The Solana ecosystem has emerged as the top choice for new crypto developers throughout 2024. This shift comes amidst growing enthusiasm for memecoins thriving on the Solana network, propelling it ahead of established blockchains like Ethereum in attracting fresh developer talent.
According to Electric Capital’s report released on Thursday (12/12), Solana’s ecosystem experienced an 83% growth compared to 2023, with 7,625 new developers joining its ranks. This figure is over 1,000 more than those joining Ethereum. The trend aligns with milestones achieved in July 2024, when Solana became the first ecosystem to surpass Ethereum in new developer recruitment since 2016.
Stable Developer Growth Amid a Bear Market
In 2024, the crypto industry saw 39,148 new developers enter the space. Despite a 7% decline in the global active developer population, the retention of experienced developers demonstrates optimism within the industry.
Maria Shen, a general partner at Electric Capital, noted that the proportion of developers with over two years of experience in crypto grew during 2024. Many who exited the space were newcomers who joined during the bear market and had yet to experience a significant crypto boom.
Ethereum Retains Dominance Despite Challenges
While Solana has gained momentum, Ethereum remains dominant, boasting the largest number of active developers, with 6,244 monthly contributors—despite a 17% decline from last year. Ethereum’s layer-2 ecosystem, which includes networks like Optimism, Arbitrum, and Base, drives much of its developer activity, accounting for over half of Ethereum’s blockchain developers.
EigenLayer, a pioneering restaking protocol on Ethereum, reported a 167% increase in monthly developers in 2024, making it one of the fastest-growing ecosystems in the crypto space.
Asia Leads in Blockchain Developer Activity
Asia has now become the leading region for blockchain developers, accounting for 41% of the global total. This surpasses Europe at 26% and North America, which fell to third place with 19%. India leads in new crypto developer numbers, contributing 17% of the total, fueled by educational programs, hackathons, and community-building initiatives.
Meanwhile, the United States maintains the largest overall base of developers, comprising 19% of the global total. The geographical diversification of blockchain talent is seen as a positive trend, reinforcing crypto’s global identity.
“The idea that the US and North America will dominate indefinitely is not only unlikely but, in my opinion, undesirable. We need to see more global diversity in crypto to truly become borderless, and there’s tremendous engineering talent outside the US,” Shen added.
Market Update
As of writing, Solana (SOL) is trading at around $226, reflecting a slight 1% drop in the last 24 hours. Ether (ETH) remains stagnant at approximately $3,915 after failing to breach the $4,000 mark, according to CoinMarketCap data.
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