Ethereum Remains the Most Popular Blockchain Among Developers in Africa: 2024 Crypto Developer Report

The 2024 Crypto Developer Report by Electric Capital has revealed key insights into the evolving global Web3 development landscape, with Ethereum standing out as the most preferred blockchain among African developers. Despite increasing competition from emerging blockchain ecosystems, Ethereum maintains its dominance due to its extensive developer tooling, robust community, and versatile smart contract capabilities.

The report provides a comprehensive overview of the crypto development ecosystem, tracking trends in developer activity, geographical distribution, and blockchain adoption globally. Africa, in particular, has seen a notable 6% increase in its share of crypto developers, highlighting the continent’s growing prominence in the global blockchain landscape.

Key Highlights from the Report

1. Global Crypto Developer Ecosystem:
   • The total number of monthly active Web3 developers reached 23,613 in 2024, marking a 39% annualized growth since 2015.
   • Despite the overall growth, developer contributions experienced a 7% Year-on-Year (YoY) drop, with established developers (those contributing for over two years) increasing by 27%, while newcomers saw a decline.
   • Established developers now contribute 70% of code commits, signaling a maturing ecosystem driven by experienced talent.
2. Developer Adoption Becomes More Distributed:
   • Asia emerged as the top continent by developer share, while North America dropped from first to third place.
   • The U.S., which holds 19% of global developer share, has seen its count decline consistently every year since 2015, when it held 38%.
   • India onboarded the most new crypto developers in 2024, showcasing its rising dominance in the blockchain sector.
   • Africa saw a 6% increase in developers, underlining the region’s steady growth in blockchain adoption and developer engagement.
3. Ethereum’s Leadership in Africa:
   • Ethereum remains the most popular blockchain among African developers, reflecting its established ecosystem and versatility for various use cases.
   • Internet Computer (ICP) ranks as the third most popular blockchain in Africa, showcasing increasing developer interest in its novel approach to decentralized computing.
4. Emerging Blockchain Preferences:
   • Solana emerged as the most attractive ecosystem for new developers globally, surpassing Ethereum for the first time since 2016. Solana’s 83% YoY growth in developer count was fueled by its high performance and low fees.
   • Other blockchains attracting over 1,000 new developers in 2024 include:
     • Polygon, Aptos, Sui, Base, Bitcoin, and Polkadot.
   • Chains like BNB, Stellar, Optimism, and TON also saw significant traction, onboarding more than 500 developers each.

Africa’s Rising Role in the Global Blockchain Ecosystem

Africa’s 6% growth in developer activity reflects a surge in blockchain adoption across the continent. Ethereum continues to lead the way due to its extensive tooling and network effects, while other chains like ICP are gaining traction due to their scalability and innovative approaches. The increasing presence of African developers highlights the continent’s potential to become a global hub for Web3 innovation.

Stablecoin transactions, a key use case for blockchain technology in Africa, remain consistently active during African work hours, emphasizing the importance of stable digital currencies in the region. Stablecoins are widely used for remittances, cross-border payments, and hedging against currency volatility, making them an essential part of Africa’s growing blockchain economy.

Multi-Chain Development Grows:

The report highlights a significant shift towards multi-chain development, with 1 in 3 developers now working across multiple blockchains. This trend, which grew from less than 10% in 2015 to 34% in 2024, reflects the increasing interoperability and specialization of different blockchain ecosystems. Ethereum remains the central hub for multi-chain developers, with most other ecosystems sharing developer resources with Ethereum.

Sector-Specific Insights:

1. NFT Ecosystems:
   • Base leads in NFT minting, accounting for 97% of minting volume in 2024.
   • Solana dominates NFT transactions, capturing 64% of total activity and emerging as the go-to chain for NFT-based projects.
2. Decentralized Exchange (DEX) Activity:
   • Solana captured 81% of DEX transactions, driven by its scalability and high transaction throughput.
   • Base secured the second spot for the number of unique trading wallets, highlighting its rapid rise in popularity.
3. Liquid Restaking Tokens (LRTs):
   • Ethereum has seen massive growth in Total Value Locked (TVL) through Liquid Restaking Tokens (LRTs), with over $30 billion in TVL.
   • Projects like EigenLayer, which pioneered the LRT sector, have driven significant adoption, with a 130% increase in full-time developers contributing to the ecosystem.
4. Stablecoin Usage:
   • Stablecoin adoption has reached unprecedented levels, with a circulating supply of $196 billion and daily transaction volumes of $81 billion.
   • Stablecoins are being used for diverse purposes, from cross-border payments to DeFi lending, highlighting their growing importance in the blockchain ecosystem.

Africa’s Future in Web3 Development

Africa’s blockchain sector is steadily maturing, with Ethereum leading the way as the preferred platform for developers. The continent’s growing developer base, combined with its increasing adoption of stablecoins and blockchain-based financial solutions, signals a promising future. However, challenges such as regulatory uncertainty, limited infrastructure, and talent retention must be addressed to sustain this growth.

As developer adoption becomes more globally distributed, Africa’s rising prominence in the Web3 space reflects its potential to drive innovation and financial inclusion on a global scale.

Conclusion

The 2024 Crypto Developer Report underscores Ethereum’s dominance in Africa’s blockchain landscape, with the continent showing steady growth in developer activity. While Ethereum continues to lead, emerging ecosystems like Solana and Internet Computer are gaining traction, reflecting the diversity of developer preferences and use cases. With a 6% increase in developer activity, Africa is cementing its position as a key player in the global blockchain ecosystem, paving the way for groundbreaking innovations and financial empowerment.