Ethereum vs. Solana: Developer Trends

Ethereum vs. Solana: Developer Trend and Growth in 2024

Key Highlights:

• Ethereum’s Global Leadership: Ethereum remains the largest blockchain ecosystem by total developer activity, with dominance across all continents.
• Solana’s Rapid Growth: Solana onboarded 7,625 new developers in 2024, surpassing Ethereum’s 6,456 and growing its activity by 83% compared to the previous year.
• Multi-Chain Development Trend: 34% of developers now work on multiple chains, reflecting the growing demand for interoperability in blockchain ecosystems.
• Regional Growth: Asia emerges as the leading region for crypto development, with India onboarding the most new developers globally.
• Shifting Network Activity: Solana briefly surpassed Ethereum in network activity and fee generation during key periods in 2024

Ethereum’s Global Leadership in Total Developer Activity

Ethereum remains the undisputed leader in total developer activity, dominating across continents and maintaining its position as the largest blockchain ecosystem. According to a recent Electric Capital report, Ethereum leads in developer presence across major regions, including the U.S., U.K., Canada, and China. Even in India, which ranked second globally for developer share, Ethereum remained a strong contender, though Solana emerged as the preferred chain.

Despite a 17% decline in monthly Ethereum developers in 2024, bringing the total to 6,244, Ethereum’s ecosystem remains robust. The network’s deep-rooted network effects are evident in its continued dominance in total developer numbers and its thriving Layer-2 (L2) ecosystems, which have grown 64% since 2021. About 26% of all monthly crypto developers now work on Ethereum’s L2s and mainnet.

Eigenlayer, Ethereum’s restaking protocol, further highlights the network’s vitality, experiencing a staggering 167% growth in monthly developer activity, making it 2024’s fastest-growing ecosystem.

Solana’s Rapid Ascent as the Go-To Blockchain for New Developers

2024 marked a breakthrough year for Solana, which surpassed Ethereum as the top ecosystem for onboarding new developers. For the first time since 2016, Solana onboarded more developers than Ethereum, attracting 7,625 out of 39,148 new developers globally, compared to Ethereum’s 6,456.

This growth represents an 83% year-over-year increase for Solana and reflects the ecosystem’s ability to attract talent and investment, particularly in regions like Asia. India, which onboarded the most new crypto developers in 2024, preferred Solana over Ethereum, driven by the former’s low fees, fast transactions, and the growing activity on its blockchain.

Solana’s success was also bolstered by network milestones. In March 2024, Solana surpassed Ethereum in network activity due to a surge in demand for Solana-based memecoins. Later in October, it briefly overtook Ethereum in daily network fee generation.

The Rise of Multi-Chain Developers

The Electric Capital report revealed another emerging trend: the rise of multi-chain development. In 2024, 34% of developers worked across multiple chains, a significant jump from less than 10% in 2015. Among these, Base emerged as the most popular chain for multi-chain developers.

This shift underscores the growing preference for flexibility and interoperability in blockchain development, with developers exploring diverse ecosystems to leverage unique features like Solana’s speed or Ethereum’s established infrastructure.

Global Growth in Crypto Development

Crypto development continues to grow worldwide, with Africa, South America, and Asia witnessing substantial increases in developer activity. Asia leads as the global hub for crypto development, hosting one-third of all developers, with India playing a pivotal role in driving growth.

The report also highlighted varying regional crypto usage patterns. Stablecoin transactions remained active during Asian, European, and African daylight hours, while NFT trading peaked during America’s workday, with minting activity thriving during Asia’s business hours.

Looking Ahead: A Dynamic Landscape

As Ethereum maintains its lead in total developer activity and Solana rises as the go-to ecosystem for new developers, the blockchain landscape remains vibrant and competitive. The rapid growth of multi-chain development and regional variations in crypto adoption signal a more interconnected and global future for blockchain innovation.

While Ethereum’s dominance remains unchallenged in terms of total activity, Solana’s momentum in attracting new talent highlights its potential to challenge the status quo in the coming years.