Ethereum lost to Solana in popularity among blockchain application developers

For the first time since 2016, the Solana ecosystem this year attracted more developers of blockchain projects than the Ethereum network, Electric Capital analysts noted. At the same time, Ethereum remains the leader in terms of overall developer activity.

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During 2024, 7,625 new developers chose the Solana network, while Ethereum was chosen by 6,456. Activity in the Solana ecosystem was up 83% year-on-year, and it has outperformed Ethereum in several ways this year: it was ahead amid the hype in March around memcoins, and in October it took the lead in the volume of network commissions per day. The total number of new developers this year was 39 thousand – this is 7% less than a year earlier and almost half as much as in 2022, when there were more than 77 thousand.

The number of developers on the Ethereum network has decreased by 17% this year, but it remains the largest blockchain by their total activity; The fastest growing developer ecosystem is Eigenlayer, the main raisestaking protocol. In terms of the number of developers, the Asian region ranks first – hence every third; and most of them appeared in India. Transactions with stablecoins are consistently active around the world – in Europe, Asia and Africa their number increased by 3% during daylight hours. Non-fungible tokens (NFTs) are most actively traded during business hours in America.

At the end of November, the Solana cryptocurrency surpassed Bitcoin in growth – since the beginning of the year, it has risen in price by 122%; as of December 13, Solana’s capitalization is $107.9 billion, which is the fifth largest among all cryptocurrencies.