A recent report from consultancy firm Sherlock Communications reveals a significant shift among developers in Latin America towards building on established blockchains rather than creating new base-layer protocols. The survey, which included responses from 85 developers across Bolivia, Mexico, Brazil, and Peru, highlights a strong preference for platforms like Ethereum and Polygon, with Ethereum currently dominating regional activity.
Between June 2024 and June 2025, Ethereum accounted for over 75% of blockchain transactions in the region, while Polygon’s share has seen substantial growth, increasing from 11% to 20% during the same timeframe. The key factors driving developers to these established ecosystems include transparency, regulatory alignment, and ease of use. Developers prioritized strong documentation and user-friendly tools, attributes that Ethereum and Polygon are known for.
Luiz Eduardo Abreu Hadad, a researcher at Sherlock Communications, emphasized the technical maturity of Latin American developers, noting their capability to solve real-world issues. Despite their potential to innovate and create new platforms, the current focus remains on expanding within trusted networks. The data indicated that projects like Brazil’s Núclea Chain and RBB point to the region’s capability for building significant national infrastructure and globally impactful platforms.
In a related observation, the report from Protocol Guild sheds light on the compensation of Ethereum core developers, who are reportedly earning 50% to 60% less than market rates. The survey, which involved 111 contributors, revealed median base salaries of around $140,000, starkly lower than the average $359,000 offered for similar roles in the private sector.
As cryptocurrency adoption rises across Latin America, platforms like Bitso report a 12% increase in regional users in 2024, with a notable shift towards diversified cryptocurrency holdings. About 38% of users are now investing in at least three different cryptocurrencies. Economic instability appears to have driven up the demand for stablecoins, which made up 39% of all crypto purchases, compared to 30% the previous year. Meanwhile, Bitcoin’s share has receded to 22%, reflecting a growing trend of long-term holding among investors.
Speculative enthusiasm for meme coins like PEPE and Dogecoin is also on the rise, with XRP experiencing a resurgence, accounting for 9% of total purchases. Ethereum and Solana have maintained steady positions in the market, displaying consistent interest from investors.
The demographic profile of crypto investors is broadening, with increased participation from older age groups, particularly those aged 45 to 64, while younger individuals aged 25 to 34 continue to dominate in activity levels. Advanced trading is gaining traction as well, with Bitso Alpha, the exchange’s pro platform, achieving trading volumes comparable to the more user-friendly Bitso Classic. Average trades per user on Alpha reached 32 in December 2024, reflecting a growing interest in strategic trading and enhanced financial literacy among Latin American cryptocurrency enthusiasts.
