Solana Ecosystem Outpaces Ethereum in Terms of New Crypto Developers: Report

Solana has become the number one ecosystem for new developers in 2024, growing 83% since last year.

A new developer report by Electric Capital revealed that Solana has attracted more new developers than Ethereum for the first year since 2016. This is because, in July, Solana onboarded more developers than Ethereum.

The report, released Thursday, found that 7,625 out of 39,148 new developers in 2024 used Solana as their first blockchain. Meanwhile, 6,456 have explored Ethereum this year.

Solana’s low fees and fast transactions have attracted investment and talent. Ethereum has been the dominant Layer-1 network for blockchain applications. However, Solana’s increasing blockchain activity and SOL’s rapid price surge convinced more developers that a change in leadership is due.

Further, 1 in 3 crypto developers work on multi-chains and have increased from less than 10% in 2015 to 34% in 2024. Among them, Base was the most popular chain, the report added.

Ethereum Still Dominates Among Total Developers

Despite Solana’s notable increase this year among new developers, Ethereum has shown to be the biggest ecosystem for total developer activity.

Ethereum blockchain has dominated in the top 5 countries including the US, the UK, Canada and China. However, in India, which ranked number 2 by developer share this year, Solana was the preferred chain, followed by Ethereum.

“Ethereum dominates by overall developers everywhere, in every continent of the world,” Shen added. “Ethereum has very, very deep network effects, and you can see that through the data.”

Additionally, the data also revealed that India has onboarded the most new crypto developers since 2023, moving past the US.