In a significant shift within the blockchain space, Solana has overtaken Ethereum as the leading ecosystem for attracting new developers, breaking Ethereum’s eight-year dominance.
While Ethereum remains the global leader in overall developer activity, this development marks a major milestone for Solana.
Solana’s Rapid Growth in Developer Interest
According to a December 12 report by Electric Capital, Solana attracted more new developers in 2024 than Ethereum for the first time since 2016. The numbers reveal that 7,625 new developers joined the Solana ecosystem this year, compared to Ethereum’s 6,456, with much of Solana’s growth fueled by increased activity in Asia.
The report also highlighted an impressive 83% surge in Solana’s activity compared to the previous year. Solana managed to outperform Ethereum on several occasions this year, including surpassing Ethereum’s network activity on March 18, driven by demand for Solana-based memecoins. On October 28, Solana also surpassed Ethereum in daily network fee generation over a 24-hour period.
A Decline in Overall New Developer Onboarding
Across the broader crypto ecosystem, the report noted that 39,148 new developers entered the space in 2024. This represents a 7% drop from 2023 and is about half the peak of over 77,000 in 2022.
Ethereum Retains Dominance in Total Developer Activity
Despite a 17% decline in its monthly active developers, down to 6,244, Ethereum remains the largest ecosystem in terms of total developer participation. Electric Capital’s data shows Ethereum continues to lead across all continents, including Asia, Europe, North America, Africa, and South America.
The report also highlighted the growth of Ethereum’s Layer 2 (L2) ecosystems, which have expanded by 64% since 2021. Notably, 26% of all monthly crypto developers are now contributing to L2 projects and Ethereum’s mainnet. Eigenlayer, Ethereum’s primary restaking protocol, stood out as the fastest-growing developer ecosystem in 2024, boasting a 167% increase in monthly active developers.
A Global Crypto Expansion
Crypto development activity has seen global expansion, with notable growth in Africa, South America, and Asia. Asia, in particular, has emerged as a leading hub, hosting one in three crypto developers worldwide, partly driven by India’s significant contribution to onboarding new talent.
Europe and North America also remain prominent hubs for blockchain innovation, while the report highlights that crypto activity now spans all time zones. Stablecoin transactions, for example, maintain steady activity across Asian, European, and African daylight hours, while NFT trading and minting peak during working hours in the Americas and Asia, respectively.
The blockchain landscape is maturing, and Solana’s latest achievements underscore the dynamic nature of this evolving ecosystem. As Ethereum and Solana continue to innovate, the competition between these ecosystems will likely fuel further advancements in the space.
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