Solana, leading proof-of-stake (PoS) blockchain, has emerged as the fastest-growing blockchain for new crypto developers, achieving up to 83% annual growth, according to the 2024 Developer Report by Electric Capital. Published on 12 December 2024. Analyzing 902 million code commits across 1.7 million repositories, the report highlights Solana’s impressive strides, surpassing even Ethereum, the world’s largest blockchain, in attracting fresh developer talent.
Crypto developer ecosystem: 2024 in review
According to the report, the crypto industry saw a staggering 39,148 new developers explore blockchain development in 2024, despite a 7% decline in total developer numbers from 2023.
Established developers, defined as those with more than two years of experience, have reached all-time highs, growing 27% year-over-year (YoY) and contributing 70% of code commits.
Retaining the number one country spot with 19% of global developers, the United States saw its share drop significantly from 38% in 2015. India emerged as a critical driver of growth in 2024, onboarding the most new crypto developers globally, further highlighting the shift of crypto innovation toward Asia.
Notably, Asia has overtaken North America as the leading continent for crypto developer share, with North America falling to third place in global developer share.
The report further shows diversity in crypto use cases or blockchain activity across different regions. According to study, stablecoin transactions are now active across all time zones, rising 2-3% during Asian, European, and African work hours. Stablecoin usage has reached an all-time highs in 2024, with a circulating supply of $196 billion, daily transaction volumes of $81 billion and market cap over $200 billion. Notably, while non-fungible token (NFT) trading peaks during American work hours, NFT minting is most active during Asian work hours.
Moreover, the report highlights that Bitcoin exchange-traded funds (ETFs) rank among the most successful ETF launches ever, signaling increasing institutional interest in the broader crypto space.
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Solana’s developer onboarding in 2024 beats Ethereum’s
The report reveals that 7,625 out of 39,148 new developers in 2024 chose Solana as their first blockchain, making it the top ecosystem for new developers. The blockchain accounted for over 20% of developer adoption in Asia so far this year and is closing in on Ethereum’s lead. Globally, Solana is now the second-largest ecosystem across all continents.
By comparison, Ethereum onboarded 6,456 new developers, while other blockchains collectively brought in 3,383. This development marks the first time since 2016 that another blockchain has onboarded more developers than Ethereum, with Solana leading the charge. “July 2024: Solana became the first ecosystem to onboard more developers than Ethereum since 2016,” part of the report stated.
Beyond developer growth, Solana’s ecosystem has excelled in specific use cases, particularly in the non-fungible token (NFT) and decentralized exchange (DEX) sectors. The blockchain facilitated 64% of NFT mint transactions so far this year, surpassing competitors with its low-fee structure.
Alongside Coinbase’s Base, Solana has become one of the most cost-effective ecosystems for NFT transactions, further solidifying its appeal to developers and users. Notably, Base leads in NFT minting volume with a staggering 97% share, according to the report.
In the DEX sector, Solana captured an impressive 81% of DEX transactions so far in 2024. It also boasted the highest number of unique trading wallets across all blockchain networks, further consolidating its dominance in this sector.
Read Also: Solana Adoption on the Rise: Opportunities and Limitations
Ethereum’s continued dominance
While Solana leads in onboarding new developers in 2024, Ethereum remains the dominant blockchain for total developer activity across every continent. The largest smart contracts-based platform continues to dominate with the highest number of monthly active developers globally.
In America and Europe, Ethereum maintains a commanding lead with over 25% monthly adoption rates, but Solana’s rapid growth suggests a potential reshaping of the competitive regime in the coming years.
Established developers in the Ethereum ecosystem are driving innovation, particularly in scaling solutions like Layer 2 technologies. Ethereum L2s reached an all-time high above $58 billion in early December 2024 as reported by Crypto Asset Buyer, with Arbitrum One and Base taking the lead.
Base was responsible for 42% of new code commits and is rapidly growing its presence in NFTs and DEXs. Additionally, Bitcoin’s developer ecosystem remains stable, with 42% of its developers working on scaling solutions.
A new era of developer and use case diversification
One of the most striking trends in 2024 is the growing cross-chain collaboration. Per the research, 1 in 3 developers work on multiple blockchains, a significant increase from less than 10% in 2015. This diversification indicates the expanding scope of crypto applications, with ecosystems like Solana, Base, and Ethereum each capturing unique aspects of developer and user activity.
Read Also: Solana and Its Ecosystem: Blockchain, Token, and Projects
Ndianabasi Tom A Petroleum Engineering degree holder, Ndianabasi’s interest since 2018 has been studying the ever-growing field of blockchain and cryptocurrency, keenly evaluating the innovation, exploration, and expansion of this field locally and globally. The founder of Nitadel a media platform, Ndianabasi has been a Writer at Crypto Asset Buyer (CAB) since 2021. When he is not drilling resources in the blockchain and cryptocurrency field, Ndianabasi is singing, reading, watching crime movies, or playing football.
