Etheurem’s bragging rights as the top developer destination are over—well, at least for new developers this 2024. According to Electric Capital, Solana edged out Ethereum to become the top ecosystem for 2024. Solana’s extraordinary feat breaks Ethereum’s eight-year streak in this metric, underscoring Solana’s quick transactions and low fees.
According to the Electric Capital Developer Report, Solana attracted 7,625 new developers, with Ethereum coming in second with over 6,000 developers.
New Devs Migrate To Ethereum This Year
Although Ethereum boasts the most developers, its overall count of software builders in cryptocurrency was flat. On the other hand, Solana has shown consistent growth through the years, and in 2024, it attracted the most new developers. The Solana ecosystem has been a thriving hub for meme coin projects, with Dogwifhat, Bonk, and Peanut the Squirrel currently having the biggest market cap.
According to Electric Capital, Solana was also the fastest-growing ecosystem based on the monthly active developers, showing an 83% year-on-year growth. Aside from Solana, Internet Computer and Base also attracted a huge share of new developers, boasting 75% and 50% year-on-year growth, respectively. Ethereum and Polygon dropped by 22% and 49%, while Bitcoin remained flat.
SOL Top Pick In India, Asia
Solana’s growth started in July 2024, when it surged past the Ethereum blockchain to become the choice destination for new developers. In Asia, Solana is the choice platform, and it’s also the industry leader in India. The popular blockchain ranks second in the US, Canada, and the UK and second in all continents.
Most developers prefer the Solana blockchain for its low transaction fees and fast transactions. Solana is the top ecosystem for NFT mint transactions, cornering 64% of the total transactions across all chains and the top pick for low-fee use cases, with over 80% of all decentralized exchange transactions. Also, around 1.7 million unique wallet addresses transacted on the Solana blockchain this year, 7x more than the next biggest blockchain.
Electric Capital Offers A Bullish Outlook For Solana
Electric Capital sees a bullish trend for the Solana blockchain. According to Maria Shen, the share of crypto developers continues to grow. Shen, a general partner of Electric Capital, cited Solana’s fast transactions and low fees as the main reasons the chain attracts talent and investments. Shen added that the new devs at Solana joined during the bear market and haven’t experienced the other crypto cycles. For Shen, Solana’s stability and growth bode well for the chain’s future.
Bitwise also shared Electric Capital’s take, saying that Solana’s growth will continue next year. The asset manager also explained that many serious projects will shift to the Solana ecosystem, complementing the meme coins’ explosive growth.
Featured image from SolanaFloor, chart from TradingView
