Solana (SOL) Surpasses Ethereum (ETH) in Developer Growth for the First Time Since 2016

Electric Capital's latest report reveals that the global population of cryptocurrency developers remained relatively steady in 2024, despite some newer entrants exiting the industry.

Electric Capital's latest report on cryptocurrency developer trends for 2024 reveals some interesting insights.

Despite some newer entrants leaving the industry, the global population of crypto developers remained relatively steady. But here's the surprising part: Solana (SOL) has emerged as the most attractive blockchain for new developers, outpacing even Ethereum (ETH).

Out of the 39,148 developers that entered the crypto industry this year, 7,625 chose to build on Solana, reflecting an 83% increase in Solana's developer activity compared to last year. This marks the first time since 2016 that a blockchain ecosystem has outpaced Ethereum in developer growth.

Asia Surpasses North America in Developer Headcount

While Ethereum's monthly developer count decreased by 17% to 6,244, it still ranks first in terms of total developer base across regions, including North and South America, Asia, Europe, and Africa. Solana, on the other hand, comes in second.

The rise in developer interest in Solana is attributed to increased network and user activity, which is partly driven by the popularity of memecoins and platforms like Pump.fun that facilitate the launch of these types of coins.

Another key finding in Electric Capital's report is a shift in the geographic distribution of developers. Asia now hosts the largest number of blockchain developers, surpassing North America, which fell to third place.

However, the US retains the highest share of developers at 19%. India led in onboarding new developers, accounting for 17% of new entrants, driven by education programs and hackathons.

The report also highlights significant developer growth across other blockchain ecosystems. Aptos, Base, Internet Computer, NEAR, Polkadot, Polygon, Starknet, and Sui each gained over 1,000 new developers in 2024.

Additionally, BNB, Optimism, Scroll, Stellar, and TON attracted at least 500 new developers during the same period.

Eigenlayer, Ethereum's leading restaking protocol, recorded some notable gains, registering a 167% increase in monthly developers in 2024 as new services were deployed within its ecosystem.