The ranks of cryptocurrency developers have remained steady in 2024, according to a report by Electric Capital released Thursday.
While some recent entrants exited the industry, veteran developers largely continued their work, signaling resilience in the developer ecosystem despite a turbulent market.
Solana Leads in New Developer Growth
Solana emerged as the leading blockchain for attracting new developers in 2024, marking an 83% growth compared to the previous year. The network onboarded 7,625 new developers, surpassing Ethereum by 1,000 during the same period. This is the first time since 2016 that another blockchain has overtaken Ethereum in attracting new talent.
The report highlighted several notable milestones for Solana. On March 18, Solana overtook Ethereum in the network activity, due to the increasing demand of Solana-based memecoins.
Similarly, on October 28, Solana outpaced Ethereum in daily network fee generation over 24 hours. These achievements showcase the rapid growth of the Solana ecosystem and its increasing competitiveness in the blockchain space.
Also Read: Solana Launches AI Hackathon, Unveils $185K+ Prizes To Drive Innovation In Blockchain And AI
Ethereum Maintains Developer Leadership
Despite Solana’s growth, Ethereum still remains the king here. It retains the highest number of monthly active developers, with 6,244 in 2024. However, this figure represents a 17% decline compared to the previous year.
Maria Shen, a general partner at Electric Capital, emphasized that Ethereum continues to benefit from extensive network effects, making it a dominant player across continents.
The blockchain leads in decentralized exchange (DEX) usage, capturing 81% of all transactions, and dominates the NFT market, accounting for 64% of NFT mint transactions. Ethereum also records the highest number of unique trading wallets, further cementing its leadership in various segments.
Changing Developer Demographics
The report revealed a significant geographical shift in developer demographics. Asia overtook North America as the leading continent for blockchain developers in 2024, with India contributing 17% of all new crypto developers. This marks a notable rise for India, which now leads the global market in new developer contributions.
The United States, while still holding the largest overall developer base at 19%, experienced a 3% decline in its share of new developers. Other countries like China, Canada, and Nigeria also reported growth in developer participation, although their numbers remain comparatively smaller.
Maria Shen commented on the global shift, stating that the decentralized nature of crypto makes geographical diversity both inevitable and desirable. “Crypto is designed to be borderless,” she said, highlighting the abundance of engineering talent outside traditional hubs like the US.
Decline in New Developer Entrants
The report also noted a decline in the total number of new crypto developers in 2024, with 39,148 newcomers, a 7% decrease from the previous year and nearly half of the all-time high of over 77,000 in 2022.
While Ethereum continues to lead in developer activity and ecosystem dominance, Solana’s growth in new developer onboarding is a significant milestone, underscoring its rising influence in the blockchain space.
With shifting developer demographics and increasing contributions from regions like Asia and India, the industry is becoming more decentralized, reflecting the ethos of blockchain technology itself.
Also Read: FTX Offloads 4.263M Solana Worth Over $992 Million To CEXs, $SOL Price Remains Unchanged