- Solana surpassed Ethereum as the top ecosystem for attracting new developers in 2024, with 7,625 new devs joining the network, representing an 83% year-over-year increase.
- While Solana attracted more new developers, Ethereum retained its lead in monthly activity and code commits.
- Solana’s growth reflects broader diversification trends within the crypto industry, with one in three devs now working on several chains, up from less than 10% in 2015.
In a significant shift in the blockchain ecosystem, Solana has overtaken Ethereum as the preferred platform for new developers in 2024, as per a report by Electric Capital. Despite this, Ethereum still maintains an edge in terms of monthly activity and code commits.
Solana’s Breakthrough Achievement in 2024
In a surprising twist, Solana surpassed Ethereum for the first time since 2016 in attracting new developers to its network. The Developer Report by Electric Capital for 2024 revealed that Solana’s rapid growth saw an influx of 7,625 new developers over the past year, marking an 83% increase year-over-year.
Factors Behind Solana’s Rapid Developer Growth
The substantial increase in Solana’s developer community, which is now the fastest-growing amongst large blockchain networks, was fueled by a surge in participation from builders in Asia. In particular, Solana ranked as the top platform for new developers in India and the second most preferred in other major markets like the United States, the UK, Canada, and China.
Solana’s Successful Expansion and Ethereum’s Continuous Dominance
While Solana enjoyed success in attracting new developers, Ethereum remained the dominant blockchain for overall developer activity. Despite onboarding 1,169 fewer coders than Solana worldwide, Ethereum still leads in terms of monthly active developers and code commits.
source: syncracy
Solana’s Impact on the Crypto Industry
Solana’s growth reflects a broader trend of diversification within the crypto industry. According to Electric Capital’s study, one in three developers now work on multiple chains, up from less than 10% in 2015. This trend has seen Solana position itself as a viable alternative for applications requiring low fees, such as decentralized finance (DeFi) and NFTs.
Solana’s Historic Achievements and Future Potential
In a testament to its growth, Solana outperformed Ethereum in several areas this year. These include surpassing Ethereum’s total weekly transaction fees and maximum extractable value (MEV) tips in July. The platform also achieved a milestone in November when its DEXs recorded one-day trading volumes exceeding $5 billion for three consecutive days.
Conclusion
The rise of Solana as a major player in the blockchain ecosystem is a testament to the dynamic and evolving nature of the crypto industry. While Ethereum maintains its stronghold in terms of total developer activity, Solana’s rapid growth and increasing developer interest indicate a future where multiple blockchain platforms coexist and thrive. The diversification and growth within the industry are clear indications of an exciting future for blockchain technology.
