mainnet and Ethereum L2s

MultiversX (Elrond) 311

Flow 274

Filecoin 252

Stacks 224

Osmosis 221

Tezos 220

Moonbeam 215

Algorand 184

XRP 178

Mina Protocol 146

Hedera 143

Gnosis Chain 142

Aztec Protocol 137

127
Solana was the #1 ecosystem for new devs in 2024

TRON

Linea 115

Polygon zkEVM 113

Kaia 98
41
 Developers

0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Solana 7,625

Ethereum 6,456

Other 3,383

Internet Computer 2,155

Aptos 1,695

Base 1,695

Bitcoin 1,531

Sui 1,394

NEAR 1,357

Polkadot Network 1,167

Polygon 1,110

Starknet 1,033

Arbitrum 984

BNB Chain 750

Optimism 639
these ecosystems
1,000+
Stellar 578

TON 533
new developers explored

Scroll 477

Avalanche 387

Cardano 348
Number of new developers exploring different crypto ecosystems in 2024

Celo 348

334
Ecosystem
ZKsync

Lightning 330
2024 DeveloperReport.com

Kusama 313
Ethereum ecosystem includes Ethereum mainnet and Ethereum L2s

MultiversX (Elrond) 311

Flow 274

Filecoin 252

Stacks 224

Osmosis 221

Tezos 220

Moonbeam 215

Algorand 184

XRP 178

Mina Protocol 146

Hedera 143

Gnosis Chain 142

Aztec Protocol 137

& Starknet all had 1,000+ new developers in 2024

TRON 127

Linea 115

Polygon zkEVM 113

ICP, Aptos, Base, Bitcoin, Sui, NEAR, Polkadot, Polygon,

Kaia 98
42
 Developers

0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Solana 7,625

Ethereum 6,456

Other 3,383

Internet Computer 2,155

Aptos 1,695

Base 1,695

Bitcoin 1,531

Sui 1,394

NEAR 1,357

Polkadot Network 1,167

Polygon 1,110

Starknet 1,033

Arbitrum 984

BNB Chain 750

Optimism 639

Stellar 578
new developers in 2024

TON 533

Scroll 477

Avalanche 387
500+

Cardano 348
Number of new developers exploring different crypto ecosystems in 2024

these ecosystems

Celo 348
developers explored

334
Ecosystem
ZKsync

Lightning 330
2024 DeveloperReport.com

Kusama 313
Ethereum ecosystem includes Ethereum mainnet and Ethereum L2s

MultiversX (Elrond) 311

Flow 274

Filecoin 252

Stacks 224

Osmosis 221

Tezos 220

Moonbeam 215

Algorand 184

XRP 178

Mina Protocol 146

Hedera 143

Gnosis Chain 142

Aztec Protocol 137

TRON 127

Linea 115

Polygon zkEVM 113

Kaia 98
Arbitrum, BNB, Optimism, Stellar, and TON all had 500+
43
 2024 DeveloperReport.com 44

Many new devs work on more

than one chain in crypto.
Let’s take a closer look at Multi-chain developers
 2024 DeveloperReport.com 45

01 I Developers

Multi-chain developers
Developers increasingly build for multiple chains
 2024 DeveloperReport.com 46

Multi-chain 1 in 3 crypto developers work on multiple chains. Monthly

Multi-chain developers increased from less than 10% in 2015
developers:
to 34% in 2024.
key takeaways EVM has significant network effects: 74% of Multi-chain
developers work on EVM. Percentage of EVM cross chain
deployers 4x’d since 2021.
Base is the most popular chain for EVM Multi-chain
deployers in 2024, but Base deployers tend to stay on Base.
Base now has the most code innovation among major EVM
chains. 25% of new code logic in EVM chains appeared first
on Base. 100% of new code appeared on Ethereum

before 2020.
 2024 DeveloperReport.com 47

34% of monthly crypto developers work on multiple

chains, up from less than 10% in 2015
All crypto monthly active developers: Single-chain developers vs. Multi-chain developers
100%
Single-chain
90%
Multi-chain
80% 34% of monthly devs work on more

than one chain in Nov 2024, up

from <10% in Jan 2015

70%

34%
60% Nov 2024
Developers

50%
monthly devs

<10%
40% Jan 2015

30%
monthly devs
20%

10%

0%
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 48

36% of total developers in 2024 work on multiple

chains
Distribution of developers by the number of chains they worked on in 2024
64.0%
65%

60%

55%

50%

45%
Percent of Developers

40%

35%

30%
36%
of all open-source

25% crypto developers

worked on more

20% than one chain in

2024 15.0%
15% 12.0%

10%

4.0%
5% 2.0% 2.0%
1.0%
0%
1 2 3 4 5 6-10 10+

Number of chains
 2024 DeveloperReport.com 49

Which ecosystems have the

most Multi-chain devs?
 2024 DeveloperReport.com 50

70%+ of developers on Arbitrum, BNB, Polygon, and

Optimism work on multiple chains
Percent of Multi-chain developers working on different ecosystems in 2024
79.5%

70%+ of 2024 developers in these ecosystems worked on multiple chains

80%
74.4%

73.3%

72.0%
75%
70%

62.4%
65%
Percent of Multi-Chain Developers

59.2%
60%

54.1%
55%

47.0%
50%

46.0%
45%
40%

35.6%

35.3%

34.1%
35%

29.5%

29.1%
30%
25%

19.9%
20%
15%

11.3%
10%
ain

on

he

ll

se

in

AR

a
m

ism

et

s
k

r
Su

te
ro

to
or

lan
o
tru

kn
Ba
nc
lyg

pu
Sc
Ch

NE
tc

Ap
tw

re
im

So
ar
bi

Bi
ala

he

m
Po

Ne
t

St
B
Ar

Op

Co
Et
BN

Av

ot

t
ad

ne
lk

r
te
Po

In
Ecosystem
Ecosystem
 2024 DeveloperReport.com 51

Let’s look at the percentage of shared developers

across different chains...
How to read
41.5% ofShared
Multi- developers: Percent of chain 1 developers who developed on chain 2
this table:

chain deployers Ethereum Mainnet Arbitrum Base Optimism Scroll Solana Polygon BNB Chain Polkadot Avalanche
on Avalanche
also deployed to Avalanche
Avalanche 41.5% 24.3% 14.1% 17.7% 6.9% 18.0% 26.2% 21.5% 4.9% 10.0%
Ethereum
Polkadot
Polkadot 15.5% 5.5% 3.8% 1.8% 2.5% 5.9% 4.3% 2.9% 10.0% 1.9%
Chain
BNB 55.7% 29.1% 14.3% 17.4% 7.2% 12.6% 38.5% 10.0% 4.2% 12.2%

Polygon 53.3% 25.9% 17.9% 18.9% 6.0% 14.3% 10.0% 22.9% 3.7% 8.8%

Solana 8.9% 2.7% 3.5% 1.9% 1.5% 10.0% 4.7% 2.4% 1.7% 2.0%
Chain 1

Scroll
Scroll 35.8% 19.7% 17.7% 14.8% 10.0% 14.8% 19.1% 13.6% 7.0% 7.3%
Optimism
Optimism 68.5% 46.2% 39.6% 10.0% 8.7% 10.9% 35.3% 19.3% 2.9% 11.1%
Base
Base 44.9% 20.6% 10.0% 21.5% 5.7% 10.8% 18.2% 8.6% 3.4% 4.8%
Arbitrum
Arbitrum 63.4% 10.0% 26.7% 32.5% 8.2% 11.0% 34.2% 22.8% 6.4% 10.7%
Ethe
Ethereum
10.0% 10.6% 9.7% 8.0% 2.5% 6.0% 11.7% 7.3% 3.0% 3.1%
Mainnet
Ethereum
Ethereum Mainnet Arbitrum Base Optimism Scroll Solana
Polygon Polygon
Solana BNB Chain Polkadot Network
Polkadot Avalanche
Chain 2
 2024 DeveloperReport.com 52

Chains share the most developers with Ethereum

mainnet
Shared developers: Percent of chain
Ethereum Mainnet Arbitrum 1 developers
Base who developed
Optimism on chain
Scroll 2 Solana Polygon BNB Chain Polkadot Avalanche
Avalanche
Avalanche 41.5% 24.3% 14.1% 17.7% 6.9% 18.0% 26.2% 21.5% 4.9% 10.0%
PolkadotPolkadot
Network 15.5% 5.5% 3.8% 1.8% 2.5% 5.9% 4.3% 2.9% 10.0% 1.9%
BNB Chain
BNB 55.7% 29.1% 14.3% 17.4% 7.2% 12.6% 38.5% 10.0% 4.2% 12.2%
Polygon
Polygon 53.3% 25.9% 17.9% 18.9% 6.0% 14.3% 10.0% 22.9% 3.7% 8.8%
Solana
Solana 8.9% 2.7% 3.5% 1.9% 1.5% 10.0% 4.7% 2.4% 1.7% 2.0%
Chain 1

Scroll
Scroll 35.8% 19.7% 17.7% 14.8% 10.0% 14.8% 19.1% 13.6% 7.0% 7.3%
Optimism
Optimism 68.5% 46.2% 39.6% 10.0% 8.7% 10.9% 35.3% 19.3% 2.9% 11.1%
Base
Base 44.9% 20.6% 10.0% 21.5% 5.7% 10.8% 18.2% 8.6% 3.4% 4.8%
Arbitrum
Arbitrum 63.4% 10.0% 26.7% 32.5% 8.2% 11.0% 34.2% 22.8% 6.4% 10.7%
Ethereum
Ethereum
10.0% 10.6% 9.7% 8.0% 2.5% 6.0% 11.7% 7.3% 3.0% 3.1%
Mainnet
Ethereum
Ethereum Mainnet Arbitrum Base Optimism Scroll Solana
Polygon Polygon
Solana BNB Chain Polkadot Network
Polkadot Avalanche
Chain 2
 2024 DeveloperReport.com 53

Ethereum Mainnet shares <12% of developers with

other chains
Shared developers: Percent of chain
Ethereum Mainnet Arbitrum 1 developers
Base who developed
Optimism on chain
Scroll 2 Solana Polygon BNB Chain Polkadot Avalanche
Avalanche
Avalanche 41.5% 24.3% 14.1% 17.7% 6.9% 18.0% 26.2% 21.5% 4.9% 10.0%
PolkadotPolkadot
Network 15.5% 5.5% 3.8% 1.8% 2.5% 5.9% 4.3% 2.9% 10.0% 1.9%
BNB Chain
BNB 55.7% 29.1% 14.3% 17.4% 7.2% 12.6% 38.5% 10.0% 4.2% 12.2%
Polygon
Polygon 53.3% 25.9% 17.9% 18.9% 6.0% 14.3% 10.0% 22.9% 3.7% 8.8%
Solana
Solana 8.9% 2.7% 3.5% 1.9% 1.5% 10.0% 4.7% 2.4% 1.7% 2.0%
Chain 1

Scroll
Scroll 35.8% 19.7% 17.7% 14.8% 10.0% 14.8% 19.1% 13.6% 7.0% 7.3%
Optimism
Optimism 68.5% 46.2% 39.6% 10.0% 8.7% 10.9% 35.3% 19.3% 2.9% 11.1%
Base
Base 44.9% 20.6% 10.0% 21.5% 5.7% 10.8% 18.2% 8.6% 3.4% 4.8%
Arbitrum
Arbitrum 63.4% 10.0% 26.7% 32.5% 8.2% 11.0% 34.2% 22.8% 6.4% 10.7%
Ethereum
Ethereum
10.0% 10.6% 9.7% 8.0% 2.5% 6.0% 11.7% 7.3% 3.0% 3.1%
Mainnet
Ethereum
Ethereum Mainnet Arbitrum Base Optimism Scroll Solana
Polygon Polygon
Solana BNB Chain Polkadot Network
Polkadot Avalanche
Chain 2
 2024 DeveloperReport.com 54

Solana shares 9% of developers with Ethereum, the

most developers Solana shares with any other chain
Shared developers: Percent of chain
Ethereum Mainnet Arbitrum 1 developers
Base who developed
Optimism on chain
Scroll 2 Solana Polygon BNB Chain Polkadot Avalanche
Avalanche
Avalanche 41.5% 24.3% 14.1% 17.7% 6.9% 18.0% 26.2% 21.5% 4.9% 10.0%
PolkadotPolkadot
Network 15.5% 5.5% 3.8% 1.8% 2.5% 5.9% 4.3% 2.9% 10.0% 1.9%
BNB Chain
BNB 55.7% 29.1% 14.3% 17.4% 7.2% 12.6% 38.5% 10.0% 4.2% 12.2%
Polygon
Polygon 53.3% 25.9% 17.9% 18.9% 6.0% 14.3% 10.0% 22.9% 3.7% 8.8%
Solana
Solana 8.9% 2.7% 3.5% 1.9% 1.5% 10.0% 4.7% 2.4% 1.7% 2.0%
Chain 1

Scroll
Scroll 35.8% 19.7% 17.7% 14.8% 10.0% 14.8% 19.1% 13.6% 7.0% 7.3%
Optimism
Optimism 68.5% 46.2% 39.6% 10.0% 8.7% 10.9% 35.3% 19.3% 2.9% 11.1%
Base
Base 44.9% 20.6% 10.0% 21.5% 5.7% 10.8% 18.2% 8.6% 3.4% 4.8%
Arbitrum
Arbitrum 63.4% 10.0% 26.7% 32.5% 8.2% 11.0% 34.2% 22.8% 6.4% 10.7%
Ethereum
Ethereum
10.0% 10.6% 9.7% 8.0% 2.5% 6.0% 11.7% 7.3% 3.0% 3.1%
Mainnet
Ethereum
Ethereum Mainnet Arbitrum Base Optimism Scroll Solana
Polygon Polygon
Solana BNB Chain Polkadot Network
Polkadot Avalanche
Chain 2
 2024 DeveloperReport.com 55

74% of Multi-chain devs work on at least 1 EVM chain

26% of Multi-chain developers work on non-EVM chains

Distribution of Multi-chain developers by the types of chains they work on

100%

EVM

74%
90%
Mixed

80% Non-EVM
of Multi-chain
70% monthly active

developers work
on at least one

60% EVM chain

Developers

50%

40%

30%

20%

10%

0%
Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 56

EVM has strong network effects: EVM is the #1 tech

stack & bigger than the next by 3.6x
Monthly active developers working in different tech stacks
16,000
Polkadot Network Stack
Move Stack
14,000
SVM Stack
EVM Stack
12,000
Mix
10,000 Cosmos Network Stack
Other Ecosystems
Developers

8,925
8,000
developers use

EVM Stack
6,000

4,000
2,499 developers use

SVM Stack

2,000

0
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024

Tech stack numbers exclude “Mix” developers, or developers who work on multiple tech stacks.
 2024 DeveloperReport.com 57

Let’s look at EVM onchain

activity to better understand

Multi-chain developers
 2024 DeveloperReport.com 58

Percent of EVM Multi-chain deployers 4x’d since 2021

Percent of deployers who deploy on more than one chain per month

11%

10%
Nov 2024
9%
8%
8%
Percent of Deployers

7%

6%

5%

4% +4x
Multi-chain
3% Nov 2021 deployers
2%
2%

1%

0%
Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
 Deployers

0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
220,000
240,000
Scroll
ZKSync
Base
Linea
Polygon
Ethereum
BNB Chain

2021
Arbitrum
Optimism
Avalanche
Blast
Scroll
ZKSync
Base
Linea
Polygon
Ethereum
BNB Chain

2022
Arbitrum
Optimism
Avalanche
Blast
Scroll
ZKSync
Base
Linea
Polygon
Ethereum
BNB Chain

2023
Arbitrum
deployers in 2024

Optimism
Avalanche
First chain deployed on by Multi-chain deployers

Blast
Scroll
ZKSync
Base
Linea
Polygon
Ethereum
BNB Chain

2024
Arbitrum
Multi-chain deployers

Optimism
Avalanche
Base is the most popular

Blast
“first destination” chain for

Deployers
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
220,000
240,000
2024 DeveloperReport.com

Scroll
Base
ZKSync
Linea
Polygon
Ethereum
BNB Chain
2021

Optimism
Arbitrum
Avalanche
Blast
Scroll
Base
ZKSync
Linea
Polygon
Ethereum
BNB Chain
2022

Optimism
Arbitrum
Avalanche
Blast
Scroll
Base
ZKSync
Linea
Polygon
Ethereum
BNB Chain
2023

Optimism
Arbitrum
Avalanche
Blast
Scroll
Second chain deployed on by Multi-chain deployers

Base
ZKSync
Linea
Polygon
Ethereum
Multi-chain deployers

BNB Chain
2024
Base is the most popular chain for EVM Multi-chain

Optimism
Arbitrum
Avalanche
Blast
Base is also the most popular

“second destination” chain for

59
 2024 DeveloperReport.com 60

We can look at deployers across multiple EVM chains

How to read

this table:

19.4% of

Percent of chain 1Base

deployers who
ScrolldeployedOptimism
on chain 2 (2024)
deployers on

Arbitrum Polygon Ethereum BNB Chain Blast Avalanche

Avalanche also

deployed to

Base

Avalanche
Avalanche 19.4% 5.9% 16.8% 19.7% 20.1% 11.6% 15.6% 6.5%

Blast 40.6% 30.1% 13.2% 12.6% 10.7% 7.4% 5.5% 5.1%

BNB Chain 3.4% 1.1% 2.2% 2.9% 3.7% 3.4% 0.8% 1.7%

Ethereum
Ethereum 7.0% 2.3% 3.9% 6.0% 4.1% 4.0% 1.2% 1.5%
Chain11

Polygon
Polygon 14.9% 4.6% 11.1% 11.2% 7.3% 7.8% 3.1% 4.6%
Chain

Arbitrum
Arbitrum 20.4% 6.6% 16.3% 13.0% 12.4% 7.1% 4.2% 5.2%

Optimism
Optimism 35.2% 11.7% 19.8% 15.6% 9.8% 6.4% 5.4% 5.4%

Scroll
Scroll 29.6% 2.6% 1.8% 1.5% 1.3% 0.7% 2.8% 0.4%

Base 8.4% 2.3% 1.6% 1.4% 1.1% 0.6% 1.1% 0.4%

Base
Base Scroll
Scroll Optimism
Optimism Arbitrum
Arbitrum Polygon
Polygon Ethereum
Ethereum BNB Chain
BNB Chain Blast
Blast Avalanche
Avalanche
Chain
Chain 22
Table displays percent of chain 1 deployers who deployed on chain 2. Percentages are calculated as (deployers on chain 2 given deployed on chain 1) / (total deployers on chain 1).
 2024 DeveloperReport.com 61

Ethereum deployers are becoming more Multi-chain

and are moving to L2s
2023: Percent of chain 1 deployers who
2023 deployed on chain 2 2024: Percent of chain 1 deployers who
2024deployed on chain 2

Avalanche 9.5% 6.8% 16.4% 18.6% 25.4% 15.5% 19.8% Avalanche 19.4% 5.9% 16.8% 19.7% 20.1% 11.6% 15.6% 6.5%

Blast 40.6% 30.1% 13.2% 12.6% 10.7% 7.4% 5.5% 5.1%

BNB Chain 0.8% 0.8% 0.8% 1.6% 2.4% 2.5% 1.0%

BNB Chain 3.4% 1.1% 2.2% 2.9% 3.7% 3.4% 0.8% 1.7%
Ethereum 1.2% 1.5% 1.3% 2.1% 5.3% 3.2% 1.0%

Ethereum 7.0% 2.3% 3.9% 6.0% 4.1% 4.0% 1.2% 1.5%

Polygon 1.6% 3.1% 1.9% 3.0% 5.8% 3.3% 1.8%

Chain 1

Polygon 14.9% 4.6% 11.1% 11.2% 7.3% 7.8% 3.1% 4.6%

Arbitrum 5.4% 17.7% 7.8% 9.7% 7.2% 7.1% 4.2%

Arbitrum 20.4% 6.6% 16.3% 13.0% 12.4% 7.1% 4.2% 5.2%

Optimism 11.5% 22.5% 18.7% 14.3% 10.9% 9.1% 8.8% The share of Ethereum

deployers also on Base

Optimism 35.2% 11.7% 19.8% 15.6% 9.8% 6.4% 5.4% 5.4%

increased from 1.2% in

Scroll 2.7% 0.6% 1.2% 0.7% 0.4% 0.3% 0.1% 2023 to 7% in 2024.

Other L2s and EVM

Scroll 29.6% 2.6% 1.8% 1.5% 1.3% 0.7% 2.8% 0.4%

chains grew as well.

Base 37.3% 4.4% 4.9% 4.7% 3.9% 3.1% 2.0% Base 8.4% 2.3% 1.6% 1.4% 1.1% 0.6% 1.1% 0.4%
se

in

se

in

e
m

m
l

as
ro

ro
ch

ch
o

o
ha

ha
is

tru

is

tru

u
Ba

Ba
yg

yg
Sc

Sc

Bl
re

re
im

im
an

an
C

C
bi

bi
l

l
he

he
Po

Po
pt

pt
al

al
B

B
Ar

Ar
Et

Et
BN

BN
Av

Av
O

O
Chain 2 Chain 2
Table displaysChain
percent of2chain 1 deployers who deployed on chain 2. Percentages are calculated as (deployers on chain 2 given deployed on chain 1) / (total deployers on chain
Chain 2 1).
 2024 DeveloperReport.com 62

Base deployers typically stay on Base

Percent of chain 1Base
deployers who
ScrolldeployedOptimism
on chain 2 (2024)
Arbitrum Polygon Ethereum BNB Chain Blast Avalanche
Avalanche
Avalanche 19.4% 5.9% 16.8% 19.7% 20.1% 11.6% 15.6% 6.5%

Blast 40.6% 30.1% 13.2% 12.6% 10.7% 7.4% 5.5% 5.1%

BNB Chain 3.4% 1.1% 2.2% 2.9% 3.7% 3.4% 0.8% 1.7%

Ethereum 7.0% 2.3% 3.9% 6.0% 4.1% 4.0% 1.2% 1.5%

Chain11

Polygon 14.9% 4.6% 11.1% 11.2% 7.3% 7.8% 3.1% 4.6%

Chain

Arbitrum
Arbitrum 20.4% 6.6% 16.3% 13.0% 12.4% 7.1% 4.2% 5.2%

Optimism 35.2% 11.7% 19.8% 15.6% 9.8% 6.4% 5.4% 5.4%

Scroll 29.6% 2.6% 1.8% 1.5% 1.3% 0.7% 2.8% 0.4%

<10% of Base

Base 8.4% 2.3% 1.6% 1.4% 1.1% 0.6% 1.1% 0.4% deployers share

code to other

EVM chains
Base
Base Scroll
Scroll Optimism
Optimism Arbitrum
Arbitrum Polygon
Polygon Ethereum
Ethereum BNB
BNB Chain
Chain Blast
Blast Avalanche
Avalanche
Chain
Chain22
Table displays percent of chain 1 deployers who deployed on chain 2. Percentages are calculated as (deployers on chain 2 given deployed on chain 1) / (total deployers on chain 1).
 2024 DeveloperReport.com 63

Base is the most cross-deployed EVM chain

19%+ of deployers on other chains also deploy to Base

Percent of chain 1Base

deployers who
ScrolldeployedOptimism
on chain 2 (2024)
Arbitrum Polygon Ethereum BNB Chain Blast Avalanche
Avalanche
Avalanche 19.4% 5.9% 16.8% 19.7% 20.1% 11.6% 15.6% 6.5%

Blast 40.6% 30.1% 13.2% 12.6% 10.7% 7.4% 5.5% 5.1%

BNB Chain 3.4% 1.1% 2.2% 2.9% 3.7% 3.4% 0.8% 1.7%

Ethereum 7.0% 2.3% 3.9% 6.0% 4.1% 4.0% 1.2% 1.5%

Chain 1
Chain 1

Polygon 14.9% 4.6% 11.1% 11.2% 7.3% 7.8% 3.1% 4.6%

Arbitrum
Arbitrum 20.4% 6.6% 16.3% 13.0% 12.4% 7.1% 4.2% 5.2%

Optimism 35.2% 11.7% 19.8% 15.6% 9.8% 6.4% 5.4% 5.4%

Scroll
Scroll 29.6% 2.6% 1.8% 1.5% 1.3% 0.7% 2.8% 0.4%

Base 8.4% 2.3% 1.6% 1.4% 1.1% 0.6% 1.1% 0.4%

Base
Base Scroll
Scroll Optimism
Optimism Arbitrum
Arbitrum Polygon
Polygon Ethereum
Ethereum BNB
BNB Chain
Chain Blast
Blast Avalanche
Avalanche
Chain 2
Chain 2

Table displays percent of chain 1 deployers who deployed on chain 2. Percentages are calculated as (deployers on chain 2 given deployed on chain 1) / (total deployers on chain 1).
 2024 DeveloperReport.com 64

Optimism, Arbitrum, Polygon, Ethereum, & BNB all

receive high shares of EVM cross-deployment
Percent of chain 1Base
deployers who
ScrolldeployedOptimism
on chain 2 (2024)
Arbitrum Polygon Ethereum BNB Chain Blast Avalanche
Avalanche
Avalanche 19.4% 5.9% 16.8% 19.7% 20.1% 11.6% 15.6% 6.5%

Blast 40.6% 30.1% 13.2% 12.6% 10.7% 7.4% 5.5% 5.1%

BNB Chain 3.4% 1.1% 2.2% 2.9% 3.7% 3.4% 0.8% 1.7%

Ethereum 7.0% 2.3% 3.9% 6.0% 4.1% 4.0% 1.2% 1.5%

Chain11

Polygon
Po lygon 14.9% 4.6% 11.1% 11.2% 7.3% 7.8% 3.1% 4.6%
Chain

Arbitrum
Ar bitrum 20.4% 6.6% 16.3% 13.0% 12.4% 7.1% 4.2% 5.2%

Optimism
Op timism 35.2% 11.7% 19.8% 15.6% 9.8% 6.4% 5.4% 5.4%

SScroll
croll 29.6% 2.6% 1.8% 1.5% 1.3% 0.7% 2.8% 0.4%

Base 8.4% 2.3% 1.6% 1.4% 1.1% 0.6% 1.1% 0.4%

Base
Base Scroll
Scroll Optimism
Optimism Arbitrum
Arbitrum Polygon
Polygon Ethereum
Ethereum BNB
BNB Chain
Chain Blast
Blast Avalanche
Avalanche
Chain
Chain22
Table displays percent of chain 1 deployers who deployed on chain 2. Percentages are calculated as (deployers on chain 2 given deployed on chain 1) / (total deployers on chain 1).
 2024 DeveloperReport.com 65

Where is new code 


first deployed?
Let’s look at which EVM chain captures 

the most innovation
 2024 DeveloperReport.com 66

How do we detect where innovation originates? We detect

when new EVM code is deployed via fingerprinting

0x01 PUSH1 0x60

0x03 PUSH1 0x40

0x01 PUSH1 0x04

0x08 CALLDATASIZE

0x09 LT

0x0a PUSH2 0xaf

0x0d JUMP1

0x42 DUP1

0x43 PUSH4 0x095ea7b 3

0x48 E Q

730e685ed313544b444239422274b
0x49 PUSH2 0x014

0x4c JUMPI

0xba JUMPDEST

0xbb CALLVALUE

0xbc ISZERO

0xbd PUSH2 0xc4

0xc0 JUMPI

01 02 03
First, we identify the logic blocks that Then, we create a unique identifier Since each logic block is uniquely identifiable,
determine how a smart contract works by (“fingerprint”) for each logic block using we can tell which contract first introduced the
analyzing its source code and bytecode. a cryptographic function.
logic to the blockchain, and which contracts
reuse the logic in the future.

PREVIEW ONLY
 2024 DeveloperReport.com 67

There are now more diverse origins for new EVM code
100% of new EVM code used to be on Ethereum mainnet - today, code innovation comes from many sources

Distribution of new control flow graph (CFG) nodes deployed by chain

100%
ZKSync
90%
Linea
80% Blast
Avalanche
Percent of CFG Node Deployments

70% No EVM chain has more than 30%

Scroll
of all code innovation
60% Optimism
Arbitrum
50% Ethereum
40% Polygon
BNB Chain
30% Base
20%

10%

0%
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 68

Base is the most innovative across all major EVM chains

Distribution of new control flow graph (CFG) nodes deployed by chain
100%
ZKSync
90%
Linea
80% Blast
Avalanche
Percent of CFG Node Deployments

70% Base accounts for Scroll

60%

50%
25%
of code innovation,

the highest among

Optimism
Arbitrum
Ethereum
40% major EVM chains Polygon
BNB Chain
30% Base
20%

10%

0%
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 69

Ethereum maintains lead in code innovation through

L2s: 65% of innovation is on mainnet & ETH L2s
Distribution of new control flow graph (CFG) nodes deployed by chain
100%
ZKSync
90%
Linea
80% Blast
Avalanche
Percent of CFG Node Deployments

70%
Scroll
60% Optimism
Arbitrum
50% Ethereum
Ethereum and its L2s account for

65% of code innovation among

Polygon
40% major EVM chains
BNB Chain
30% Base
20%

10%

0%
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 70

How is the Ethereum

ecosystem doing?
 2024 DeveloperReport.com 71

02 I Ecosystems
 2024 DeveloperReport.com 72

02 I Ecosystems

Ethereum ecosystem
Ethereum mainnet & L2s have strong network effects
 2024 DeveloperReport.com 73

Ethereum:
Ethereum has strong network effects: 

key takeaways 26% of all monthly active crypto developers 

work on Ethereum mainnet and Ethereum L2s.
Ethereum L2s grew 64% annualized

since 2021. 56% of Ethereum developers now

work on Ethereum L2s, up from 25% in 2022.
Base is the #1 Ethereum L2 by developers 

in 2024.
 2024 DeveloperReport.com 74

6,244 monthly developers support Ethereum mainnet

and Ethereum L2s
Ethereum ecosystem monthly active developers Nov 2024
11,000

10,000 6,244
monthly active
developers
9,000

8,000

7,000
Developers

6,000

5,000

4,000

3,000

2,000

1,000

0
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 75

In 2024, Ethereum ecosystem developers fell by -17%

Ethereum ecosystem monthly active developers
11,000

10,000

9,000
Nov 2023
8,000 7,487
Nov 2024
7,000 6,244
Developers

6,000

5,000

4,000
-17%
-1,243 devs

3,000

2,000

1,000

0
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024

Ethereum ecosystem includes Ethereum mainnet and Ethereum L2s

 2024 DeveloperReport.com 76

Established developers in Ethereum 2+ years grew 21%

in 2024, while developers with shorter tenures fell
Nov 2023 Nov 2024
Ethereum monthly active developers by tenure
7,000
Newcomer
6,500 Emerging
6,000 Newcomers

<1 year in crypto Established

5,500
Emerging

5,000 1-2 years in crypto

Established

4,500 2+ years in crypto

Established

+21%
4,000
Developers

3,500 3,528
3,000 2,919 +609 devs

2,500 2,508 Newcomers

2,000
1,500
2,067 1,832 -27%
-676 devs

1,000 884 Emerging

500
0
-57%
-1,183 devs
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024

Ethereum ecosystem includes Ethereum mainnet and Ethereum L2s

 2024 DeveloperReport.com 77

79% of developers who left were Part-time or One-time

Nov 2023 Nov 2024
Ethereum ecosystem monthly active developers by frequency of activity
6,000
One-time
5,500 Part-time
One-time
Full-time
5,000 Active one day

per month
4,500
Part-time

Active fewer than 
 3,978

4,000
10 days per month
Part-time

-19%
3,500 Full-time

Developers

Active for 10 or more
 3,214

3,000 days per month
-764 devs
2,500 2,439
2,181 Full-time
2,000

1,500
-11%
-258 devs
1,070
1,000 One-time
849
500

0
-21%
-221 devs
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 78

400+ new developers explore the Ethereum ecosystem

every month
Ethereum ecosystem new developers
2,800
2,600
2,400
2,200
2,000
1,800
1,600
Developers

1,400 400+ new devs explored the

Ethereum ecosystem every

1,200 month in 2024

1,000
800
600
400
200
0
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024

Ethereum ecosystem includes Ethereum mainnet and Ethereum L2s

 2024 DeveloperReport.com 79

56% of Ethereum ecosystem developers now work on

L2s, up from 25% in 2022
Distribution of Ethereum ecosystem developers who work on L2 chains
100%
Other Ethereum

56%
2024
90%
Ethereum L2
80%
Ethereum 

70% ecosystem 

developers

work on 

60% Ethereum L2s
Developers

50%

25%
2022
40%

30%
of developers
20%

10%

0%
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024

Ethereum ecosystem includes Ethereum mainnet and Ethereum L2s

 2024 DeveloperReport.com 80

Ethereum mainnet has the most developers in the

Ethereum ecosystem
Number of developers working on the top ten Ethereum ecosystem chains in 2024
13,745
14,000

13,000

12,000
13,745 developers committed

open source code to

11,000 Ethereum mainnet in 2024

10,000

9,000

8,000
Developers

7,000

6,000

5,000 4,287
4,000 3,450

3,000 2,548 2,416

2,000 1,517
1,115
1,000 442 355 304
0
Ethereum Mainnet Base Arbitrum Starknet Optimism Scroll ZKSync Polygon zkEVM Linea Mantle

Ecosystem
 2024 DeveloperReport.com 81

Base is the biggest Ethereum L2

Number of developers working on the top ten Ethereum ecosystem chains in 2024
13,745
14,000

13,000

12,000

11,000

10,000

9,000

8,000 4,287 developers

Developers

committed open

7,000 source code to Base

in 2024
6,000

5,000 4,287
4,000 3,450

3,000 2,548 2,416

2,000 1,517
1,115
1,000 442 355 304
0
Ethereum Mainnet Base Arbitrum Starknet Optimism Scroll ZkSync Polygon zkEVM Linea Mantle

Ecosystem
 2024 DeveloperReport.com 82

Base, Arbitrum, Starknet, & Optimism all had 2,000+

collective developers over 2024
Number of developers working on the top ten Ethereum ecosystem chains in 2024
13,745
14,000

13,000

12,000

11,000

2,000+
10,000

9,000

8,000
Developers

developers wrote code

7,000 for each of these

four ecosystems
6,000

5,000 4,287
4,000 3,450

3,000 2,548 2,416

2,000 1,517
1,115
1,000 442 355 304
0
Ethereum Mainnet Base Arbitrum Starknet Optimism Scroll ZKSync Polygon zkEVM Linea Mantle

Ecosystem
 2024 DeveloperReport.com 83

3,592 monthly active developers work across all

Ethereum L2s
Ethereum L2 monthly active developers
4,500

4,000

3,500

3,000
Developers

2,500
Nov 2024

3,592
2,000

1,500
monthly active
developers
1,000

500

0
Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 84

Ethereum L2s monthly developers grew by 64%

annualized since Arbitrum’s launch in 2021
Nov 2024
Ethereum L2 monthly active developers
4,500

Aug 2023
3,475
developers
4,000 Base 

mainnet

launch
3,500

3,000
Developers

2,500
Dec 2021
Aug 2021
Optimism 

2,000
Arbitrum
mainnet

launch launch

698 +64%
1,500

annualized
1,000
developers

500

0
Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 85

Ethereum L2s monthly active developers fell by -6%

since Nov 2023
Ethereum L2 monthly active developers
4,500

4,000 Nov 2023

3,712 Nov 2024
3,475
3,500

3,000

-6%
Developers

2,500

-237 devs
2,000

1,500

1,000

500

0
Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 86

80% of developer losses come from Part-time and

One-time developers
Nov 2023 Nov 2024
Ethereum L2 monthly active developers by frequency of activity
2,400
One-time
2,200 Part-time

8
2,000
One-time

Active one day
 1,830

ParFull-time
t-time

- %
per month 1,990
1,800
Part-time

1,600 Active fewer than 
 -160 devs

10 days per month

1,400 Full-time

Developers

Full-time
Active for 10 or more
 1,154

-4%
1,200 days per month

1,201
1,000 -47 devs

6
800
One-time
600 491

400 521
- %
-30 devs

200

0
Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 87

300+ new developers have explored Ethereum L2s

every month since September 2021*
Ethereum L2 new developers
800

700

600
300+ new devs explored Eth L2s

every month since September 2021

500
Developers

400

300

200

100

0
Jan 2021 Jan 2022 Jan 2023 Jan 2024

*with exception for Jan 2023, when 280 developers explored Ethereum L2s
 2024 DeveloperReport.com 88

02 I Ecosystems

Bitcoin
Bitcoin developers remain consistent
 2024 DeveloperReport.com 89

Bitcoin:
1,200 monthly active developers work in the
key takeaways Bitcoin ecosystem.
Bitcoin developers remained consistent

across 2024.
42% of Bitcoin developers work on

scaling solutions.
 2024 DeveloperReport.com 90

1,200 monthly active developers support Bitcoin

Bitcoin monthly active developers

1,400

1,300

1,200

1,100

1,000

900
Nov 2024
800
Developers

700

600
1,200
monthly active
500 developers

400

300

200

100

0
Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 91

Bitcoin monthly developers are consistent over 2024

Monthly developers fell by 62 devs and is well within historical fluctuations

Monthly developers decreased by 62

Nov 2023
Nov 2024

Bitcoin monthly active developers 1,262 1,200

devs since Nov 2023 falling within

historical fluctuations.
1,400

1,300

1,200

1,100

1,000

900

800
Developers

700

600

500

400

300

200

100

0
Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 92

672 Established developers working on Bitcoin and has

steadily gone up over time
Nov 2024
Bitcoin monthly active developers by tenure
700
650
600 Newcomers

672 Newcomer
Established

developers
Emerging
<1 year in crypto Established
550
Emerging

500 1-2 years in crypto

Established

450 2+ years in crypto

400
381 Newcomers

Developers

developers
350
300
250
200
150
100
147 Emerging

developers

50
0
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 93

1,012 monthly active Full-time and Part-time

developers work on the Bitcoin ecosystem
Nov 2024
Bitcoin monthly active developers by frequency of activity
800
One-time
Part-time

653
700
One-time
Full-time
Part-time 

Active one day
 developers
600 per month
Part-time

Active fewer than 


500 10 days per month
Developers

Full-time

Active for 10 or more


400

359
days per month Full-time 

developers
300

200
188 One-time 

developers
100

0
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 94

120+ new developers explore the Bitcoin ecosystem

every month
Bitcoin new developers
260
240 120+ new devs

explored Bitcoin

220 every month in 2024

200
180
160
Developers

140
120
100
80
60
40
20
0
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 95

42% of monthly active developers work on Bitcoin

scaling solutions
Distribution of Bitcoin developers working on Ordinals and scaling solutions
100%
Other Bitcoin
90%
Ordinal
80% Scaling Solutions

70%

60%
Developers

50%

40%

30%

20% 42%
Bitcoin monthly

developers work 

10% on scaling solutions
0%
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 96

501 monthly active developers work on Bitcoin scaling

solutions
Bitcoin scaling solutions monthly active developers Nov 2023
Nov 2024

491 501
600 Monthly developers increase

by 10 devs since Nov 2023
550

500

450

400

350
Developers

300

250

200

150

100

50

0
Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 97

418 Full and Part-time developers work on Bitcoin

scaling solutions
Bitcoin scaling solutions monthly active developers by frequency of activity
Nov 2024
350
One-time
Part-time
300
Full-time

250 259 Part-time 


developers

200
Developers

150
159 Full-time 

developers

100

50
73 One-time 

developers

0
Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 98

40+ new developers explore Bitcoin scaling solutions

every month
40+ new devs explored scaling

Bitcoin L2 new developers solutions every month in 2024

100

90

80

70

60
Developers

50

40

30

20

10

0
Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 99

68% of developers work on ecosystems outside of

Bitcoin and Ethereum
Monthly active developers working in top ecosystems (excluding Bitcoin & Ethereum) vs. other ecosystems
100%
Bitcoin
90%
Ethereum
80% Mix (ETH, BTC, Top)
Top ecosystems
70%
Other ecosystems

68%
60%
Developers

50%

40%
of developers

work on ecosystems

outside of Bitcoin

30% and Ethereum

20%

10%

0%
Jan 2016 Jan 2018 Jan 2020 Jan 2022 Jan 2024
 2024 DeveloperReport.com 100

How are these other 


ecosystems doing?
 2024 DeveloperReport.com 101

02 I Ecosystems

Top ecosystems
Many ecosystems had strong growth over 2024
 2024 DeveloperReport.com 102

Top 10 fastest growing ecosystems in 2024

Q3 2023 vs. Q3 2024

By overall developers (150+ devs in Q3 2024) By Full-time developers (45+ Full-time devs in Q3 2024)

Ranking Top ecosystem Overall dev growth Ranking Top ecosystem Overall dev growth

#1 EigenLayer 167% #1 EigenLayer 130%

#2 Aptos 96% #2 Internet Computer 62%

#3 Solana 83% #3 Sei Network 50%

#4 Internet Computer 75% #4 Aztec Protocol 47%

#5 Base 50% #5 Chainlink 45%

#6 Aztec Protocol 36% #6 Base 31%

#7 Stacks 36% #7 Celestia 24%

#8 TON 32% #8 Mina Protocol 24%

#9 Stellar 33% #9 Polygon zkEVM 22%

#10 Sui 24% #10 Starknet 21%

 2024 DeveloperReport.com 103

We can compare Q3 2023 with Q3 2024 to visualize

year-over-year change for each ecosystem
Overall developer growth (~2000+ developers): Q3 2024 vs. Q3 2023
+50% ±0% -9% (avg)
10,000
Ethereum
>50% growth

e
Gain %
d 50
-22%
(above avg.)

9,000
0–50% growth

(above avg.)

8,000 -50% 0–9% growth

a oe
( b v avg.)

7,000
On average, ecosystems lost
9–50% loss

Solana
Developers (Q3 2024)

9% of their developers (overall).

(b elo w avg.)
6,000 +83% We use -9% as a benchmark

to understand ecosystems. >50% loss 


5,000
(below avg.)

Lost %
50

4,000

3,000
Bitcoin
ICP 0%
2,000 +75% Base Polkadot -14% Polygon
+50% Cosmos -49%
-15%
1,000

1x
0
0 2,000 4,000 6,000 8,000 10,000 12,000

Developers (Q3 2023)

 2024 DeveloperReport.com 104

Solana (+83%), ICP (+75%), and Base (+50%) gained developers; Bitcoin
stayed flat (0%); Polkadot (-14%), Cosmos (-15%), Ethereum (-22%), Polygon
(-49%) had fewer developers (below benchmark)
Overall developer growth (~2000+ developers): Q3 2024 vs. Q3 2023
+50% ±0% -9% (avg)
10,000
Ethereum
>50% growth

-22%
(above avg.)

9,000
0–50% growth

(above avg.)

8,000 -50% 0–9% growth

a oe
( b v avg.)

7,000
Solana
Developers (Q3 2024)

9–50% loss

On average, ecosystems lost

(b elo w avg.)
6,000 +83% 9% of their developers (overall).

>50% loss 


5,000
(below avg.)

4,000

3,000 Bitcoin
ICP 0%
2,000 +75% Base Polkadot -14% Polygon
+50% Cosmos -49%
-15%
1,000

1x
0
0 2,000 4,000 6,000 8,000 10,000 12,000
Developers (Q3 2023)
 2024 DeveloperReport.com 105

Aptos (+96%), Stellar (+33%), Sui (+24%), Starknet (+18%), and Cardano
(+11%) gained developers; Kusama had -8% fewer developers (above
benchmark); others fell below benchmark
Overall developer growth (~500-2000 developers): Q3 2024 vs. Q3 2023
+50% ±0% -9% (avg)
1,800
>50% growth
Aptos (above avg.)
+96%
1,600 Arbitrum
-26% 0–50% growth
(above avg.)
1,400 -50%
0–9% growth
(above avg.)
1,200 Starknet BNB Chain
Developers (Q3 2024)

9–50% loss

Sui +18% Optimism -41% (below avg.)

+24% NEAR -37%
1,000 -34% >50% loss 

On average, ecosystems lost

(below avg.)
Cardano Kusama 9% of their developers (overall).
800 +11% -8%
Stellar Avalanche
600 +33% Celo -12% -42%
zkSync -24% IPFS
Scroll -43%
400 -14%

200

6x
0
0 500 1,000 1,500 2,000

Developers (Q3 2023)

 2024 DeveloperReport.com 106

EigenLayer (+167%), Aztec (+36%), Stacks (+36%), TON (+32%), Chainlink

(+21%), Hyperledger (+4%), and Gnosis (+1%) gained developers; Polygon
zkEVM lost -9% developers (above benchmark); others fell below benchmark
Overall developer growth (~200-500 developers): Q3 2024 vs. Q3 2023
+50% ±0% -9% (avg)
500
Lightning Filecoin >50% growth
-21% -44% (above avg.)
450 TON
+32% 0–50% growth
EigenLayer On average, ecosystems lost
-50%
+167% (above avg.)
400 9% of their developers (overall).
0–9% growth
Osmosis
350 -28% (above avg.)
Developers (Q3 2024)

9–50% loss

300 Gnosis Flow (below avg.)

Stacks +1% Algorand
-47%
+36%
Aztec -34% Tezos -37%
>50% loss 


250 +36%
Hyperledger
 Hedera (below avg.)

4% Mina -31%
Chainlink
200 +21%
-23%
MultiversX -21% The Graph Fantom -53%
Polygon
Axelar

zkEVM -43%
150 Network
-9% -14%
100

50

0 15x

0 100 200 300 400 500 600 700 800

Developers (Q3 2023)
 2024 DeveloperReport.com 107

Let’s look at only Full-time

developers, developers who
commit 10+ days in a month…
 2024 DeveloperReport.com 108

Base (+31%) and Solana (+10%) gained Full-time developers; Bitcoin (-6%)
and Ethereum (-8%) had fewer Full-time developers, but 

were above the -10% benchmark
Full-time developer growth (~500+ developers): Q3 2024 vs. Q3 2023
+50% ±0%
3,500
Ethereum >50% growth
-8% (above avg.)
3,000 -10%

(avg)
0–50% growth

(above avg.)

0–9% growth

2,500 abo e
( v avg.)
Developers (Q3 2024)

9–50% loss

On average, ecosystems lost

belo
( w avg.)

2,000 10% of their Full-time developers.

>50% loss 


(below avg.)

-50%
1,500

Solana
1,000 +10%
Base Bitcoin
+31% -6% CosmosPolkadot -17%
500
Polygon -37%
-14%
Arbitrum
-25%
1x
0
0 500 1,000 1,500 2,000 2,500 3,000 3,500
Developers (Q3 2023)
 2024 DeveloperReport.com 109

EigenLayer (+130%), ICP (+62%), Starknet (+21%), Cardano (+18%), ZKSync (+17%), Stellar
(+6%) gained Full-time developers; Sui (-7%), Scroll (-3%), Aptos (-4%) had fewer Full-time
developers but were still above the -10% benchmark
Fu -tim ll e eveloper ro
d g wth ( 00 00 evelopers) Q3 2024 vs Q3 2023
~1 -5 d : .

+50% ±0% -10%

400
ICP +62%
>50% growth

(above avg.)

350 Starknet 0–50% growth

+21% (above avg.)

Cardano BNB Chain -34%

300 +18% 0–10% loss

Kusama NEAR Optimism a ove

( b avg.)

-12% -14% -34%

Developers (Q3 2024)

10–50% loss

250 elo
Sui
(b w avg.)
On average, ecosystems lost

-7% 10% of their Full-time developers.

>50% loss 


200
ZKSync Avalanche -50% (below avg.)

+17% -18%
EigenLayer Stellar Aptos -4%
+6% Scroll Filecoin IPFS
150 +130% Celo -17% -42%
-3% -44%
Gnosis Lightning -10%
0%
Tezos
100 -27%

50

0 8.7x

0 100 200 300 400

Developers (Q3 2023)
 2024 DeveloperReport.com 110

Sei (+50%), Chainlink (45%+), Aztec (+47%), Mina (+24%), Celestia (+24%), Polygon zkEMV
(+22%), Fuel (+9%), Stacks (+3%), MultiversX (+2%) gained Full-time developers; Hedera
(-7%), Status (-2%), Kaia (-4%) had fewer Full-time developers but were still above the -10%
benchmark
Full-time developer growth (45-100 developers): Q3 2024 vs. Q3 2023
+50% ±0% -10%

100 Chainlink Hedera >50% growth

+45% -7% (above avg.)

90 Mina TON
+24% +2% Osmosis 0–50% growth

Aztec Polygon zkEVM Status -33% (above avg.)

80 +47% +22% -2% 0–10% loss

Stacks a ove
( b avg.)

70 +3%
MultiversX Flow
Algorand -24%
Developers (Q3 2024)

10–50% loss

Fuel +2% elow

60 -13% (b avg.)

+9% -50%
Axelar Network
Fantom
>50% loss 


Sei Network Kaia -20%

50 Celestia -53% (below avg.)

+50% -4%
+24%
40 On average, ecosystems lost

10% of their Full-time developers.

30

20

10

0
29x

0 20 40 60 80 100 120
Developers (Q3 2023)
 2024 DeveloperReport.com 111

03 I Use cases
 2024 DeveloperReport.com 112

03 I Use cases

Zero knowledge
ZK contract usage is steadily increasing over time
 2024 DeveloperReport.com 113

Zero 2,054 monthly active developers support ZK ecosystems

Knowledge:
Onchain developer activity for ZK is nascent, but growing
key takeaways quickly: deployments of ZK contracts 16x’d from 40 in 2020
to 639 in 2024.
Usage of ZK-related contracts is also growing: unique
contracts using ZK precompiles grew from 47 in 2020 to 680
in 2024.
 2024 DeveloperReport.com 114

2,054 monthly active developers support Zero-

knowledge (ZK) ecosystems
ZK monthly active developers Nov 2024

3,500

2,054
monthly active
3,000 developers

2,500

2,000
Developers

1,500

1,000

500

0
Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 115

823 Full-Time developers work in ZK ecosystems

ZK monthly active developers by frequency of activity

Nov 2024
1,600
One-time
Part-time
1,400
Full-time
One-time

Part-time
Active one day


993
1,200
per month

Part-time

Active fewer than 
 Developers

1,000
10 days per month
Developers

Full-time

Full-time
800 Active for 10 or more


600
days per month
823
Developers

400
One-time

200 238
Developers

0
Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 116

200+ new developers explore ZK ecosystems monthly

ZK new developers
800

700

600

500
200+ new devs explored 

ZK every month in 2024
Developers

400

300

200

100

0
Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 117

Let’s look at onchain

ZK developer activity…
 2024 DeveloperReport.com 118

ZK contract deployments grew from 40 in 2020 to 639

in 2024

Contract deployments using ZK precompiles by chain

There were
90

639
Avalanche
80
Blast
total contracts deployed

Fraxtal
70 using ZK precompiles

(deduped across chains)

Zora
from Jan to Oct 2024.
60
BNB Chain
Deployments

50
ZKSync

There were Polygon zkEVM

40
40
Arbitrum

30 Scroll
total contracts deployed

using ZK precompiles
Polygon
20 (deduped across

chains) in 2020. Linea

10 Optimism

Ethereum
0
Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
Base

Deployments are deduped across chains through history. A deployment is counted for the first chain and month it occurs.
 2024 DeveloperReport.com 119

Monthly unique deployers of ZK contracts onchain

grew from only 16 in 2020 to 185 in 2024

Contract deployers using ZK precompiles by chain

26
Avalanche
24 There were
BNB Chain

185
22
Optimism
20

total unique deployers

Blast
18
(deduped across chains)

from Jan to Oct 2024. Zora

16
Polygon zkEVM
Deployers

14
There were Linea

16
12
Arbitrum
10
ZKSync
8 total unique deployers

(deduped across chains)

Polygon
6 in 2020.
Scroll
4
Base
2
Ethereum
0
Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 120

The number of ZK related contracts used grew from 47

in 2020 to 680 in 2024
Unique contracts using ZK precompiles by chain
There were
100

680
Avalanche
90
Blast

80 total contracts using

Fraxtal
ZK precompiles

(deduped across chains)

Zora
70 from Jan to Oct 2024.
Polygon zkEVM
60
ZKSync
Contracts

50 There were Arbitrum

40

30
47
total contracts using

BNB Chain

Scroll

ZK precompiles
Linea
(deduped across chains)

20 Optimism
from Jan to Dec 2020.

10
Base

Polygon
0
Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
Ethereum

This is deduped across chains. A contract is counted in a month for the first chain it gets used on.
 2024 DeveloperReport.com 121

Where are ZK rollup users and

developers based?
 2024 DeveloperReport.com 122

More ZK rollup users are in the East: transactions peak

late in Asia and early in the European / African workday
Hourly distribution of ZK rollup transactions on different chains throughout a typical day
Starknet
5.5% Polygon zkEVM
ZKSync
5.0% London
Linea
Scroll
New York
Percent of Transactions

4.5%
Hong Kong

4.0%

3.5% Transactions peak during workday

hours for this part of the world

3.0%

2.5%
Hong Kong: Workday Hours (9AM - 5PM) Workday Hours
London: Workday Hours (9AM - 5PM)
New York: Workday Hours (9AM - 5PM) Non-Workday Hours
 2024 DeveloperReport.com 123

ZK rollup contract deployers also seem to be primarily

in the Eastern hemisphere

Hourly distribution of ZK rollup deployments on different chains throughout a typical day

Starknet
6.0% ZKSync
Linea
5.5%
London
Polygon zkEVM
Scroll
New York
5.0%
Percent of Deployments

Hong Kong
4.5%

4.0%
Deployments peak during workday

3.5% hours for this part of the world

3.0%

2.5%

Hong Kong: Workday Hours (9AM - 5PM) Workday Hours

London: Workday Hours (9AM - 5PM)
New York: Workday Hours (9AM - 5PM) Non-Workday Hours
 2024 DeveloperReport.com 124

03 I Use cases

NFTs
NFT minting and deployment activity hit all-time high
 2024 DeveloperReport.com 125

NFTs:
NFT creator activity is growing: NFT deployment activity
reached an all time high in 2024 with over 130K deployments

key takeaways in November.

NFT minting dominates: minting volume, minting transactions,
and active minting wallets reached all time highs in 2024.
Minting NFT activity pre-dominantly happens on low-gas
chains: Base is #1 for minting volume with 97% volume and
Solana is #1 for number of both minting wallets (57%) and
minting transactions (64%).
The most minted NFTs go beyond art in 2024: Top NFT
collections include art, collectibles, DeFi, reward & loyalty tokens,
credentials, identity, gaming assets, and more…
Trading remains an important primitive: 300K+ wallets a month
trade NFTs.
 2024 DeveloperReport.com 126

Across all chains with major NFT activity, deployments

more than tripled from 38K to 130K per month

NFT deployments by chain (using collection first mint as proxy)

180,000
Nov 2024
Bitcoin
160,000

140,000
130k Ethereum

Polygon
We use first mints per collection to

approximate deployment activity

Solana
120,000 in order to compare across both

EVM and non-EVM chains Zora

Deployments

100,000
Base

80,000

Nov 2023

38k
60,000

40,000

20,000

0
Jan 2021 Jan 2022 Jan 2023 Jan 2024 Jan 2025

Data source: Allium

 2024 DeveloperReport.com 127

Most deployments happen outside Ethereum mainnet

Ethereum’s share of NFT deployments dropped from 70%+ to 2% since January 2023

Distribution of NFT deployments by chain (using collection first mint as proxy)

100%

Bitcoin
90%
Ethereum

80% Polygon
Ethereum deployments dropped

from 70%+ in Jan 2023 to

Solana
70% 2% by end of 2024 Zora
Percent of Deployments

60%
Base

50%

40%

30%

20%

10%

0%
Jan 2021 Jan 2022 Jan 2023 Jan 2024

We use first mints per collection to approximate deployment activity in order to compare across both EVM and non-EVM chains. Data sources: Allium
 2024 DeveloperReport.com 128

87% of new NFT deployments happen on Base & Zora

Distribution of NFT deployments by chain (using first mint as proxy)

100%

Bitcoin
90%
Ethereum

80% Polygon
Solana
70%
Zora
Percent of Deployments

60%
Base

50%

40%
87%
of new deployments

are on Base and Zora

30%

20%

10%

0%
Jan 2021 Jan 2022 Jan 2023 Jan 2024

We use first mints per collection to approximate deployment activity in order to compare across both EVM and non-EVM chains. Data sources: Allium
 2024 DeveloperReport.com 129

NFT creator activity is growing -

what about usage?
 2024 DeveloperReport.com 130

NFT minting is on the rise: Minting volume hit all-time

high in 2024, with 97% of volume on Base
NFT minting volume by chain Distribution of NFT minting volume by chain
$1.6B Nov 2024 100%
All-time high
Bitcoin
$1.5B minting volume 90%
$1.4B Zora
80% Polygon
$1.2B Solana
70%
Aptos

Percent of Minting Volume

$1.0B Ethereum
60%
Minting Volume

Base
$800.0M
$800M 50%

$600.0M

$400.0M
40%

30% 97%
of minting

volume

20% is Base
$200.0M
<$200M 10%

$0.0 0%
Jan 2021 Jan 2022 Jan 2023 Jan 2024 Jan 2025 Jan 2021 Jan 2022 Jan 2023 Jan 2024

As of Dec 6, 2024. Data sources: Allium, Flipside

 2024 DeveloperReport.com 131

Minting wallets grew to 67M in 2024, with most minting on

Solana (57%), Polygon (24%) and Base (13%)
Unique NFT minters by chain Distribution of NFT minters by chain
24.0 Feb 2024 100% 0.7% Ethereum
22.0
All-time high
Aptos
$23M minting wallets 90% 4.7% Bitcoin
Zora
20.0
80% 12.9%Ethereum
Base
18.0 Zora
70%
16.0 Base
24.4%Polygon
Polygon

Percent of Minters
Minters (millions)

14.0 60%
57.2%Solana
Solana
12.0 50%

10.0 40%
8.0
30%
6.0
20%
4.0 Jan 2023
600K minting

2.0 wallets 10%

0.0 0%
Jan 2021 Jan 2022 Jan 2023 Jan 2024 Jan 2025 Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data sources: Allium, Flipside

 2024 DeveloperReport.com 132

Minting transactions grew from 153M in 2023 to 568M in

2024, with most activity on Solana (64%) and Base (26%)
NFT minting transactions by chain Distribution of NFT minting transactions by chain
140.0 100%
130.0 Feb 2024
2.4% Bitcoin
Zora
90%
120.0 All-time high

$131M minting transactions

6.9% Aptos
Polygon
80% Ethereum
110.0
Zora
100.0

Percent of Minting Transactions

26.4%Polygon
Minting Transactions (millions)

70% Base
90.0
80.0
60% 63.6%Base
Solana
Solana
70.0 50%
60.0
40%
50.0
40.0 30%

30.0 20%
20.0
10%
10.0
0.0 0%
Jan 2021 Jan 2022 Jan 2023 Jan 2024 Jan 2025 Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data sources: Allium, Flipside

 2024 DeveloperReport.com 133

The most minted NFTs go beyond art in 2024: top NFT

collections include art, finance, rewards, identity,
gaming, & more…


Top minting volume Top minting txn volume Top minter count
# NFT Name Category # NFT Name Category # NFT Name Category

1 Slipstream Position NFT v1 BASE DeFi Utility 1 Piggybox Polygon Reward & Loyalty 1 Piggybox POL Rewards

2 Pandora ETH ERC-404 2 Duo SOL Collectible 2 Realm ID POL DID

3 Pancake V3 Positions NFT-V1 ETH DeFi Utility 3 Layer3 CUBE Base Credentials 3 CyberSoul POL

4 Fluid Vault ETH DeFi Utility 4 Anichess Orb of Power POL Gaming 4 Blocklords Heroes BASE Gaming

5 Bond NFT ETH DeFi Utility 5 TENSOR.CREDIT REWARD SOL Rewards 5 Blocklords House BASE Gaming

Data source: Allium

 2024 DeveloperReport.com 134

NFT trading activity continues: 300K+ wallets a month trade

NFTs & diversified from OpenSea to Magic Eden & Tensor
Unique NFT traders by marketplace 300K+ wallets traded
Distribution of NFT traders by marketplace
NFTs every month in 2024
1,200,000 100%

1,100,000
tofuNFT
90%
dew.gg
1,000,000
80% Element
900,000 MOOAR
70% Magic Eden, Others
800,000 Tensor

53%
OKX

Percent of Traders
700,000 60%
Blur
Traders

600,000 50% Tensor

of wallets
500,000 40% Magic Eden
400,000
OpenSea
30%
300,000 OpenSea

30%
20%
200,000

100,000 10%

0 0%
Jan 2021 Jan 2022 Jan 2023 Jan 2024 Jan 2025 Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data sources: Allium

 2024 DeveloperReport.com 135

Where does NFT activity

happen around the world?
 2024 DeveloperReport.com 136

NFT minting activity peaks late in the North and South

American workday, and early in the Asian workday
Hourly distribution of all NFT minting throughout a typical day
5.0% Minting increase

4.8%

4.6% London

New York
4.4%
Percent of Minting

4.2% Hong Kong

4.0%

3.8%

3.6%
Minting increase
3.4%

3.2%
Hong Kong: Workday Hours (9AM - 5PM) Workday Hours
London: Workday Hours (9AM - 5PM)
New York: Workday Hours (9AM - 5PM) Non-Workday Hours

Data source: Allium

 2024 DeveloperReport.com 137

NFT minting activity happens during the workdays of

different parts of the world depending on chain
Hourly distribution of NFT minting on different chains throughout a typical day
Ethereum
Ethereum
peak Solana
6.0%
Bitcoin
London
Polygon
5.5%
Ethereum Zora
New York
Polygon peak peak
Solana
Base
Base peak
Percent of Minting

5.0% peak Zora peak Solana

Hong Kong peak

4.5%
Bitcoin

small

4.0% increase

3.5%

3.0%
Hong Kong: Workday Hours (9AM - 5PM) Workday Hours
London: Workday Hours (9AM - 5PM)
New York: Workday Hours (9AM - 5PM) Non-Workday Hours

Data source: Allium

 2024 DeveloperReport.com 138

NFT trading activity peaks during the North and South

America workday
Hourly distribution of all NFT trading throughout a typical day

5.0%

4.8%
London
4.6%
New York
Percent of Trading

4.4%
Hong Kong

4.2%

4.0%

3.8%

3.6% Trading peaks

3.4%
Hong Kong: Workday Hours (9AM - 5PM) Workday Hours
London: Workday Hours (9AM - 5PM)
New York: Workday Hours (9AM - 5PM) Non-Workday Hours

Data source: Allium

 2024 DeveloperReport.com 139

NFT trading activity happens during the workdays of

different parts of the world depending on chain
Hourly distribution of NFT trading on different chains throughout a typical day
6.0% Ethereum
Bitcoin increases again Bitcoin
5.5% Base
London Solana
5.0% Polygon
New York
Zora
Percent of Trading

4.5%
Hong Kong

4.0% Zora peak

3.5%

3.0% Base, Solana, Bitcoin peak

2.5%

Hong Kong: Workday Hours (9AM - 5PM) Workday Hours

London: Workday Hours (9AM - 5PM)
New York: Workday Hours (9AM - 5PM) Non-Workday Hours

Data source: Allium

 2024 DeveloperReport.com 140

Visit nftpulse.org to learn more about the trading data.

www.nftpulse.org
 2024 DeveloperReport.com 141

03 I Use cases

DeFi
DeFi TVL and usage grows outside Ethereum mainnet
 2024 DeveloperReport.com 142

DeFi:
Ethereum mainnet leads in TVL with 7x more TVL than Solana,
the next largest competitor.
key takeaways
Ethereum mainnet DeFi continues to innovate: Re-staking
emerged in 2023 and grew to $30.6B this year. Re-staking is the 4th
biggest sector by TVL and the largest new sector in DeFi.

EigenLayer invented the re-staking sector and grew developers

more than 2x in 2024. 53% of EigenLayer developers are
Established and 39% are Full-time, demonstrating a high share of
committed devs.

Solana leads in Decentralized Exchange transactions. 81% of

DEX transactions are on Solana.

Ethereum mainnet is #2 by DEX transactions. Ethereum mainnet

and its L2s together settle the most DEX volume, ~2x more than

Solana, the next biggest chain.

 2024 DeveloperReport.com 143

3,532 monthly active developers work in DeFi, growing

26% per year since DeFi summer
DeFi monthly active developers
5,500 Nov 2024

5,000

4,500
3,546
developers

4,000

3,500
Developers

3,000 June 2020

DeFi Summer
2,500

2,000
1,238
1,500 developers
+26%
annualized
1,000

500

0
Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 144

DeFi developers fell 5% over 2024, consistent with the

overall drop in crypto developers
DeFi monthly active developers
5,500

5,000

4,500 Nov 2023

3,745 Nov 2024
4,000 3,546

3,500
Developers

3,000

2,500
-5%
-199 devs

2,000

1,500

1,000

500

0
Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 145

Established developers grew by 25%

DeFi developers are committed: 2,097 or 59% are Established developers who have worked in DeFi for 2+ years

DeFi monthly active developers by tenure

Nov 2023 Nov 2024
3,500
Newcomer
Emerging
3,000 Newcomers
Established
<1 year in crypto

Emerging

2,500 1-2 years in crypto

Established
Established
2,097
+25%
2+ years in crypto

2,000
Developers

+424 devs

1,500 1,673
Newcomers

-5%
1,078
1,000
942 -52 devs
994

500 Emerging
507

0
-53%
-571 devs
Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 146

One-time, Part-time, and Full-time developers all fell in 2024

DeFi monthly active developers by frequency of activity

Nov 2023 Nov 2024
2,800
One-time
2,600
Part-time
2,400 One-time

Active one day


Full-time
2,200 per month
Part-time
1,927

-5%
Part-time

2,000
Active fewer than 
 1,833
1,800 10 days per month
-94 devs
Full-time

1,600
Developers

Active for 10 or more


1,341 Full-time
days per month

-5%
1,400
1,277
1,200

-54 devs
1,000

800
One-time
600

-9%
477

400 436

200 -41 devs

0
Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 147

300+ new developers explore DeFi every month

DeFi new developers

1,000

900

800

700

300+ new devs

600 explored DeFi every

Developers

month in 2024
500

400

300

200

100

0
Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024
 2024 DeveloperReport.com 148

53% of DeFi developers work on Ethereum and its L2s

Distribution of developers in crypto ecosystems (150+ developers)

100%

Bitcoin
90%
Polkadot Network

80% BNB Chain

Polygon
70%
Cosmos Network

60%
Solana
Developers

Ethereum
50%

40%

30%

20%
53%
DeFi developers

work on Ethereum

10% and Ethereum L2s

0%
Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024

Share is filtered to only ecosystems with over 150 monthly DeFi developers.
 2024 DeveloperReport.com 149

How has DeFi adoption

changed in 2024?
Let’s start with TVL
 2024 DeveloperReport.com 150

Total value of onchain capital locked in DeFi (TVL) grew 89% in 2024, beating
growth of the total crypto market appreciation & ETH asset appreciation
2024 year-to-date growth of different crypto asset categories
110%
+107%
BTCBiPrice
tcoin
Growth, 2024
BTC Total TVL

+89%
100%
CMC Total CMC
90%
TVL ETH Price
80% Total Val. Lock
ETH Growth, 2024

+75%
70%
Percent Growth

60%

50% Crypto Market

Cap, 2024

+34%
40%

30%

20% Ethereum
Growth, 2024
10%

0%

Jan 2024 Apr 2024 Jul 2024 Oct 2024

Total Value Locked (TVL) refers to on chain capital locked in decentralized finance protocols. Data sources: DefiLlama, CoinGecko
 2024 DeveloperReport.com 151

Ethereum TVL dominates: Ethereum TVL is 7x bigger

than that of the next biggest chain
$16B
TVL by chain (with at least $100M TVL)
$200B Nov 2024
Solana TVL Optimism
$180B Polygon
Hyperliquid
$160B
Avalanche
$140B Sui
Aptos
$120B
Arbitrum
TVL

$100B Base
Bitcoin
$80B
BNB

$116B
$60B TRON
Others
$40B
Solana
Ethereum

$20B mainnet TVL Ethereum

$0
Jan 2021 Jan 2022 Jan 2023 Jan 2024

Assets used on multiple protocols or chains are counted for each protocol and chain. Data sources: DefiLlama
 2024 DeveloperReport.com 152

Ethereum has been home to 64%+ of total TVL since 2022

Distribution of TVL by chain (with at least $100M TVL)

100%

Optimism
90%
Polygon

80% Hyperliquid
Avalanche
70%
Sui

60%
Aptos
Percent of TVL

Ethereum maintains 64% of TVL

share. Solana, TRON, and BNB make

Arbitrum
50% up 17% of share and are the next

Base
largest chains by TVL.
Bitcoin
40%
BNB
30% TRON
Others
20%
Solana
10% Ethereum

0%
Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data source: DefiLlama

 2024 DeveloperReport.com 153

TVL on non-Ethereum chains has pushed from 3%

market share to 36% share in 3 years
Distribution of TVL by chain (with at least $100M TVL)
100%

Optimism
90%
Polygon

80% Hyperliquid
Avalanche
70%
Sui
Jan 2021

3.3%
60%
Aptos
Percent of TVL

Nov 2024 Arbitrum

50%

40%
share of TVL

on chains 

outside

of Ethereum
36%
share of TVL

Base
Bitcoin

on chains
BNB
30% outside of

TRON
Ethereum
Others
20%
Solana
10% Ethereum

0%
Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data source: DefiLlama

 2024 DeveloperReport.com 154

Let’s look at TVL share outside

of Ethereum
 2024 DeveloperReport.com 155

Solana grew the largest share of onchain capital

outside of Ethereum, jumping from 3% to 25%
Distribution of TVL by chain (with at least $100M TVL, excluding Ethereum)
100%

Optimism
90%
Polygon

80% Hyperliquid
Avalanche
70%
Sui

60%
Aptos
Percent of TVL

Arbitrum
50%
Base
before surging back in 2024 to 25%
Bitcoin
40%
BNB
30% Solana TVL broke out in late 2021 / early
TRON
2022 but shrank significantly in 2023 to 3%...
Others
20%
Solana
10%

0%
Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data source: DefiLlama

 2024 DeveloperReport.com 156

Tron and BNB are #2 with 11% share of TVL while Bitcoin, Base, Aptos, Sui and
Hyperliquid have seen explosive growth into the top chains

Distribution of TVL by chain (with at least $100M TVL, excluding Ethereum) Aptos, Sui, Hyperliquid, Base, Bitcoin

now all have $1B+ TVL each

100%

Optimism
90%
Polygon

80% Hyperliquid
Avalanche
70%
Sui

60%
Aptos
BNB has owned 75-85% of the non-ETH

Percent of TVL

market but has dropped to 3rd at 11% Arbitrum

50%
Base
Bitcoin
40%
Tron in 2023 peaked at 37% of the non-ETH
BNB
market before collapsing to 11% in 2024.
30% TRON
Others
20%
Solana
10%

0%
Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data source: DefiLlama

 2024 DeveloperReport.com 157

What has been driving 


TVL growth?
Let’s categorize TVL growth by project type
 2024 DeveloperReport.com 158

We can categorize all DeFi projects by type

Lending
Lending
DEX
DEX
Other
Derivatives
Restaking

AAVE V3
MANTRA DAO
Uniswap V3
Stargate V1
Tornado Cash
Jupiter Perpetual Exch.
EigenLayer

JustLend
Echelon Market
Curve DEX
Katana DEX
UNCX Network V2
Hyperliquid Perp
Symbiotic

Spark
Meso Finance
Uniswap V2
Meteora DLMM
Lightning Network
Drift Trade
Swell L2 Farm

Venus Core Pool

Thorchain Lending
PancakeSwap AMM
Chainge Finance
Pencils Protocol
GMX V2 Perps
Karak

Compound V3
TermFinance
Raydium
Synapse
PinkSale
Synthetix
Pell Network

Morpho Blue
Morpho AaveV3
Balancer V2
Hyperliquid Spot
Nexus Mutual
dYdX V4
Solayer
Kamino Lend
Nostra Money Market
Aerodrome V1
Agni Finance
DeSyn Liquid Strategy
dYdX V3

AAVE V2
Colend Protocol
Aerodrome Slipstream
Velodrome V2
MorpheusAI
GMX V1

Compound V2
INIT Capital
PancakeSwap AMM V3
Tokan Exchange
Polymarket
ApeX

SUNSwap V1
Elixir
Enzyme Finance
Pro
RWA - Credit

Fluid
Fraxlend
Stargate V2
Ambient
Flexa
Wasabi
Maple

Avalon Finance
Venus Isolated Pools
Orca
Ekubo
AILayer farm
Vertex
Centrifuge

Aries Markets
Silo Finance
PulseX V1
Osmosis DEX
Team Finance
PerpsdHEDGE
Goldfinch
ZeroLend
Ionic Protocol
Thorchain
Camelot V3
Bwatch

Benqi Lending
Iron Bank
SUNSwap V2
Meteora pools
Index Coop

NAVI Lending
Mendi Finance
STON.fi
Merchant Moe Liq. Book
Aera
Yield

Yei Finance
MoneyOnChain
Cetus AMM
Cellana Finance
DxSale
Contango V2Extra
Save
Hatom Lending
SUN Swap V3
Thala
Set Protocol
FinanceJuice
marginfi Lending
UwU Lend
Stablecoins
FinanceGearbox
Sanctum Infinity
SwapRef Finance
Parasail MakerDAO

Liquity
EOS REX
VVS Standard
Sync
JustStables

LayerBank
Flux Finance
SushiSwap
Swap
Reserve Protocol
Basis

Scallop Lend
Dolomite
DeDust
Quickswap V3
lisUSD
Overnight USD+

Moonwell
Curve LlamaLend
Thruster V3
Minswap
Mento
Ethena
Suilend
Seamless Protocol
Across Rho Markets
Particle DUO

Burrow
Onyx V2
Aftermath AMM
crvUSD

Tectonic
Morpho Aave
Joe V2.2 sDAI
Treasuries

Radiant V2 Orby Network Thala CDP Treasuries Sum

 2024 DeveloperReport.com 159

Restaking is a new category that grew $29B TVL in the

last year
TVL by DeFi category
Ecosystem Jan 1 2024 TVL Current TVL YTD Growth Year created

Lending $29,833,855,427 $61,361,969,132 105.68% 2017

LST $31,452,593,072 $59,221,573,266 88.29% 2020

Restaking $1,595,819,775 $30,615,348,880 1,818.47 2023

DEX $10,720,110,893 $19,309,016,896 80.12% 2014

Yield $4,065,325,289 $12,453,163,690 206.33% 2020

Stablecoins $7,508,829,805 $8,237,151,783 9.70% 2013

Derivatives $2,051,422,925 $8,002,443,966 290.09% 2021

Other $2,065,010,459 $3,907,335,118 89.22% -

RWA - Credit $431,075,242 $387,086,024 -10.20% 2021

Basis $113,915,854 $3,279,838,335 2,779.18% 2023

Data source: DefiLlama

 2024 DeveloperReport.com 160

Let’s look at restaking through

Liquid Restaking Tokens (LRTs)
How do people use LRTs?
 2024 DeveloperReport.com 161

LRTs grew to 3.5M+ ETH over the course of 2024

LRT supply by protocol

Swell
3,500,000 Kelp
Puffer
3,000,000 Renzo
Eigenpie
2,500,000 Etherfi
Tokens

2,000,000

1,500,000

Etherfi has the largest share

1,000,000 of the LRT supply

500,000

0
Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024

Data source: Tokenflow

 2024 DeveloperReport.com 162

46% of LRTs are used as productive assets in DeFi

Distribution of LRT supply used in DeFi activities
100%
DeFi
90%
Dec 2024 Other
80%

70%
46%
LRT supply

growth
Percent of Supply

60%

50%

40%

30%

20%

10%

0%
Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024

Data source: Tokenflow

 2024 DeveloperReport.com 163

Money markets, yield, interest rate derivatives, and

bridges are the largest LRT destinations within DeFi
LRT supply by DeFi activity
2,800,000
2,600,000 Privacy
2,400,000 Stablecoins
DEXs
2,200,000
Restaking
2,000,000
Derivative
1,800,000
Bridges
1,600,000
Yield
Tokens

1,400,000 Money Markets

1,200,000
1,000,000
Money Markets has the largest

800,000 share of the LRT desitinations

600,000
400,000
200,000
0
Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024

Categories custom to Electric Capital. Data source: Tokenflow

 2024 DeveloperReport.com 164

EigenLayer led to the creation of

LRTs as a sector
How is the EigenLayer developer ecosystem doing?
 2024 DeveloperReport.com 165

252 monthly active developers work on EigenLayer and

its Actively Validated Services (AVS)
EigenLayer monthly active developers
280
260
240
220
200
Nov 2024

252
180
160
Developers

140
monthly active
120 developers
100
80
60
40
20
0
Apr 2023 Jul 2023 Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024
 2024 DeveloperReport.com 166

39% of EigenLayer ecosystem developers are Full-time

EigenLayer monthly active developers by frequency of activity

121
140 ParOne-time
Nov 2024 t-time
130
Part-time
One-time

120 Active one day
 Full-time

Developers
per month
110
Part-time
Full-time
100

99
Active fewer than 

10 days per month
90
Full-time

80 Active for 10 or more
 Developers

Developers

days per month

70
60
50
40 One-time
30
20
32
Developers
10
0
Apr 2023 Jul 2023 Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024
 2024 DeveloperReport.com 167

Over half of EigenLayer ecosystem developers are

Established, working in the ecosystem for 2+ years
EigenLayer monthly active developers by tenure
160 Nov 2024
Newcomer
Established
Emerging
140 Newcomers

<1 year in crypto 135

Established
developers
120 Emerging

1-2 years in crypto

Established

100 2+ years in crypto

Newcomers

87
Developers

80
developers
60

40 Emerging

20
30
developers

0
Apr 2023 Jul 2023 Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024
 2024 DeveloperReport.com 168

Decentralized Lending & Decentralized Exchanges (DEXs)

launched 6+ years ago & grew 80%+ in 2024
TVL by DeFi category
Ecosystem Jan 1 2024 TVL Current TVL YTD Growth Year created

Lending $29,833,855,427 $61,361,969,132 105.68% 2017

LST $31,452,593,072 $59,221,573,266 88.29% 2020

Restaking $1,595,819,775 $30,615,348,880 1,818.47 2023

DEX $10,720,110,893 $19,309,016,896 80.12% 2014

Yield $4,065,325,289 $12,453,163,690 206.33% 2020

Stablecoins $7,508,829,805 $8,237,151,783 9.70% 2013

Derivatives $2,051,422,925 $8,002,443,966 290.09% 2021

Other $2,065,010,459 $3,907,335,118 89.22% -

RWA - Credit $431,075,242 $387,086,024 -10.20% 2021

Basis $113,915,854 $3,279,838,335 2,779.18% 2023

 2024 DeveloperReport.com 169

But TVL isn’t the only metric we

should look at
Lending has 3x more TVL than DEXs – does that
mean it has more usage?
 2024 DeveloperReport.com 170

DEXs have more unique addresses transacting even

though Lending has more TVL
Unique wallet addresses used in DEX and lending transactions
1.0
Lending
0.9
DEX
DEX’s vs Lending: Uniswap had 72x unique

0.8 address interactions vs Aave in 2024

0.7
Wallet Addresses (millions)

0.6

0.5

0.4

0.3

0.2

0.1

0.0
Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data source: Allium

 2024 DeveloperReport.com 171

DEX volume almost doubled in 2024 to $209B a month

Monthly DEX transaction volume by chain
$300B Oct
2024

$209B
$280B Fantom
$260B Blast
$240B Scroll
$220B Jan Optimism
2024

$115
$200B
TRON
Transaction Volume

$180B
Avalanche
$160B
Polygon
$140B
$120B Arbitrum
$100B BNB Chain
$80B Base
$60B Ethereum
$40B Solana
$20B
$0
Jan 2024 Apr 2024 Jul 2024 Oct 2024

Data source: Allium

 2024 DeveloperReport.com 172

Solana & Ethereum settle $568B+ each, more than 2x

the next biggest chain by DEX volume
Total DEX transaction volume by chain (Jan - Oct 2024)

$550B

$500B Most volume from DEXs settle

on Solana with $574B in 2024, and

$450B Ethereum close behind at $568B

$400B
Transaction Volume

$350B

$300B

$250B

$200B

$150B

$100B

$50B
a

ain

se

he

ll

m
m

ism

as

ro
lan

to
u

tru

Ba

nc
yg

Sc
Ch

Bl
re

TR
im

n
So

bi

ala
he

Fa
Po

pt
B

Ar
Et

BN

Av

O
Chain

Data source: Allium

 2024 DeveloperReport.com 173

Ethereum and its L2s collectively settled $931B in DEX

transaction volume
Total DEX transaction volume by chain (Jan - Oct 2024)

$550B

$500B

$450B
Ethereum and its top L2s settled

$400B
$931B in volume in 2024
Transaction Volume

$350B

$300B

$250B

$200B

$150B

$100B

$50B
a

ain

se

he

ll

m
m

ism

as

ro
lan

to
u

tru

Ba

nc
yg

Sc
Ch

Bl
re

TR
im

n
So

bi

ala
he

Fa
Po

pt
B

Ar
Et

BN

Av

O
Chain

Data source: Allium

 2024 DeveloperReport.com 174

Trades more than tripled over the last year from 188M in
January to 646M in October Oct 2024

Monthly DEX transactions by chain

800.0
646M
transactions
TRON
700.0 Blast
Avalanche
600.0
Scroll
Fantom
Transactions (millions)

500.0
Optimism
Jan 2024

188M
400.0 Polygon
Ethereum
300.0
transactions Arbitrum
200.0 BNB Chain
Base
100.0 Solana

0.0
Jan 2024 Apr 2024 Jul 2024 Oct 2024
 2024 DeveloperReport.com 175

81% of DEX transactions come from Solana

Distribution of monthly DEX transactions by chain
100%
TRON
90%
Blast
80% Avalanche
Scroll
70%
Fantom
Percent of Transactions

60% Optimism
Polygon

81%
Solana is
50% Ethereum
40% Arbitrum
of DEX

BNB Chain
30% Transactions Base
Solana
20%

10%

0%
Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024
 2024 DeveloperReport.com 176

1.7M unique wallets transacted on Solana by the end of

2024, 7x more than the next biggest chain
Unique DEX wallets by chain (excluding insignificant transactions)
Nov 2024

1.7M
1.8
Solana
1.6
Base
unique DEX 
 BNB Chain
wallets on Solana
1.4 Ethereum
Polygon
1.2
Active Wallets (millions)

Arbitrum
1.0
Optimism
Fantom
0.8 TRON
Avalanche
0.6
Scroll
0.4 Blast

0.2

0.0
Jan 2024 Apr 2024 Jul 2024 Oct 2024

We exclude wallets with only 1 tx less than $1 as wallets with “insignificant transactions”.
 2024 DeveloperReport.com 177

Base has the 2nd most number of unique wallets

trading on DEXs outside of Solana
Unique DEX wallets by chain (excluding insignificant transactions and transactions on Solana)
350,000
Nov 2024 Base

300,000
236K
unique DEX wallets

on Base
BNB Chain
Ethereum
Polygon
250,000 Arbitrum
Optimism
Fantom
Active Wallets

200,000
TRON
150,000 Avalanche
Scroll
100,000
Blast

50,000

0
Jan 2024 Apr 2024 Jul 2024 Oct 2024
 2024 DeveloperReport.com 178

Solana & Base are used mostly for small transactions

Solana and Base have the lowest average notional size traded by wallets across chains
Distribution of transaction volumes per wallet by chain (excluding insignificant transactions)
$10K
$9K
$8K
Transaction Volumes per Wallet

$7K
$6K
$5K
$4K
$3K
$2K
$1K
$0
n

e
um

ism
m
hai

n
nch
tom

ana
ON

ygo

e
st

itru

ol
ere

tim
BC

Bas
Bla

Scr

la
Fan

Sol
TR

Arb

Pol
Ava
Eth

Op
BN

Chain
Chain
We exclude wallets with only 1 tx less than $1 as wallets with “insignificant transactions”.
 2024 DeveloperReport.com 179

Ethereum is used for high-value transfers

Ethereum has the highest average notional size traded by wallets across chains
Distribution of transaction volumes per wallet by chain (excluding insignificant transactions)
$10K
$9K
$8K
Transaction Volumes per Wallet

$7K
$6K
$5K
$4K
$3K
$2K
$1K
$0
n

e
um

ism
m
hai

n
nch
tom

ana
ON

ygo

e
st

itru

ol
ere

tim
BC

Bas
Bla

Scr

la
Fan

Sol
TR

Arb

Pol
Ava
Eth

Op
BN

Chain
 2024 DeveloperReport.com 180

Where do DEX transactions

happen around the world?
 2024 DeveloperReport.com 181

DEX transactions are distributed globally, with a small bump

in activity during North and South American workday hours
Hourly distribution of all DEX transactions throughout a typical day
5.0%

4.8%

4.6% London
Percent of DEX transactions

New York
4.4%
Hong Kong
4.2%

4.0%
DEX transaction increase
3.8%

3.6%

3.4%
Hong Kong: Workday Hours (9AM - 5PM) Workday Hours
London: Workday Hours (9AM - 5PM)
New York: Workday Hours (9AM - 5PM) Non-Workday Hours
 2024 DeveloperReport.com 182

Global activity varies by chain: Ethereum and Solana have the

most evenly distributed global usage
Hourly distribution of all DEX transactions on different chains throughout a typical day
Solana
5.5% Ethereum
Base
London
Optimism
5.0%
Avalanche
Percent of DEX transactions

New York
Blast
4.5% Polygon
Hong Kong

BNB Chain
4.0% Arbitrum
Scroll
TRON
3.5%

3.0%

Hong Kong: Workday Hours (9AM - 5PM) Workday Hours

London: Workday Hours (9AM - 5PM)
New York: Workday Hours (9AM - 5PM) Non-Workday Hours

Data source: Allium

 2024 DeveloperReport.com 183

03 I Use cases

Stablecoins
Stablecoin usage is at an all-time high
 2024 DeveloperReport.com 184

Stablecoins:
Stablecoins usage is at an all-time high: $196B stablecoins

are in circulation and $81B in volume is transacted per day,

key takeaways
the most in its history.

Ethereum is the #1 supplier of stablecoins—59% of

stablecoins are on Ethereum.

$90B in US Treasuries are held by fiat-backed stablecoins.

This is more US treasury holdings than Germany, Mexico, or

the Netherlands.
 2024 DeveloperReport.com 185

$196B in stablecoins are in circulation – an all time high

Dec 2024

All-time high
Circulating supply by token

$180B
$196B
in stablecoins
LUSD

in circulation USDP
$160B
GHO
BUSD
$140B
DOLA
Stablecoins in circulation

$120B PYUSD
FRAX
$100B
CRVUSD
$80B DAI
USDE
$60B
FDUSD

$40B
USDC
USDT
$20B

$0
Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data source: Allium

 2024 DeveloperReport.com 186

Tether is the most issued stablecoin at 72% - USDC is

second at 20%

Distribution of circulating supply by token

100%

LUSD

20%
90%
USDP

80% GHO
of circulating
BUSD
70% stablecoin is 

DOLA
Percent of Total Issuance

USDC

60%
PYUSD
FRAX
50%
CRVUSD

40%

30%
72%
of circulating

DAI
USDE
FDUSD
stablecoin is 

Tether USDC
20%
USDT
10%

0%
Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data source: Allium

 2024 DeveloperReport.com 187

Ethereum is the #1 ecosystem for stablecoins: 59% of

stablecoins are issued onto Ethereum
Distribution of circulating supply by chain
100%

Polygon
90%
Optimism

80% Avalanche
BNB Chain
70%
Base
Percent of Total Issuance

60%
Arbitrum
Solana
50%
TRON

59%
Ethereum
40%

30%
of circulating

stablecoin supply

20%
lives on Ethereum

10%

0%
Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data source: Allium

 2024 DeveloperReport.com 188

35% of stablecoins are issued onto TRON

Distribution of circulating supply by chain

100%

Polygon
90%
Optimism

80%

70%
35%
of circulating

Avalanche
BNB Chain
Base
Percent of Total Issuance

stablecoin supply

lives on TRON Arbitrum

60%
Solana
50%
TRON
Ethereum
40%

30%

20%

10%

0%
Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data source: Allium

 2024 DeveloperReport.com 189

Daily transaction volume is at an all-time high ($81B),

with USDC & USDT capturing more than 95% of volume
Transaction volume by token

$80.0B
LUSD
Dec 2024
DOLA

$81B
$70.0B
USDP
CRVUSD
$60.0B daily stablecoin

transaction
FRAX
volume
Transaction Volume

GHO
$50.0B
BUSD

$40.0B PYUSD
FDUSD
$30.0B USDE
DAI
$20.0B
USDT
USDC
$10.0B

$0.0
Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024

Daily volume is 7 day trailing average. Data source: Allium

 2024 DeveloperReport.com 190

Transaction sizes are diverse; for most tokens the

median is <$100
Distribution of value transferred in stablecoin transactions for different tokens (Aug 1 to Oct 31 2024)
$10,000
Distribution of Value Transferred (log scale)

$1,000

$100

$10

$1

$0.1

$0.01

$0.001
SD

SD

DC

DT

AX

SD

SD

DE

SD
DA

D
L

US
GH
DO
US

US
FR

US
CU

BU

LU

VU
US

PY

FD

CR
Token

Data source: Allium

 2024 DeveloperReport.com 191

Where do stablecoin transactions

happen around the world?
 2024 DeveloperReport.com 192

Stablecoin transactions are always active, but increase

2-3% during Asian, European, & African working hours
Hourly distribution of stablecoin transactions throughout a typical day

6.0%

5.5%
London
5.0%
New York
Percent of Transactions

4.5%
Hong Kong

4.0%

3.5%

3.0% Stablecoin

transaction peak
2.5%

2.0%
Hong Kong: Workday Hours (9AM - 5PM) Workday Hours
London: Workday Hours (9AM - 5PM)
New York: Workday Hours (9AM - 5PM) Non-Workday Hours
 2024 DeveloperReport.com 193

Stablecoin transaction volume peaks during European

and African working hours
Hourly distribution of stablecoin transaction volume throughout a typical day

5.5%

London
5.0%
Percent of Transaction Volume

New York

4.5%
Hong Kong

4.0%

3.5%
Stablecoin

transaction volume peak

3.0%

2.5%
Hong Kong: Workday Hours (9AM - 5PM) Workday Hours
London: Workday Hours (9AM - 5PM)
New York: Workday Hours (9AM - 5PM) Non-Workday Hours
 2024 DeveloperReport.com 194

Visit stablepulse.org to learn more about the trading data.

www.stablepulse.org
 2024 DeveloperReport.com 195

Stablecoins are major US treasury holders: Fiat-backed

stablecoins hold more treasuries than Germany
US treasury holdings by different market participants
$1,100B

$1,000B

$900B

$800B

$700B
Holdings

$600B Fiat-backed stablecoins hold $90B in

US treasuries. Germany holds $87B.

$500B

$400B

$300B

$200B
$90B
$100B

$0
Japan

China

Canada

Ireland

Taiwan

India

Brazil
Belgium

France

Saudi Arabia

Norway

Mexico
United Kingdom

Luxembourg

Cayman Islands

Switzerland

Berkshire Hathaway

Hong Kong

Singapore

Bermuda
South Korea

Stablecoins

Germany

Netherlands
Source: US Treasury Data
 2024 DeveloperReport.com 196

Stablecoins brought $180B+ dollars on chain

Circulating supply by backing type

$180B Decentralized
Hybrid
$160B
Fiat

$140B

$120B
Issuance

$100B

$80B

$60B

$40B

$20B

$0
Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024

Data source: Allium

 2024 DeveloperReport.com 197

ETFs opened a new avenue for

off-chain capital to enter crypto
Let’s take a look at ETFs
 2024 DeveloperReport.com 198

03 I Use cases

ETFs
Bitcoin & Ethereum ETFs are among top performing ETFs
 2024 DeveloperReport.com 199

ETFs:
Bitcoin ETFs rank among the most successful ETFs ever
key takeaways launched. Top 10 Bitcoin ETFs attracted $50B in cumulative
inflows, 2x the cumulative inflows as the Top 10 all-time ETFs
in their first year.
Record-breaking ETF volumes are driven by retail: Retail
holds 79% of Bitcoin ETFs; institutions only hold 21%.
However, institutions have adopted Bitcoin ETFs at a
record pace. In their first 3 quarters after launch, Bitcoin 

ETFs beat other top-performing ETFs in both institutional
AUM & holders.
Ethereum ETFs have attracted $3.5B net inflows and also
beat other top-performing ETFs in both institutional AUM &
holders after the first quarter after launch.
 2024 DeveloperReport.com 200

Off-chain capital wants easy access to onchain assets

Bitocin spot ETFs now hold $108B+ AUM since launching in January

Total assets under management for all Bitcoin ETFs

Dec 2024 DEFI

$108B
$100.0B
BTCW
$90.0B
EZBC
$80.0B under management BTCO
Jan 2024

$30B
BRRR
Assets Under Management

$70.0B
HODL
$60.0B BITB
under management
$50.0B
ARKB
FBTC
$40.0B GBTC
$30.0B IBIT

$20.0B

$10.0B

$0.0
Apr 2024 Jul 2024 Oct 2024

GBTC was launched 2013 and converted into an ETF in 2024. Data source: YCharts
 2024 DeveloperReport.com 201

Bitcoin ETFs attracted $50B+ in net inflows in less than

one year since launch
Cumulative net flows for all Bitcoin ETFs (excluding Grayscale Bitcoin Trust)
$50.0B
Dec 2024 DEFI
$45.0B

$40.0B $50B
Net inflows
BTCW
BTCO
EZBC
$35.0B BRRR
Cumulative Net Flows

$30.0B
HODL
BITB
$25.0B ARKB
FBTC
$20.0B
IBIT
$15.0B
BTC ETFs

Launch
$10.0B

$5.0B

$0.0
Jan 2024 Apr 2024 Jul 2024 Oct 2024

GBTC experienced -$20B in net outflows after it converted to ETF in 2024. Data source: etf.com
 2024 DeveloperReport.com 202

Bitcoin ETFs set historic records, and are among the

most successful ETF launches since 2022
First year of cumulative net flows for the top performing Bitcoin ETFs against the top performing ETFs since 2022
Day 330 IBIT
$30.0B
$28.0B
$26.0B
IBIT attracted 16x as many inflows as the

average for top ETFs launched since 2022; 


FBTC attracted 5x as many
$32B IBIT cumulative
net inflow
FBTC
JGLO
$24.0B DFIC
$22.0B ARKB
JEPQ
Cumulative Net Flows

$20.0B
$18.0B BITB
DUHP
$11B
$16.0B
FBTC cumulative
$14.0B net inflow CGDV
$12.0B CGGR
$10.0B TBIL
$8.0B

$2B
$6.0B ETF average
$4.0B by day 330
$2.0B
$0.0
0 50 100 150 200 250 300 350

Days since inception

Data source: etf.com
 2024 DeveloperReport.com 203

Bitcoin ETFs surpass three-year growth of nearly all

historic top performers in just one year
First three years of cumulative net flows for the top performing Bitcoin ETFs against the top performing ETFs of all time
Day 330 IBIT
$30.0B
$28.0B
JEPI
$26.0B
FBTC
IBIT and FBTC have more net inflows 

$24.0B by Day 330 than all other top performing 
 JPST
ETFs did 3 years into launch, except JEPI
$22.0B GLD
VOO
Cumulative Net Flows

$20.0B
$18.0B IEMG
$16.0B XLC
$14.0B BBEU
$12.0B BBJP
$10.0B TBT
$8.0B BKLN
$6.0B ARKB
$4.0B
BITB
$2.0B
$0.0
0 200 400 600 800 1,000

Days since inception

Data source: etf.com
 2024 DeveloperReport.com 204

Who owns BTC spot ETFs?

 2024 DeveloperReport.com 205

Retail investors dominate Bitcoin ETF ownership,

holding 68%+ of the largest ETFs
Institutional vs.retail holdings of Bitcoin ETFs as of Q3 2024 Institutional vs.retail holdings of Bitcoin ETFs as of Q3 2024
100%
$22.0B Retail
90%
$20.0B Institution
$18.0B 80%

$16.0B 70%

Percent of Holdings Value

$14.0B 60%
Holdings Value

$12.0B
50%
$10.0B Institutions hold <32% of top Bitcoin ETFs
40%
$8.0B
30%
$6.0B

$4.0B 20%

$2.0B 10%

$0.0 0%
BITB Other ARKB FBTC GBTC IBIT BITB Other ARKB FBTC GBTC IBIT
ETF Symbol ETF Symbol
Data as of 9/30/2024. Institutional AUM is the sum of each ETF AUM reported on 13Fs. Number of of institutional holders is the number of institutions reporting ownership of given ETF on 13Fs. Data source: WhaleWisdom
 2024 DeveloperReport.com 206

However, institutions adopted spot Bitcoin ETFs at a

record pace in terms of dollars and number of holders
13F holdings of top recent ETFs after three quarters (Bitcoin vs. others) 13F holders of top recent ETFs after three quarters (Bitcoin vs. others)
$5.5B 700
Bitcoin ETF
$5.0B 650
Other ETF
Bitcoin ETFs beat other top
600 and holders in the 3 full

$4.5B
performing ETFs in
550 quarters after launch
$4.0B institutional AUM ...
500
$3.5B 450

Institutional Holders
Holdings Value

$3.0B 400
350
$2.5B
300
$2.0B 250
$1.5B 200

$1.0B 150
100
$500.0M
50
$0.0 0
T

LO

DL
TC

TC

KB

IC

DV

PQ

CO
GR

DL
TC

TC

Q
KB

IC

DV

CO

LO
GR
IBI

BIT
DF

IBI

BIT
HO
AR

P
FB

GB
JG

CG
CG

JE

BT

DF

HO
AR
GB

FB

JG
CG
CG
JE

BT
ETF Symbol ETF Symbol

Data as of 9/30/2024. Institutional AUM is the sum of each ETF AUM reported on 13Fs. Number of of institutional holders is the number of institutions reporting ownership of given ETF on 13Fs. Data source: WhaleWisdom
 2024 DeveloperReport.com 207

What about the Ethereum ETFs?

 2024 DeveloperReport.com 208

Ethereum spot ETFs launched in July and now hold

$13B AUM
Dec 2024

$13B
Total assets under management for all Ethereum ETFs
$13.0B
QETH
$12.0B under
management CETH
$11.0B EZET
$10.0B ETHV
$9.0B ETHW
Assets Under Management

$8.0B FETH
$7.0B
ETH
ETHA
$6.0B
ETHE
$5.0B
$4.0B
$3.0B
$2.0B
$1.0B
$0.0
Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024

ETHE was launched 2017 and converted into an ETF in 2024. Data source: YCharts
 2024 DeveloperReport.com 209

Ethereum ETFs attracted $3.5B in net inflows in less

than six months since launch
Cumulative net flows for all Ethereum ETFs (excluding Grayscale Ethereum Trust) Dec 2024

$3.0B
$3.5B
net inflows
CETH
QETH
EZET
$2.5B ETHV
ETH
Cumulative Net Flows

ETHW
$2.0B
FETH
ETHA
$1.5B

$1.0B

$500.0M

$0.0
Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024

Data source: etf.com

 2024 DeveloperReport.com 210

Ethereum ETFs are on pace to be among the most

successful ETF launches since 2022
First year of cumulative net flows for the top performing Ethereum ETFs against the top performing ETFs since 2022
Day 120 JGLO
$3.0B
DFIC
JEPQ

PR E VI E W O N LY
$2.5B DUHP
ETHA

$1.7B
ETHA attracted more inflows in its first
CGDV
Cumulative Net Flows

$2.0B ETHA cumulative 120 days than many top performing 


net inflow ETFs did in their first year CGGR
TBIL
$1.5B
FETH
ETHW
$1.0B
$680M FETH cumulative
net inflow ETH

$500.0M

$370M ETHW & ETH cumulative

net inflow
$0.0
0 50 100 150 200 250 300 350

Days since inception

Data source: etf.com
 2024 DeveloperReport.com 211

Retail investors dominate Ethereum ETF ownership,

holding 70%+ of the largest ETFs
Institutional vs.retail holdings of Ethereum ETFs as of Q3 2024 Institutional vs.retail holdings of Ethereum ETFs as of Q3 2024
100%

$4.0B Retail
90%
Institution
$3.5B
80%

$3.0B 70%

Percent of Holdings Value

Holdings Value

$2.5B 60%

50%
$2.0B

40% Institutions hold <30% of top Ethereum ETFs

$1.5B

30%
$1.0B
20%

$500.0M
10%

$0.0 0%
Other ETHW FETH ETHA ETH ETHE Other ETHW FETH ETHA ETH ETHE
ETF Symbol ETF Symbol

Data as of 9/30/2024. Institutional AUM is the sum of each ETF AUM reported on 13Fs. Number of of institutional holders is the number of institutions reporting ownership of given ETF on 13Fs. Data source: WhaleWisdom
 2024 DeveloperReport.com 212

However, Ethereum ETFs had a standout first quarter as

compared to other recently launched ETFs
13F holders of top recent ETFs after one quarter (Ethereum vs. others) 13F holders of top recent ETFs after one quarter (Ethereum vs. others)
300
$800.0M Ethereum ETF
280
Other ETF
260
$700.0M
240
Ethereum ETFs are among top performing
Ethereum ETFs beat other top performing

$600.0M ETFS by holdings value one quarter

220 ETFs in institutional holders in the

after launch one quarter after launch

200

Institutional Holders
Holdings Value

$500.0M 180

160
$400.0M
140

120
$300.0M
100

80
$200.0M
60

$100.0M 40

20
$0.0 0
JGLO ETH FETH ETHA DFIC JEPQ CGDV CGGR ETHW ETHV ETH ETHA FETH JEPQ ETHW CGDV CGGR DFIC ETHV JGLO
ETF Symbol ETF Symbol

Data as of 9/30/2024. Institutional AUM is the sum of each ETF AUM reported on 13Fs. Number of of institutional holders is the number of institutions reporting ownership of given ETF on 13Fs. Data source: WhaleWisdom
 2024 DeveloperReport.com 213

What does the future hold for

crypto ETFs?
 2024 DeveloperReport.com 214

The top crypto ETFs are outpacing the top all-time ETFs
The top crypto ETFs had more than 2x the cumulative inflows as the top all-time ETFs in their first year

First five years of cumulative net flows for the top performing crypto ETFs against the top performing ETFs of all time
$180.0B Day 330 Top 10 crypto ETFs
Top 10 all-time
$160.0B

$140.0B IBIT

FBTC

$120.0B ARKB

Cumulative Net Flows

BITB
JEPI

$100.0B ETHA
GLD

HODL
JPST

$80.0B FETH
VOO

BRRR
IEMG

EZBC
XLC

$52B
$60.0B
BTCO cumulative BBEU

net flows
$40.0B BBJP

TBT

BKLN
$20.0B
$25B cumulative
net flows

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800

Days since inception

Data source: etf.com
 2024 DeveloperReport.com 215

04 I Appendix
 2024 DeveloperReport.com 216

Definitions
Developers: We count original code authors as Emerging Developers: Developers whose first Contract Deployer: Address from which a
developers. This means that a developer who contribution was 366 to 730 days prior to the smart contract is deployed

merges a pull request is not an active developer specified date (1-2 years)

on the project, but the original authors of the Full-time Developers: Contributed code 10+
commits are.
Established Developers: Developers whose days out of a month

first contribution is more than 730 days prior to

Open-source Developers: Developers who the specified date (2+ years)
Part-time Developers: Contributed code fewer
contribute to publicly available source code
than 10 days out of a month

Single-chain Developers: Developers who

Monthly Active Developers: Unique work on a project(s) that supports only one One-time Developers: Contributed code once
developers who committed code at least once in chain
in a rolling 3-month window
the past 28 days

Multi-chain Developers: Developers who

Newcomers: Developers whose first either a) work on a project(s) that supports
contribution was within 365 days of the multiple chains, or b) work on multiple projects,
specified date (less than or equal to 1 year)
supporting more than one chain

 2024 DeveloperReport.com 217

Disclaimer & Disclosures

This Content is for Informational Purposes Only.
Electric Capital makes no representations about the enduring accuracy of
this information, or its appropriateness for a given scenario.

Any content included in this report is informational only and not an offer,
solicitation, or recommendation to buy or sell securities or pursue any Electric Capital may have previously held, currently holds, or will in the future
particular investment strategy, and does not constitute the provision of hold token or equity interests in one or more of the ecosystems or projects
investment advice. Electric Capital Partners, LLC (together with its affiliates, mentioned in this report.

“Electric Capital”) does not provide advice of any kind through this report, its
website, or social media posts. Information in this report or any posts may A non-exhaustive list of past and present investments made by vehicles
not be used or relied upon in evaluating the merits of any investment.
managed by Electric Capital is available here. Excluded from this list are
investments (and certain publicly traded cryptocurrencies or other digital
You should consult your own advisers as to business, financial, tax, legal, or assets) for which the issuer has not provided permission for Electric Capital
other related matters concerning any investment.
to disclose publicly. Electric Capital does not short tokens.

Certain information has been obtained from third-party sources, including Please see https://electriccapital.com/disclosures for additional important
from portfolio companies of funds managed by Electric Capital. Content is as information.
of the date posted and subject to change without notice.
 2024 DeveloperReport.com 218

Contributing to the Report

Finally, one last thank you to all participants in the open-source community. To date, 

we’ve had over 800 contributors, with new participants contributing every year.

Submit a pull request in our GitHub:


github.com/electric-capital/crypto-ecosystems

This data continues to help fuel DeveloperReport.com every year.

See you all next year!

PREVIEW ONLY