In a notable shift within the blockchain ecosystem, Solana has surged ahead of Ethereum in terms of new developer activity in 2024, according to a report by Electric Capital published on December 12. This marks the first time since 2016 that Solana has outpaced Ethereum in onboarding new developers, a major milestone for the network that has been gaining momentum globally.
Solana welcomed 7,625 new developers this year, outstripping Ethereum’s 6,456. The growth is particularly pronounced in Asia, where the network has seen an impressive rise in developer engagement. This surge in developer activity is part of a broader trend that has seen Solana’s ecosystem grow by 83% in the past year, signaling strong interest in the blockchain’s capabilities, especially in areas like decentralized finance (DeFi) and memecoins.
While Solana has experienced a breakthrough year, Ethereum continues to reign as the number one ecosystem for overall developer activity. Despite a 17% decline in its monthly developer count to 6,244, Ethereum still boasts the largest developer base across continents including North America, Europe, Asia, Africa, and South America. The network’s robust ecosystem and its Layer-2 (L2) solutions, which have grown 64% since 2021, continue to attract developers focused on scaling and optimizing blockchain applications.
Solana’s momentum has also seen it briefly surpass Ethereum in network activity in March 2024, driven by a surge in Solana-based memecoins. Additionally, on October 28, Solana generated more daily network fees than Ethereum, reflecting the growing utilization of its blockchain. However, Ethereum’s dominance in developer activity remains unchallenged, with its Layer-2 networks contributing to 26% of all monthly crypto developers.
Electric Capital’s report highlights a global spread of crypto development, with Asia, North America, and Europe emerging as major hubs. Notably, Asia is home to one-third of the world’s crypto developers, driven in part by India’s impressive growth in onboarding new talent. Stablecoin transactions, NFTs, and minting activities have shown distinct regional trends, with peak trading activity occurring in different time zones across the globe.
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As 2024 unfolds, Solana’s rise in developer engagement showcases the increasing diversification of the blockchain space, while Ethereum’s entrenched position signals the continued importance of its infrastructure in the crypto ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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