A recent report highlighted Solana (SOL) as the top choice for new developers entering the ecosystem this year.
According to researchers at Electric Capital, a total of 39,148 new developers entered the crypto space in 2024.
Interestingly, 2024 marked the first year since 2016 where an ecosystem other than Ethereum (ETH) took the top spot among new developers. Solana attracted 7,625 new developers compared to Ethereum’s 6,456.
Solana also demonstrated dominance in decentralized exchange (DEX) usage, accounting for 81% of DEX transactions and leading in the number of unique trading wallets. Base, Coinbase’s Ethereum layer-2 scaling solution, followed as the second most popular choice for unique trading wallets.
Despite Solana’s rise, Ethereum still maintains its position as the top ecosystem for overall development, holding the number one position globally. Solana secured the second spot in this ranking.
Electric Capital emphasizes that developer numbers serve as a crucial indicator of value creation in the industry.
“Developers create apps that offer value to users, attracting customers and subsequently more developers. The open-source nature of crypto allows us to measure this developer-value creation cycle in a rapidly evolving industry.”
As of the time of writing, Solana’s native asset, SOL, is trading at $227.70, ranking as the 5th largest crypto asset by market cap. However, it has experienced a decrease of more than 3% in the last 24 hours.
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Image Source: Midjourney