Solana (SOL) Overtakes Ethereum (ETH) in Developer Momentum

In a surprising turn of events, Solana (SOL) is now neck and neck with Ethereum (ETH) in terms of the number of new projects applying for venture capital, according to cryptocurrency analyst Qiao Wang.

Following the analysis of startup founder interest from 2022 to 2025 by Alliance DAO, one of the most respected Web3 startup accelerators, which tracks applications for funding from early-stage crypto projects, these internal metrics have become a reliable indicator of where developer energy is flowing.

As mentioned before, the data shows that Ethereum’s share has been steadily decreasing for 30 consecutive months. By the first half of 2025, it fell below 50% for the first time ever.

On the other hand, Solana has been steadily gaining ground since the end of 2022 and managed to recover quickly from the reputational hit caused by FTX. According to Wang, "momentum favors Solana."

"It could overtake Ethereum soon as the leading chain for new blockchain projects."

The post Solana Is Gaining Momentum Among Developers

Highlighting the startup founder interest in various blockchains, with a focus on the changing landscape of developer activity and venture capital deployment in the Web3 ecosystem.

"Interesting web3 startup founder interest shifts highlighted by Alliance DAO's internal metrics (which tracks applied startups for funding, a proxy for developer energy).

This is a snapshot of startup founder interest in various blockchains. We can see that BTC had a brief surge in late 2023. It will be interesting to see how the narrative continues to unfold in 2024.

The takeaway is that while ETH started strong, it's interesting to see Solana gaining momentum. It could overtake Ethereum soon as the leading chain for new blockchain projects.

We're also seeing a generation of new founders who are less interested in Bitcoin and more interested in exploring new, scalable chains. This is evidenced by the lower interest in BTC compared to chains like ATOM, AVAX, SUI, and Aptos.

Finally, it's worth noting that Polkadot remains a strong contender, despite the criticism and skepticism it faces. It's consistently ranked in the top 10 for venture applications. This indicates that Polkadot continues to attract developer attention and interest in its technology and ecosystem.

Overall, the data suggests that developers are increasingly willing to consider alternatives to Ethereum, especially those that offer faster transaction speeds, lower gas fees, and scalability. As Web3 continues to evolve, it will be interesting to see how these trends play out and which blockchains emerge as frontrunners in specific sectors of the industry.

Polkdot has been a subject of criticism and skepticism in recent years, but it seems to be managing to hold onto a top-10 spot for venture applications throughout 2022 and 2023.

Filecoin, Cosmos, BNB Smart Chain, Bitcoin, Avalanche, Sui, and Aptos are among the platforms that web3 entrepreneurs are applying to for funding.

The data provides valuable insights into the founders' preferences and the platforms they believe in. It's no surprise that Ethereum, a pioneer in smart contracts and a mature ecosystem, remains a dominant force. However, the rising interest in Solana is noteworthy, especially considering its focus on speed, scalability, and a vibrant community.

The interest in platforms like Sui, Aptos, and ATOM could be linked to their contributions in specific domains, such as scalability solutions or interoperability protocols, which are becoming increasingly crucial in the development of Web3.

Moreover, the founders' enthusiasm for Bitcoin, a cryptocurrency known for its decentralization and security, might indicate a shift in narrative or a renewed focus on the foundational aspects of cryptocurrency.

Overall, the data offers a unique perspective on the energy and dynamism of the web3 startup landscape, highlighting the platforms that founders are gravitating towards and the technologies that are driving innovation in the Web3 space. It will be interesting to observe how these preferences translate into the emerging startups and the future of the web3 industry.

According to Devcentral, startup founder interest in Ethereum has fallen below 50% for the first time on record, while Solana is now neck-and-neck with ETH.