Solana Outpaces Ethereum as the Fastest-Growing Blockchain for New Crypto Developers in 2024

Highlights:

• Solana leads in new developers, surpassing Ethereum for the first time since 2016.
• India saw a significant rise in Solana developers, surpassing both Ethereum and Base.
• Solana outperformed Ethereum in DEX volume, recording $30.29 billion over the past week.

The December 12 report from venture firm Electric Capital reveals that Solana has become the top blockchain for new crypto developers. In July, Solana outpaced Ethereum in onboarding new developers for the first time since 2016. This momentum continued throughout the year. In comparison, Ethereum gained 6,456 developers. The report showed an 83% rise in activity within the Solana ecosystem compared to last year.

🚨BREAKING BIG: Solana becomes the only blockchain to break Ethereum's 8-year streak as the top choice for new developers. @ElectricCapital's 2024 report shows 7,625 new developers joined Solana, surpassing Ethereum's 6,456 this year. pic.twitter.com/zFDFe7g9oH

— SolanaFloor (@SolanaFloor) December 12, 2024

The Solana network dominated Asia and became the leading ecosystem for developers in India. It ranked second in the US, UK, and Canada and was the second-largest ecosystem globally across all continents.

India Leads in New Solana Developers

The report showed that India saw a significant increase in new developers for Solana. It surpassed both Ethereum and Base (BASE) in this growth. This highlights how Asian countries are becoming key markets for Solana. India’s share of new developers grew to 17%. Meanwhile, the U.S. saw a 3% decline. China, Canada, and Nigeria experienced growth, but the numbers were not significant.

Solana’s Developer Growth Fueled by Memecoin Rally and Positive Outlook

Several factors boosted developer interest in Solana. Increased network and user activity played a key role. This growth was driven by a memecoin rally, with platforms like Pump.fun making it easier to launch memecoins. 

This influx of developers signals a bullish outlook for the network. Asset manager Bitwise also projected continued growth for Solana next year. The firm anticipated that “serious” projects would enter the SOL ecosystem, further boosting its dominance in meme coins.

According to DeFiLlama data, Solana has outpaced Ethereum in the last 24 hours and the past week. In the past 24 hours, Solana saw a DEX volume of $4.129 billion, while Ethereum’s DEX volume was $3.21 billion. Over the past seven days, Solana recorded $30.29 billion in DEX volume, surpassing Ethereum’s $24.51 billion.

Electric Capital’s report also revealed that, in 2024, Bitcoin, Internet Computer, NEAR, Polkadot, Polygon, Aptos, Base, Starknet, and Sui each gained over 1,000 new developers. Meanwhile, Scroll, Stellar, BNB, Optimism, and TON added 500 new developers.

At press time, Solana was trading at $226, marking a nearly 1.5% decrease in the past 24 hours. Meanwhile, Ethereum was priced at $3,914, down 0.35% during the same period.

US Leads in Developer Base

The United States continues to hold the largest developer base, representing 19% of the total global market. Maria Shen, a general partner at Electric Capital, emphasized that crypto is meant to be borderless and pointed out the abundance of engineering talent outside the US. She stressed that crypto is borderless and highlighted the engineering talent outside the US. Shen stressed the importance of global diversity in developer contributions.