Report: Solana Emerges as the Fastest Growing Blockchain for New Crypto Developers

Solana has emerged as the fastest-growing blockchain for new crypto developers, according to a recent report by Electric Capital released on December 12. The report highlights Solana’s impressive growth rate, with new developer participation surging by up to 83% in just one year, surpassing even Ethereum in terms of onboarding new developers.

In 2024, a total of 7,625 new developers chose Solana as their first blockchain, outpacing Ethereum, which saw 6,456 new developers, and other blockchains with 3,383 developers. This trend marks a significant shift in the blockchain development landscape, with Solana’s developer base expanding at an exceptional rate. Over the past few years, Solana has consistently grown, and this year it was noted that, for the first time since 2016, Solana onboarded more developers than Ethereum in a calendar year.

One key observation is Solana’s increasing dominance across regions, particularly in Asia. In this region, Solana almost outpaced Ethereum, achieving more than 20% adoption in 2024. Ethereum still maintains a stronghold as the leading blockchain in terms of monthly active developers, particularly in the Americas and Europe, where it commands over 25% adoption. Despite Solana’s growth, Ethereum’s established position as the top ecosystem in many countries continues to hold strong.

Solana also ranks highly in other areas, particularly in the non-fungible token (NFT) and decentralized exchange (DEX) spaces. It is noted for having one of the lowest fees for NFT transactions and accounts for 64% of NFT minting transactions. In decentralized exchange usage, Solana dominates with 81% of transactions and boasts the highest number of unique trading wallets compared to other blockchain ecosystems.

A particularly notable shift was seen in India, where Solana outpaced both Ethereum and Base (BASE) in attracting new developers. India’s share of new developers in Solana’s ecosystem jumped to 17%, positioning it as the leading country for Solana’s growth. This marks a significant development for the blockchain, as it signals an emerging market in Asia. Conversely, Ethereum’s dominance remains strong in major countries like the United States, the United Kingdom, China, and Canada, where it continues to be the top choice for developers.

Overall, the report underscores Solana’s rapid growth and its increasing adoption among developers globally. While Ethereum remains dominant in terms of active developers and market presence, Solana’s rise signals a shift in the blockchain landscape, particularly as the ecosystem continues to expand its reach in regions like India and Asia.