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Home»ADOPTION NEWS»Solana surpasses Ethereum as the fastest-growing cryptocurrency ecosystem in terms of new developers: Electric Capital
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Solana surpasses Ethereum as the fastest-growing cryptocurrency ecosystem in terms of new developers: Electric Capital

By Crypto FlexsDecember 12, 20242 Mins Read
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Solana surpasses Ethereum as the fastest-growing cryptocurrency ecosystem in terms of new developers: Electric Capital
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Solana is the best blockchain for new developers, according to a new developer report from venture firm Electric Capital.

According to the report, of the 39,148 new developers who began exploring cryptocurrencies this year, 7,625 were built on Solana, representing an 83% year-over-year increase in the number of developers on the network. The report stated that this is the first time since 2016 that the blockchain ecosystem has grown faster than Ethereum.

However, Ethereum remains the leading blockchain by total developer share across North and South America, Asia, Europe, and Africa. Solana ranked second in terms of number of developers across the region.

A variety of factors have contributed to the surge in developer interest in Solana, including a surge in network and user activity due to the memecoin rally after platforms like Pump.fun made it easier to launch memecoins.

According to a report from Electric Capital, by 2024, Aptos, Base, Bitcoin, Internet Computer, NEAR, Polkadot Polygon, Starknet, and Sui will all have more than 1,000 new developers. Additionally, BNB, Optimism, Scroll, Stellar, and TON gained 500 new developers.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.

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