In a significant shift within the blockchain landscape, Electric Capital’s 2024 Developer Report has highlighted Solana’s emergence as the leading blockchain for new developers, effectively surpassing Ethereum for the first time since 2016. This revelation indicates a profound transformation in developer interest and activity, with Solana attracting a remarkable 7,625 new developers over the past year—an impressive 83% increase over the previous year. This growth not only showcases Solana’s expanding ecosystem but also points to a broader movement within the burgeoning world of decentralized technologies.
Community Engagement and Geographic Dominance
The report analyzed an astonishing 902 million code commits from 1.7 million repositories, establishing Solana as the fastest-growing blockchain in terms of developer engagement. A noteworthy aspect of this growth is the surge in participation from Asian developers, with Solana leading as the top choice for new programmers in India and securing a strong position in other significant markets like the United States, the UK, Canada, and China. Such geographic diversity emphasizes Solana’s ability to cultivate a global community, further fueled by its community-centric philosophy and emphasis on scalability.
Despite Solana’s impressive accolades, Ethereum continues to maintain dominance in overall developer activity. Although Solana onboarded more developers this year, Ethereum remains superior in terms of total monthly active developers and code commits. The report highlights that established Ethereum developers—those with more than two years of experience—are now taking the lead in contributions, generating 70% of code commits on the Ethereum network. This sustained activity demonstrates Ethereum’s entrenched position as a go-to platform for seasoned builders in blockchain innovation.
In addition to developer statistics, the report underscores Solana’s impressive performance in decentralized finance (DeFi) and non-fungible tokens (NFTs). In 2024, Solana captured over 81% of all decentralized exchange (DEX) trades and accounted for 64% of NFT mint transactions across all blockchains. Moreover, wallet activity soared to an astonishing 1.7 million users, outpacing other blockchain networks by a significant margin. Such metrics not only underline Solana’s success but also reflect a shift towards more cost-effective solutions in the crypto space, attracting users seeking lower transaction fees.
The findings from Electric Capital illustrate a broader diversification trend within the blockchain space, where one in three developers now work across multiple platforms, a drastic increase from less than 10% in 2015. This shift indicates a maturing ecosystem where developers are exploring diverse applications and benefits across various blockchain networks. Solana capitalized on this trend by positioning itself as a viable alternative for a range of use cases, including DeFi and NFTs, thus appealing to a wider spectrum of developers and users alike.
Solana’s advances in 2024 were further highlighted by its momentary triumph over Ethereum in critical metrics, such as weekly transaction fees and maximum extractable value (MEV) tips. Notably, in November, Solana’s DEXs recorded unprecedented trading volumes, achieving over $5 billion in daily trades for three consecutive days. These milestones underscore Solana’s escalating role in the crypto economy and its potential to reshape the way development and user engagement is approached in future blockchain endeavors.
The Electric Capital’s report paints a compelling picture of Solana’s rapid rise as a formidable challenger to Ethereum. As the blockchain ecosystem continues to evolve, it will be critical to monitor how these dynamics play out and what they mean for the future of decentralized technologies.