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welcome to episode 19 Today
we're diving into the intersection of code
and innovation in the world of crypto
the 2,024 developer Report from The Electric Capital
sheds light on the latest trends
challenges and breakthroughs
shaping the future of blockchain development
from new tools and frameworks
to the evolving role of developers in the crypto
ecosystem we're unpacking it all
whether you're a seasoned coder
or just curious
about how innovation happens in this space
this episode has something for you
let's get started
welcome back everybody to another deep dive
um today we're gonna be talking about crypto developers
oh yeah and we got this really awesome report
by Electric Capital yeah
which is like
a census for all the amazing minds that are like
building the future of this whole technology
it's really really cool
yeah super interesting stuff yes
we're gonna be looking at like
you know where all these developers are
what they're working on
how this whole thing is kind of like
you know
showing us that crypto is really global for sure
and it's diversifying so quickly right yeah
like it's changing all the time
this report really helps us cut through all that noise
yeah
get past the hype and actually see what's happening
based on
you know real data right
like where is the innovation actually taking place
exactly so
they kick off this report by highlighting this
really interesting point that developers are basically
like the secret ingredient to creating value in crypto
oh for sure
it makes total sense right
like they're the ones building the app
attracting all the users
and then that in turn brings in even more developers
yeah it's like the cycle of innovation
it's a beautiful cycle yeah
and what's really cool is
since crypto relies so much on open source development
we get this incredible transparency
into that whole process yeah
so we can actually see
how this global talent pool is growing
and where it's all moving
so what are they seeing like what's the data showing us
well first off
the growth has just been mind blowing
oh yeah
I mean ever since Ethereum launch back in 2015
the number of crypto developers has been increasing
by an average of 39%
every single year that's insane
it is a lot it's a huge number
yeah but
you know even though the total number dipped
just a tiny bit in 2024
the report shows that the experienced developers
the ones who have been around for more than two years
they are more active than ever
wow so they're like really committed to this
yeah exactly
they're
not just dipping their toes in the water anymore
they're like diving in headfirst
that's awesome
it really suggests that while that initial wave of
you know hype might be settling a bit
that core group of developers who are like
really committed to building in the space
are doubling down yeah
they are the ones
really pushing the boundaries of innovation
so it's not just about like more developers though
right it's also about like where they're located
totally yeah
the report shows that Asia
is now the top continent for developer share real
which is pretty crazy because North America
actually dropped down to third place
wow we always hear about like
you know the growing crypto scene in Asia
but this really confirms it
yeah the data is right there
it's pretty amazing to see how crypto is becoming this
truly global phenomenon yeah
and remember India like
they welcomed
the biggest number of new developers in 2024
oh yeah
huge growth there progressive
and the report doesn't just look at
the number of developers though
it also goes deep into their activity
across different blockchains
so like what are they doing on these different chains
well
one of the most striking things they found was that
one out of every three developers
is now working on multiple chains
wow
which is a huge jump from less than 10% back in 2015
so it seems like everybody's kind of
branching out and exploring different ecosystems
exactly and I think that's a really positive sign
yeah because it not only reduces risk
for individual developers right
but it also fosters innovation right
yeah because they can use
the strengths of different blockchains
for specific projects it leads to this
much richer and more dynamic crypto landscape overall
I love that so I like Ethereum
of course is still the leader
when you look at overall developer activity
yes still the king
yeah but it was really interesting to see that
almost half of Bitcoin's developers
are focused on scaling solutions right
make sense
with all the buzz about making Bitcoin more efficient
and scalable right
totally it's like they're trying to solve those like
transaction
speed and cost problems that Bitcoin's facing
exactly as adoption grows
that becomes more and more important
yeah and then you've got these newcomers like Solana
oh yeah
which have really grabbed a lot of developers attention
they've been killing it yeah
it took the top spot for new developers this year
wow with a massive 83% year over year increase
I mean
their focus on high transaction speeds and low fees
has definitely made them attractive
yeah especially for developers
working on projects that need those
fast and cost effective transactions
all for sure and then we can't forget about base right
oh right
this is responsible for like a crazy 42%
a new code in the whole Ethereum ecosystem
it's wild how quickly they've gained traction
I know it's amazing right
I think it's that connection to Ethereum
that's really working for them
yeah it lets developers use the security
and infrastructure of Ethereum
but with faster and cheaper transactions
it's like the best of both worlds right
it's like a win win situation
so it's not just about which blockchain is like better
right it's more about developers choosing
the best platform for what they're trying to build
totally and we're seeing these chains become hubs
for very specific use cases
okay I like that
so before we dive into like
the NFTs and the DXs and all that yeah
what about these activity patterns that
the report talks about oh yeah
that's fascinating stuff yeah
so like for example stablecoin transactions
uh huh they're pretty consistent
across all the different time zones
interesting which suggests that they're being used
for a bunch of different purposes right
yeah but then you look at NFTs
yeah trading peaks during American work hours
okay while minting peaks during Asian work hours
wow so
different regions are really engaging with crypto in
very different ways totally
and those patterns can tell us a lot about
how different crypto applications are being adopted
globally I like that
so it seems like we've got a lot to unpack
with the NFTs and DXs for sure
those are two areas that have seen like
explosive growth
the reports got some really cool insights into how
different chains are carving out their own niches
so let's start with NFTs okay
the report says that both base and Salona
are leading the way with what they call low fee
NFTs base seems to be dominating NFT minting volume
while Salona is capturing most of those NFT
transactions interesting
yeah so
they're each playing different roles in the NFT world
right and it's not just about like the technical stuff
it's also about the
communities that are gravitating towards those chains
right absolutely
like
Salona has attracted this really vibrant community
of NFT enthusiasts and traitors
oh yeah
which really reinforces its position as like
the go to place for NFT transactions
like a self fulfilling prophecy almost right
yeah and that community aspect is often overlooked
yeah
but it's so crucial to the success of any blockchain
ecosystem for sure
so it's not just NFTs either
the report also highlighted Salona's dominance in
the decentralized exchange space
or what we call DXS right
it's getting most of those DX transactions
and it's got the highest number of unique
trading wallets
they've really carved out a noche for themselves
in that world I mean
their high transaction speeds
and low fees are a huge draw
for traders
especially those who wanna execute trades quickly
inefficiently yeah
and the fact that they have the most
unique trading wallets yeah
really suggest that they're
attracting a wide range of users
yeah from individuals to institutions
that's awesome but base is coming up though right
they are they're a strong contender
yeah they're ranked second for unique trading ollets
which is pretty impressive
considering they're relatively new to the DTX world
yeah I think it's that Ethereum connection again
right toble giving them that security and familiarity
exactly while also offering users that faster
cheaper trading experience
it's gonna be interesting to see how that
competition plays out oh yeah
it'll be fun to watch okay
so the report also mentioned
these liquid restaking tokens
or LRTs as a hot new sector
oh yeah
that's getting a lot of attention
yeah but I gotta be honest
the whole restaking thing
kind of makes my head spin a little bit
I know it could be a little mindbending
it is but essentially
what it does is
it lets you earn rewards from staking your crypto
but you still keep your liquidity okay
so you can still trade or use your tokens freely
so it's like having your cake and eating it too
exactly you get the rewards
without having to lock up your tokens
it's awesome yeah
and that flexibility has attracted a ton of interest
it sounds pretty great yeah
the report shows that this sector has
added over $30 billion in total value
locked to Ethereum wow
that's a lot of money it is
it's a huge number so Igan layers
the company that's like
pioneering this whole restaking thing right yeah
they're considered the pioneers
okay and the report shows that they've seen
130% increase in their full time developer team
wow so
that shows you how much
interest in investment is flowing into this sector
totally it's definitely a trend
to watch it's amazing how crypto just keeps evolving
yeah
with all these new innovations popping up all the time
it's hard to keep up sometimes
it really is but it's also exciting right
oh yeah definitely
but amidst all this new stuff
it's important to remember those like
foundational technologies
that got us here in the first place
absolutely the OGs like Bitcoin
you know the report showed that
a big chunk of Bitcoin developers
are still focused on those scaling solutions
yeah
it's easy to forget about Bitcoin with all these shiny
new blockchains but it's still
the largest and most established cryptocurrency
out there yeah
and as more people use it
scalability becomes even more important
exactly because
the current Bitcoin network
does have those limitations
with transaction speed and cost right
so it's crucial to find ways to improve its efficiency
and its capacity yeah
to handle a much larger volume of transactions
so are these developers mostly focusing on those
layer 2 solutions for Bitcoin
yeah they are okay
cause I've been hearing a lot of buzz about those
they're a key area focus for sure
so what are they exactly basically
they create this separate layer on top of the main
Bitcoin blockchain okay
to handle transactions more efficiently
got it so you get faster
cheaper transactions
without messing with the security of the underlying
Bitcoin network wow
that's pretty clever it is
it's like building an express lane on a highway
oh I like that analogy
yeah just to ease that traffic congestion
so even with all these new
blockchains and apps coming out
there's still a ton of innovation happening
within the Bitcoin ecosystem
totally
it's a good reminder that crypto isn't a zero sum game
yeah there's room for everyone
exactly
multiple blockchains and technologies can coexist
and thrive together
and speaking of coexisting and thriving
the report also talked about
the growing popularity of stablecoins
oh yeah
they've become like
a crucial part of the whole crypto world
yeah they offer a much more stable
and predictable
way to transact with digital currencies
right and they're a game changer
because they provide that bridge
between traditional finance
and crypto yeah
making it easier for people to use crypto
for everyday things totally
I mean the report said there's like
$196 billion in stable coins circulating right now
with a daily transaction volume of $81 billion
yeah those are some crazy numbers
a huge
it just shows how much stable coins are being embraced
by both individuals and businesses
totally
and they're not just for simple transactions either
right they're also playing a big role
in decentralized finance oh yeah
defi yeah
enabling all these financial services like lending
borrowing
and trading without needing those traditional middlemen
that's the beauty of it
and the report also mention this success of Bitcoin
etfs oh yeah
which is another sign that traditional finances
starting to really pay attention to crypto
absolutely because Bitcoin etfs let
investors get exposure to Bitcoin
through those traditional
financial markets
and the fact that some of these ETF launches
are among the most successful in history
really shows that cryptocurrencies are
becoming more accepted yeah
they're starting to be integrated into mainstream
investment portfolios
it's a clear sign that crypto isn't on the fringes
anymore it's becoming part of the establishment
yeah it's becoming more
more integrated into the global financial system
and as that integration continues
we can expect to see even more
institutional investment in crypto
yeah
could lead to further growth and maturity of the market
exactly okay
so all this paints a pretty optimistic picture
of the future of crypto it does
but we gotta acknowledge that
the market is still relatively young
oh yeah
and it can be volatile for sure
the report even mentioned that little dip in
the total number of developers in 2024
which could worry some people
it's a valid point
but it's important to look at the bigger picture right
okay while the total number dipped slightly
the number of experience developers
those with more than two years of experience
is actually at an all time high
oh wow
so it's not necessarily a sign of waning interest
it's more like
a natural evolution of that developer landscape right
so is the market matures
we can expect to see a more stable
and experienced developer base
exactly which is ultimately a good thing
definitely it's all about quality over quantity right
yeah but developers
who are truly
dedicated to building the future of crypto
are the ones who are gonna drive that innovation
and create long term value
and like we've been talking about
that focus of innovation
is shifting towards those more practical
and impactful use cases absolutely
which is essential for driving mainstream adoption
totally like the report emphasize
the growing popularity of stablecoins
which are now being used for everyday transactions
remittances
even as a hedge against inflation in some countries
exactly there are
perfect example of how crypto is moving beyond
just speculation and hype
yeah it's becoming a tool for financial empowerment
and giving people access to financial services
that were previously out of reach
yeah and facilitating faster
in cheaper cross border payments
it's really inspiring to see
how crypto is helping create a more inclusive
and equitable financial system
it really is yeah
this is just the beginning right
oh yeah
just a tip of the iceberg
as the technology keeps evolving
we can expect
even more innovative applications to emerge totally
which will transform the way we interact with money
and finance even further for sure
the future of crypto is super exciting
it is but like any emerging technology
there are definitely risks
and challenges that we need to address
of course yeah
like what kinds of things
well things like security regulation
environmental sustainability
those are all
really important issues that we need to consider
as crypto becomes more mainstream yeah
we can't just focus on building cool tech
we need to make sure it's being used for good
and that the benefits are shared widely
exactly and that requires collaboration
yeah between between developers
policy makers regulators
and the wider community it's a big challenge
it is it's complex
but it's one that we need to tackle head on
totally to make sure that the future of crypto is both
innovative and sustainable
well sad right
so this deep dive into the Electric Capital report
has given us a lot to think about
it has it's been fascinating
yeah it's provided a great snapshot
of the current state of the crypto
developer landscape yeah
highlighting the trends the challenges
and
all those incredible opportunities that are out there
it's a reminder that the crypto revolution
isn't just about technology right
it's about people the developers
the entrepreneurs the users
yeah
it's about all of us who are embracing this technology
and making it part of our lives
and it's a global movement right absolutely
the people from all over the world
contributing to its growth and evolution
before we wrap up this section
I wanna hear from you our listener yeah
what are you thinking about all this
what insights resonated with you
what surprised you what excited you
leave us a comment send us an email
we'd love to hear your perspective
because we're always eager to
engage with our listeners
and learn from your insights
the crypto
world thrives on dialogue and shared knowledge
so we'll be back soon to wrap up this whole episode
yep and share our final thoughts on what all this means
for the future of crypto but until then
stay with us it's cool how they're each like
catering to a different part of that NFT life cycle
yeah you know
based being built on Ethereum
benefits from all that established infrastructure
and security right
makes it a really solid platform
for actually creating and minting NFTs
make sense then you've got Salono with those crazy fast
low cost transactions
perfect for that fast paced world of NFT trading
yeah
it's like they're each specializing in their own thing
yeah exactly
and it's not just about the tech either right
it's about
the communities that are drawn to those chains
yeah Salona's got this super vibrant community of NFT
lovers and traders oh yeah
for sure which just makes it even more of a hub for NFT
transactions right
it's like a snowball effect totally
the more people use it the more attractive it becomes
okay so this specialization isn't just limited to NFTs
though right nope
the report also pointed out Solana's dominance
in the decentralized exchange space
right DX yeah
it's grabbing most of those DX transactions
and has the highest number of unique trading wallets
they've really made a name for themselves in that world
yeah their high transaction speeds and low fees
are a big draw for traders
no huge yeah
especially those who wanna make trades
quickly and efficiently right
and having the highest number of unique trading wallets
means they're attracting all sorts of user
yeah from individuals to big institutions
exactly it's a diverse crowd
but base is coming up strong too right
yeah oh yeah
definitely a contender yeah
the ranked second for unique trading laws
which is pretty impressive for a newcomer
yeah I think it's that Ethereum connection again
probably gives them that credibility and security right
while still offering users a faster
and cheaper experience the best of both worlds
yeah it'll be fun to watch how this competition unfolds
no yeah
for sure okay
so the report also mention liquid restaking tokens lrts
yeah as a hot new sector
it's definitely gaining traction
but to be honest
I'm still a bit fuzzy on the whole restaking concept
yeah it's a bit of a mindbender
it is but basically
LRTs let you earn rewards from staking your crypto
while still keeping your tokens liquid
okay so you can trade them or use them however you want
so it's like getting the benefits of staking
without having to lock up your token
exactly it's all about flexibility
I like that and maximizing your return
so Igan
Layer is the company behind this whole restaking thing
yeah they're the pioneers
and the report showed
they had 130% increase
in their full time developer team
wow so that shows you how much interest there
is in this sector definitely a lot of money flowing in
it's amazing how crypto just keeps evolving
it really does it's hard to keep up sometimes
it is but it's also super exciting
oh yeah for sure
but amidst all this new stuff
we gotta remember those foundational technologies
oh jeez like Bitcoin
yeah you know
good chunk of Bitcoin developers
are still focus on those scaling solutions right
makes sense with all the hype around these newer
faster blockchains
it's easy to forget that Bitcoin is still
the biggest and most established crypto out there
it's the granddaddy of them all
yeah and as more people use it
scalability becomes even more critical
totally because the current Bitcoin network
does have its limitations
especially with transactions
speed and cost it does
so finding ways to improve its efficiency
in capacity is crucial absolutely
gotta keep up with the demand right
so are these Bitcoin developers
mainly focusing on those layer 2 solutions
yeah that seems to be the main focus
oh okay
I've been hearing a lot about those
they're a pretty big deal
so how do they work basically
they create a separate layer
on top of the main bitcoin blockchain
okay to handle transactions more efficiently
got it so you get faster and cheaper transactions
but without compromising the security of that
underlying Bitcoin network
oh that's smart
it is it's like adding an express lane to a highway
I love that analogy right
just to ease that congestion
so even with all these new blockchains
and applications popping up
there's still a lot of innovation happening
within the Bitcoin ecosystem
absolutely
it's evolving right alongside everything else
it's a good reminder that crypto isn't a winner
take all game nope
there's room for multiple players
yeah multiple blockchains and technologies can coexist
and thrive together and compliment each other
exactly and speaking of thriving
the report also highlighted
the growing popularity of stablecoins
oh yeah
they've become essential yeah
they offer a much more stable
and predictable way to transact
with digital currencies exactly
they're like a bridge between traditional finance
and the crypto world yeah
making it easier for everyone to use crypto
for everyday stuff like the report said
there's $196 billion in stable coins
circulating right now
with a daily transaction volume of $81 billion
those are some serious numbers
it just shows how much they're being
embraced by both individuals
and businesses totally
and they're not just for simple transactions either
nope
they're playing a big role in decentralized finance
defi yeah
enabling all sorts of financial services
without needing those traditional intermediaries
it's all about cutting out the middle man
yeah
and the report also mentioned the success of Bitcoin
etfs oh yeah
those are doing really well
yeah it's
another sign that
traditional finance is starting to take crypto
seriously absolutely
because bitcoin etfs
let investors get exposure to Bitcoin
through those traditional markets
and the fact that some of those
ETF launches are among the most successful in history
shows that cryptocurrencies are becoming more accepted
they're making their way into mainstream
investment portfolios it's a clear sign that crypto
isn't on the fringes anymore
it's moving into the mainstream
yeah becoming more integrated into
the global financial system
and as that integration continues
we can expect even more institutional investment
which could lead to even more growth
and maturity for the market totally
it's an exciting time to be in crypto
it really is
alright so welcome back to the deep dive
we've spent this whole episode
exploring the world of crypto developers
yeah it's been a journey
their global reach and how
the whole crypto landscape is becoming so incredibly
diverse
but now it's time to take a step back
and think about what all this means for the future
it seems pretty clear from the data
that the crypto ecosystem is maturing
moving beyond those early experimental days
yeah and we're seeing that growing
integration with mainstream finance
both in terms of like the tech itself and the adoption
totally the success of stablecoins and Bitcoin
etfs is definitely proof of that
it shows that traditional finance
is starting to take crypto seriously
right and this integration is only gonna accelerate
as developers keep innovating
absolutely
as they build more user friendly applications right
because as the user experience gets better
more people are gonna feel comfortable using crypto
for everyday stuff exactly
not just for transactions
but for investments
and things we haven't even thought of yet
yeah so it's not just about the tech getting better
it's about making crypto more accessible
and appealing to a much wider audience
absolutely the key to mass adoption is making crypto
easy to understand and use
even for people who aren't tech savvy
right and that's where developers come in
they're the ones who can bridge that gap
yeah by creating those intuitive interfaces
and applications
that make crypto accessible to everyone
it's like the early days of the internet
oh yeah
it was super technical and confusing for most people
at first yeah
but then
those user friendly browsers and platforms came along
right and suddenly anyone could navigate the web
that's a great analogy yeah
so
we're seeing a similar evolution happening in crypto
right now absolutely yeah
as developers create those user friendly tools
those barriers to entry are gonna come down
yeah an adoption will just naturally increase
exactly it's all about making it easy and intuitive
it feels like we're on the verge of this massive shift
yeah in how we think about and use money technology
even the internet itself
it's definitely a transformative time
yeah
and while we can't predict the future with certainty
all these trends are pointing towards crypto
playing an even bigger role in our lives
oh for sure
but with all this innovation and disruption
comes responsibility too
absolutely as crypto becomes more mainstream
we have to
address those ethical and societal implications
like what things like ensuring privacy and security
promoting financial inclusion
and mitigating the environmental
impact of blockchain technology
or we can't just focus on building cool tech
we gotta make sure it's being used for good
exactly and that the benefits are shared widely
and that requires a lot of collaboration right
yeah between developers
policymakers regulators
the whole community it's a complex challenge
it is but it's one we need to tackle proactively
yeah to make sure that
the future of crypto is both innovative
and sustainable for sure
it's a balancing act so we've talked about the trends
the potential the responsibilities
but what does all this mean for our listener
the person who tuned into this deep dive
and is now armed with all these insights about crypto
developers what's really cool is that
you don't have to be a developer to be a part of this
right as a listener
you now have a deeper understanding of what's shaping
the crypto landscape yeah
you can use this knowledge to make smarter
decisions about your own involvement with crypto
whether you're an investor
a user or just someone who's curious
I love that knowledge is power exactly
and now
our listeners have this incredible toolbox of insights
right they can see beyond the hype
and understand those underlying trends
they can ask better questions
when they hear about a new crypto project or trend
they can even start to spot
potential opportunities and risks
this deep dive wasn't just about listening passively
it was about empowering our listeners
to become active
participants in the crypto conversation
exactly yeah
and as the crypto world keeps evolving
staying informed and
engaged is gonna be more important than ever
this report from Electric Capital
is a great starting point
but it doesn't end there the journey continues
so keep exploring keep asking questions
keep learning the crypto world is full of surprises
and the best way to understand it is to dive in
and experience it firsthand
and remember the future of crypto isn't set in stone
it's being shaped right now by the choices we make
the technologies we develop
the communities we build so go out there
explore the crypto world
and be a part of building that future
thanks for joining us on this deep dive until next time