Solana consolidates its position as the favorite of blockchain developers

Solana consolidates its position as the favorite of blockchain developers

Solana's blockchain ecosystem has attracted more developers than Ethereum in 2024, according to a recent report from Electric Capital. 

Solana’s blockchain ecosystem has seen exponential growth in 2024, surpassing Ethereum in terms of onboarding new blockchain technology developers, according to the recent report published by Electric Capital, “2024 Crypto Developer Report".  

The report's data reveals that Solana has established itself as the preferred ecosystem for emerging blockchain developers, with a year-on-year growth of 83%. This data reflects the maturity and robustness that the Solana network has gained, and its ability to innovate and offer cutting-edge technological solutions in the crypto world. 

Electric Capital’s report, which analyzed 902 million code commits across 1,7 million repositories, highlights that Solana is currently the No. 1 ecosystem for new developers in 2024. 

Solana’s developer community has grown remarkably, attracting professionals from different parts of the world. This growth is not only due to Solana’s technology, but also to its focus on ease of use, transaction speed, and low costs – aspects that are crucial for developers looking to create efficient and scalable decentralized applications (dApps).

Solana leads growth in Blockchain developer share

Solana's growth in blockchain developer share in 2024 is impressive. According to Electric Capital's report, Solana has added 7.625 new developers, which represents an 83% increase compared to the previous year. Although this figure still represents a small portion of the total developers in the crypto ecosystem, it is a significant and important growth for the network. 

Furthermore, the report highlighted the geographical distribution of these developers, who are concentrated in Asia, Europe and North America. According to the data, Asia leads the blockchain ecosystem by developer participation, leaving Europe and the United States in second and third place. These regions account for 33%, 31% and 24% of blockchain technology developers, respectively.

Geographic distribution of blockchain developers.
Geographic distribution of blockchain developers.
Source: Electric Capital

Asia has established itself as the No. 1 continent in terms of developer participation, which is a trend that has been increasing in recent years. Countries like India and China have been key to this growth, with India onboarding the majority of new cryptocurrency developers this year. This phenomenon is due, in part, to the increasing adoption of blockchain technologies and investment in education and training in these countries.

In contrast, North America, which was historically the leader in this space, has seen a notable decline. The United States, which accounted for 2015% of developers in 38, now accounts for only 19%. This drop can be attributed to global competition and increased investment in blockchain technologies in other regions, as well as a lack of clear regulations and aggressive enforcement policies implemented by the SEC under the leadership of Gary Gensler.

The Blockchain Revolution: Rise of Experienced Developers and Multi-Chain Diversification

Electric Capital’s report also provided valuable insights into the current state of the blockchain developer ecosystem. One of the most striking findings is that experienced developers – those with more than two years in the cryptocurrency field – have reached historic levels, growing at 27% year-on-year. This data is crucial as it indicates that the blockchain ecosystem is not only attractive to new entrants but is also retaining and nurturing experienced talent.

Another notable aspect is the diversification of developers across multiple chains. By 2024, 1 in 3 cryptocurrency developers will be working on multiple chains, up from less than 10% in 2015. This trend suggests that developers are looking to leverage the strengths of different blockchain platforms to create more robust and versatile solutions.

On the other hand, despite Solana’s exponential growth, Ethereum still dominates the total developer activity across all continents. This indicates that while Solana has managed to attract a large number of new developers, Ethereum remains a benchmark in the blockchain ecosystem. However, competition between these platforms is healthy and encourages innovation and the development of more advanced technologies.

In terms of global adoption, the report highlights that cryptocurrency activity is distributed globally, with stablecoin transactions and NFT trading occurring throughout the day. This globalization of blockchain activity is a clear indicator of its growing relevance and adoption in different regions of the world.

Main image from Pixabay