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Solana has secured the leading position as the favored blockchain ecosystem for emerging developers, surpassing Ethereum’s long-standing dominance for the first time in almost ten years.
A report from Electric Capital revealed that 7,625 new developers joined the Solana network over the past year, marking the first occasion since 2016 that any blockchain ecosystem has outpaced Ethereum in attracting developers.
Solana Developers (Source: Electric Capital)
Solana has also established itself as the fastest-growing large ecosystem, boasting over 2,000 monthly active developers, which represents an impressive 83% growth year-over-year. This increase corresponds with Solana’s global adoption, particularly in Asia. Across various regions, Solana ranks just behind Ethereum in total developer engagement.
The network now stands as the leading developer ecosystem in India and holds the second position in the US, UK, Canada, and China. It is also a prominent choice throughout Africa, particularly in Nigeria.
Solana Developers (Source: Electric Capital)
Harrison Obiefule, co-lead of Solana Superteam Nigeria, credits the network’s success in Africa to its grassroots strategy, which emphasizes decentralization, talent cultivation, and a goal to onboard users through earning rather than purchasing crypto.
What is attracting developers to Solana?
Electric Capital’s research suggests that Solana’s attractiveness stems from its efficiency, scalability, and minimal transaction fees.
These elements have made it a favored platform for developers aiming to create cost-effective applications. Currently, the network supports 81% of decentralized exchange (DEX) transactions and accounts for 64% of NFT minting across all blockchain platforms.
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In 2024, it processed transactions from 1.7 million unique wallets, surpassing its nearest competitor by a factor of seven.
Solana Wallets Interaction (Source: Electric Capital)
Furthermore, Solana’s DeFi ecosystem has thrived, with on-chain settlement volumes exceeding $574 billion in 2024 across DEX platforms. Additionally, its share of total value locked (TVL) outside Ethereum has increased from 3% to 25%, positioning it as one of the fastest-growing blockchain ecosystems in terms of capital influx.
Ethereum retains overall dominance
Despite Solana’s impressive rise, Ethereum continues to be the largest blockchain ecosystem regarding overall developer activity.
While Ethereum’s monthly active developers decreased by 17% over the past year to 6,244, it still leads in most regions, including Asia, Europe, North America, Africa, and South America.
Ethereum’s layer-2 solutions have continued to prosper, with a 67% rise in activity since 2021. Nearly 26% of all blockchain developers are now working on Ethereum’s main network or layer-2 platforms.
Base Developers (Source: Electric Capital)
Among Ethereum Virtual Machine (EVM) chains, Base has emerged as a notable performer, representing 25% of all original on-chain code logic in 2024. The report noted:
“Base is responsible for 42% of the new code being written in the Ethereum ecosystem.”
The post Solana emerges as fastest-growing ecosystem for developers globally appeared first on CryptoSlate.
