Solana has emerged as the top choice for developers, surpassing Ethereum in attracting new talent to its ecosystem. According to a report by Electric Capital, Solana welcomed 7,625 new developers in the past year, marking a significant milestone in blockchain development history.
The network’s growth has been fueled by its efficiency, scalability, and low transaction costs, making it an ideal platform for developers looking to build cost-effective applications. Solana now boasts over 2,000 monthly active developers, representing an 83% year-over-year increase and positioning it as the fastest-growing large ecosystem in the industry.
One of Solana’s key strengths is its global appeal, particularly in Asia where it trails only Ethereum in total developer activity. The network leads as the top developer ecosystem in India and ranks second in the US, UK, Canada, and China. It has also gained significant traction in Africa, with Nigeria emerging as a key market for Solana adoption.
Harrison Obiefule, co-lead of Solana Superteam Nigeria, attributes the network’s success in Africa to its decentralized approach, focus on talent development, and mission to onboard users through earning rather than buying crypto.
Solana’s DeFi ecosystem has also thrived, with on-chain settlement volumes surpassing $574 billion in 2024 across DEX platforms. The network now handles 81% of DEX transactions and 64% of NFT minting across all blockchain platforms, solidifying its position as a leading choice for developers and users alike.
Despite Solana’s impressive growth, Ethereum remains the largest blockchain ecosystem in terms of overall developer activity. Ethereum’s layer-2 solutions have seen a 67% increase in activity since 2021, with nearly 26% of all blockchain developers building on Ethereum’s main network or layer-2 platforms.
Among Ethereum Virtual Machine (EVM) chains, Base has emerged as a standout performer, responsible for 25% of all original on-chain code logic in 2024. Ethereum continues to dominate in most regions, including Asia, Europe, North America, Africa, and South America, maintaining its stronghold as a key player in the blockchain space.
In conclusion, Solana’s rise to the top as the preferred blockchain ecosystem for developers marks a significant shift in the industry landscape. With its focus on efficiency, scalability, and low costs, Solana has positioned itself as a formidable competitor to Ethereum and is poised to drive further innovation and growth in the blockchain space.