Developers Prefer Launching Apps on Ethereum Network

A recent study conducted by Electric Capital has revealed that Ethereum has become the go-to choice for developers when it comes to deploying their applications. Even in the face of frequent blockchain congestion and increased transaction fees, Ethereum's appeal remains strong. The study highlights that startups increasingly rely on the Ethereum network for their projects.

Historically, North America led in terms of the number of blockchain service developers. However, the research now indicates a shift, with more startups emerging in Latin America and West Africa. This geographical shift signifies the evolving dynamics of blockchain development.

In addition to Ethereum, developers are also exploring the capabilities of other blockchains like Polygon, Avalanche, and Binance Chain. This diversification showcases the adaptability of developers in the ever-evolving blockchain space.

Contrastingly, Bitcoin's developer count in the Bitcoin network saw a decline in 2023, with an average monthly registration of 1070 developers, marking a 19% drop compared to the previous year. Furthermore, the overall number of blockchain startups decreased by 24% over the course of 12 months. Young developer teams, struggling to compete with well-established companies with over a year of experience, were more likely to exit the market.

Bank of America also believes that Ethereum remains the preferred platform for deploying applications. However, to maintain its leadership position, Ethereum's developers need to address network scalability and throughput challenges. The competition in the blockchain sector continues to evolve, and Ethereum must adapt to stay at the forefront of the industry.