What happened?
A new Sherlock Communications report has found that developers in Latin America are increasingly opting to build on established blockchains such as Ethereum and Polygon, rather than creating new base-layer protocols. According to the study, Ethereum dominated regional activity with over 75% of transactions, while Polygon’s share nearly doubled to 20%.
Who does this affect?
This trend affects Latin American developers as well as the users of these blockchain platforms within the region. By favoring proven platforms like Ethereum and Polygon, developers are ensuring their projects have robust documentation, tooling, and network capacity, which greatly benefit end-users. Furthermore, this also provides opportunities for innovation and real-world problem-solving within these established ecosystems.
Why does this matter?
These findings highlight the maturing technical competency of Latin American developers and their strategic alignment with recognized cryptocurrencies. This preference for established blockchains could potentially influence market dynamics, attracting more global attention to these platforms and further enhancing their credibility. This trend also underscores the increasing significance of Latin America in global blockchain and crypto markets.