Solana has emerged as the top choice for developers worldwide, surpassing Ethereum in attracting new talent to its ecosystem. A recent report by Electric Capital revealed that Solana welcomed 7,625 new developers in the past year, marking a significant milestone in blockchain development history. This is the first time since 2016 that any blockchain ecosystem has outshined Ethereum in attracting developers.
The surge in developer activity on Solana can be attributed to its efficiency, scalability, and low transaction costs. These factors have made it a preferred platform for developers looking to build cost-effective applications. Notably, Solana powers 81% of decentralized exchange (DEX) transactions and handles 64% of NFT minting across all blockchain platforms. In 2024 alone, it facilitated transactions from 1.7 million unique wallets, showcasing its growing influence in the blockchain space.
Furthermore, Solana’s DeFi ecosystem has flourished, with on-chain settlement volumes exceeding $574 billion in 2024 across various DEX platforms. Its share of total value locked (TVL) outside Ethereum has also grown significantly, from 3% to 25%, making it one of the fastest-growing blockchain ecosystems in terms of capital influx.
In contrast, Ethereum continues to maintain its dominance as the largest blockchain ecosystem in terms of overall developer activity. Despite a 17% decrease in monthly active developers over the past year, Ethereum still reigns supreme in most regions globally. The platform’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. The platform accounts for 42% of the new code being written in the Ethereum ecosystem, solidifying its position as a key player in the blockchain development landscape.
Overall, Solana’s rapid growth and developer attraction signify a shifting landscape in the blockchain industry. While Ethereum remains a powerhouse in the space, Solana’s rise as a top choice for developers highlights the evolving preferences and opportunities in the ever-expanding Web3 ecosystem. With both platforms driving innovation and growth in the blockchain sector, the future looks bright for decentralized technologies and applications.