Emergence of Solana in 2024
In its latest annual survey, Electric Capital reveals that while Ethereum still holds the title of the top blockchain for developers, the broader landscape of software builders in the cryptocurrency space has remained relatively static.
According to the survey, the number of active cryptocurrency developers worldwide has dipped slightly—down 7% from last year—resulting in a total of 23,613 developers as of November. This drop illustrates some attrition among newcomers, yet it points to a stable core community.
One standout finding highlights Solana’s rapid ascent within this space. The platform has seen a remarkable 83% growth in its developer ecosystem since 2023. Notably, in July, Solana outpaced Ethereum for the first time since 2016, welcoming 7,625 new developers this year alone—surpassing Ethereum by over 1,000 in its new contributor count.
This shift prompts critical questions for Ethereum, as Solana continues to attract investment and talent with its lower fees and faster transaction speeds.
The Shifting Momentum
Maria Shen, a general partner at Electric Capital, observed an increase in the share of developers boasting more than two years of industry experience. Interestingly, the majority of those leaving the field were newcomers who entered during the recent market downturn and missed out on any significant market rebounds.
Shen noted that the stability seen in the developer demographics is promising. Full-time developer numbers dipped only slightly by 4% compared to last year, reflecting a resilient foundational community.
Solana’s impressive growth is noteworthy; however, Ethereum continues to dominate the developer landscape. As Shen explained, the vast network effects that Ethereum enjoys still set it apart, underlining its expansive global reach.
Despite witnessing a 17% decrease in its monthly developer count—now totaling 6,244—Ethereum retains its status as the leading platform in terms of developer engagement. Following closely behind is Solana, now recognized as the second largest developer ecosystem.
The uptick in development activity associated with Ethereum stems from the rising popularity of layer-2 networks like Base, Optimism, and Arbitrum, which together engage 56% of Ethereum’s developers. Additionally, Eigenlayer, a significant restaking protocol, has ignited considerable innovation, boasting an impressive 167% increase in monthly developers in 2024.
Crypto Development in a Global Context
Electric Capital’s report also sheds light on a shift toward a more global environment for crypto developers. Asia has now emerged as the leading continent in terms of blockchain developers, with North America sliding from its previous position to third place. Nevertheless, the United States still leads globally, accounting for 19% of developer participation.
India stands out for its exceptional growth, contributing 17% to the global developer pool in 2024 and surpassing all other nations in onboarding new crypto developers. Shen pointed out that the many educational programs and hackathons thriving in India are key drivers of this significant trend.
This growing geographic diversity among developers is viewed as an encouraging development by Shen. She emphasized that maintaining dominance solely in the U.S. and North America is not only improbable but could also hinder the industry’s progress. Instead, there’s a pressing need to cultivate a truly global and borderless ecosystem that taps into the wealth of engineering talent available worldwide.
About the Author: Margaux Nijkerk writes about developments in the Ethereum protocol and explores layer-2 scaling solutions. She holds a master’s degree in International Affairs & Economics from Johns Hopkins and Emory universities. Nijkerk possesses investments in Bitcoin and Ethereum that exceed CoinDesk’s disclosure threshold of $1,000.
Source: Coindesk
