Important points
Solana attracted 7,625 new developers in 2024, surpassing Ethereum for the first time since 2016. Asia has become the leading continent for blockchain developers, with India accounting for 17% of new crypto developers.
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According to Electric Capital's annual report, Solana grew by 83% in 2024, surpassing Ethereum to become the leading blockchain for new crypto developers.
The report, reviewed by CoinDesk, revealed that Solana hired 7,625 new developers. This is 1,000 more people than Ethereum during the same period.
Although Ethereum maintained its position as the largest developer network overall, the number of monthly active developers decreased by 17% to a total of 6,244.
Despite this decline, Ethereum's Layer 2 ecosystem, which includes projects such as Optimism, Arbitrum, and Base, remains the main driver of activity and accounts for more than half of the blockchain's active developers.
Maria Shen, general partner at Electric Capital, said that Ethereum continues to be the world leader in terms of total number of developers, benefiting from extensive network effects as evidenced by the data.
However, she acknowledged significant momentum for Solana, noting that Solana became the first blockchain since 2016 to surpass Ethereum in attracting new developers.
The report also points to geographic shifts in developer demographics.
Asia will overtake North America as the leading continent for blockchain developers, with India expected to account for 17% of all new crypto developers by 2024.
Despite this, the US remains the country with the largest overall developer base, accounting for a 19% share of the global total.
Commenting on this change, Shen explained that the continued dominance of the United States and North America in the cryptocurrency space is unlikely and undesirable.
She emphasized that cryptocurrencies are designed to be borderless, noting that there is a wealth of engineering talent outside the United States.
“Cryptocurrencies are meant to transcend borders,” she said, emphasizing the importance of global diversity in developer contributions.
At the time of writing, Solana was trading at $233, up nearly 2% in the past 24 hours, while Ethereum was trading at $3,945, up 4.2% in the same period.
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