Developers Are Increasingly Using Ethereum Blockchain to Run Apps: Report

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According to Electric Capital’s research, approximately 70% of applications on the Ethereum network are launched by developers.

This is despite the frequent decrease in blockchain throughput and an increase in transaction fees. The company also found that while North America used to lead in the number of blockchain developers, there has been an increase in startups emerging in Latin America and West Africa.

Aside from Ethereum, developers are also drawn to the capabilities of other blockchains such as Polygon, Avalanche, and Binance Chain.

However, the number of developers registering on the Bitcoin network has decreased by 19% compared to the previous year, with an average of 1,070 developers per month in 2023. In addition, there has been a 24% decrease in the total number of blockchain startups over the past 12 months.

This decrease can be attributed to smaller development teams being unable to compete with established companies in the industry. Even with these challenges, Bank of America still believes that Ethereum remains the top choice for developers looking to deploy applications.