Originally published on: December 13, 2024
In a surprising turn of events, Solana has taken the lead as the top ecosystem for new developers, overthrowing Ethereum’s eight-year reign. The Solana ecosystem witnessed a significant influx of new developers this year, surpassing Ethereum for the first time since 2016.
According to a recent report from Electric Capital, a total of 7,625 new developers joined the Solana ecosystem this year, with a notable uptick in growth in Asia. This growth surpassed Ethereum’s 6,456 new developers onboarded during the same period.
Solana’s remarkable rise was further highlighted by an impressive 83% increase in activity within its ecosystem compared to the previous year. The network managed to outperform Ethereum on various fronts throughout the year, including surpassing it in terms of network activity and daily fee generation.
While the overall number of new developers entering the crypto space saw a slight decrease compared to previous years, Ethereum still maintains its position as the largest ecosystem in terms of total developer activity. The platform continues to attract the most active developers globally across regions such as Asia, Europe, North America, Africa, and South America.
Additionally, Ethereum’s layer-2 networks experienced a significant 64% growth since 2021, with a notable portion of monthly crypto developers focusing on L2s and the mainnet. Eigenlayer, a prominent restaking protocol on Ethereum, emerged as the fastest-growing developer ecosystem in 2024 with a remarkable 167% increase in overall monthly developers.
The global growth of the crypto industry was evident in regions such as Africa, South America, and Asia, with Asia leading as the hub for one in three developers worldwide. India, in particular, saw a surge in new crypto developers in 2024, contributing to Asia’s dominance in the crypto space.
Overall, the landscape of crypto development is evolving rapidly, with different regions gravitating towards various use cases and activities. Stablecoin transactions remain active across different time zones, while NFT trading and minting experience peaks during specific work hours in different parts of the world.
As Solana rises to the top as the preferred ecosystem for new developers, the crypto industry continues to see dynamic shifts and advancements, paving the way for innovative developments and opportunities in the decentralized finance space. Subscribe to the Finance Redefined newsletter for more insights and updates on the latest DeFi trends and emerging financial opportunities.