Solana Draws Over 7,600 New Developers, Surpassing Ethereum for the First Time

A recent report from Electric Capital reveals that the global cryptocurrency developer population remained stable in 2024. The number of monthly active developers stood at 23,613 in November, with only a minor 7% decline compared to the previous year. This trend highlights the resilience of experienced developers who have stayed committed to the industry despite market fluctuations.

However, newcomers to the space were more likely to exit. Maria Shen, a general partner at Electric Capital, noted that those leaving were primarily developers with less than two years of experience in the sector. “These are people who effectively joined during the bear market and haven’t seen much growth since,” Shen explained.

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Solana Leads in Attracting New Talent

Solana emerged as a standout in 2024, attracting more new developers than any other blockchain, including Ethereum. With an 83% increase in its ecosystem compared to the previous year, Solana brought in 7,625 developers, surpassing Ethereum’s tally by over 1,000.

The blockchain’s low transaction fees and fast processing speeds have positioned it as a strong competitor to Ethereum. Solana’s appeal to developers has been attributed to its user-friendly environment and significant investment in fostering a robust ecosystem.

Despite this surge, Shen acknowledged that Ethereum still holds the largest developer network globally. However, Solana’s rapid growth has solidified its position as the second-most popular blockchain for developers.

Key Takeaways

• Solana surpassed Ethereum in attracting new developers, adding over 7,600 in 2024.
• Ethereum remains the largest developer ecosystem despite a 17% decline in monthly contributors.
• Asia now leads in blockchain development, with India onboarding the highest number of new developers globally.
• Education initiatives and hackathons are playing a key role in expanding and retaining blockchain talent worldwide.

Ethereum Retains Dominance in Development

While Ethereum experienced a 17% decline in monthly active developers, dropping to 6,244, it remains the dominant blockchain by overall developer numbers. Shen emphasized Ethereum’s extensive network effects and its continued ability to attract innovation, particularly through layer-2 solutions like Base, Optimism, and Arbitrum.

Approximately 56% of Ethereum developers are now working on layer-2 networks, which have played a critical role in sustaining growth within its ecosystem. Notably, Eigenlayer, a restaking protocol, saw remarkable developer activity with a 167% increase in monthly contributors, making it the fastest-growing ecosystem of 2024.

Crypto Development Goes Global

The Electric Capital report highlighted the global expansion of crypto development. Asia emerged as the leading region for blockchain developers, hosting one in three developers worldwide, while North America slipped to third place.

India played a significant role in this shift, onboarding 17% of new developers in 2024, more than any other country. Shen attributed this growth to widespread educational initiatives and hackathons across the region.

Additionally, the report noted an increase in blockchain activity in regions like Africa and South America. The geographic diversification of developers underscores the industry’s borderless nature and its potential for fostering global collaboration.

Regional Trends in Blockchain Activity

Different regions have contributed uniquely to the crypto ecosystem. Stablecoin transactions were observed to be consistently active across Asian, European, and African time zones, while NFT trading activity peaked during U.S. work hours. Meanwhile, NFT minting primarily occurred during Asia’s daytime, reflecting the diverse participation in various blockchain use cases.

Developer Education and Support Drive Growth

The report also emphasized the importance of education and community support in driving developer engagement. Blockchain ecosystems with robust educational initiatives, such as workshops, hackathons, and online resources, have successfully attracted new talent. Solana, for instance, has invested heavily in developer-friendly tools and community-building activities, making it a go-to platform for aspiring developers.

India’s significant contribution to onboarding new developers in 2024 can be attributed to its active participation in hackathons and widespread educational outreach programs. “There’s a lot of engineering talent in regions like India, supported by strong educational ecosystems,” Shen remarked. These efforts have not only expanded the talent pool but also equipped developers with the skills to contribute effectively to blockchain projects.

In contrast, ecosystems that failed to prioritize developer support and education struggled to retain newcomers. The report’s findings suggest that sustained growth in developer numbers depends on creating accessible entry points and fostering long-term engagement through educational resources.

Conclusion

The Electric Capital report paints a dynamic picture of the crypto development landscape in 2024. While Ethereum continues to dominate in terms of overall developer activity, Solana’s rapid rise as the most attractive blockchain for new developers signals growing competition in the sector. The global expansion of the developer base, led by Asia and regions like India, further highlights the evolving nature of the blockchain industry. As development trends shift, the stage is set for even greater innovation and regional participation in the years ahead.

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