Solana (SOL) has taken the lead as the most popular blockchain platform for new developers in 2024, according to a new report from Electric Capital.
Solana’s Developer Dominance
The report reveals that a whopping 39,148 new developers joined the crypto scene this year. For the first time since 2016, Ethereum (ETH) wasn’t the top choice for newcomers. Solana attracted 7,625 new developers, edging out Ethereum’s 6,456.
Beyond Developer Numbers
Solana’s success isn’t limited to developer numbers. It also dominates the decentralized exchange (DEX) market, handling a massive 81% of DEX transactions and boasting the highest number of unique trading wallets. While Coinbase’s Base (an Ethereum layer-2 scaling solution) came in second for unique trading wallets, Solana’s overall DEX dominance is undeniable.
Ethereum Still a Heavyweight
It’s important to note that Ethereum remains the overall leader in terms of total developer activity, holding the top spot across all continents. Solana holds a strong second place.
The Developer-Value Connection
Electric Capital highlights the significance of developer numbers, calling them a “leading indicator of value creation.” The firm explains that developers build valuable apps, attracting users, which in turn attracts more developers—a positive feedback loop. The open-source nature of crypto allows for unprecedented tracking of this growth.
SOL Price and Disclaimer
At the time of writing, SOL is trading at $227.70, down over 3% in the last 24 hours. Remember, this information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
