- lectric Capital’s report excluded Ethereum’s Layer 2 developers, focusing only on the main network’s new developer count.
- Ethereum maintains leadership in total value locked (TVL), decentralized exchange (DEX) volumes, and stablecoin circulation despite competition.
In 2024, Solana (SOL) distinguished itself by recruiting the highest number of new developers among blockchain networks, surpassing Ethereum (ETH) for the first time since 2016.
According to Electric Capital’s report from December 12, Solana added 7,625 new developers, exceeding Ethereum’s addition of 6,456. This development indicates a significant 83% year-on-year growth for Solana, positioning it as a rising competitor in the blockchain sector.
The surge in Solana’s developer base underscores its growing appeal as a platform for decentralized applications (DApps) and decentralized finance (DeFi) solutions.
An expanded developer community can enhance the network’s capabilities, fostering greater innovation and potentially increasing the network’s market responsiveness and technological advancement.
Analyzing the Developer Ecosystem
The influx of developers to Solana not only reflects its technological allure but also suggests robust activity in blockchain development, critical for network evolution and application diversity.
However, evaluating the impact of this growth requires consideration of various factors, including the quality of contributions and the holistic development of the ecosystem.
Scope of the Electric Capital Report
Electric Capital’s findings focus solely on the main Ethereum network, excluding developers who contributed to Ethereum’s Layer 2 (L2) networks such as Base and Arbitrum.
This limitation has prompted responses from the Ethereum community, emphasizing that the broader Ethereum ecosystem continues to attract significant developer interest, particularly in its L2 solutions which are designed to enhance scalability and reduce transaction costs.
0. Love to read this report every year – thanks @MariaShen and team for putting it together!
Like with past years, developer data shows us both Ethereum's dominant position and ways the Ethereum ecosystem can grow & improvehttps://t.co/zfBNa6t0t9
— Josh Stark (@0xstark) December 13, 2024
Josh Stark from the Ethereum Foundation pointed out that Ethereum’s L2 networks are quickly being adopted by developers, driven by lower transaction fees. Stark emphasized that Ethereum and its L2 networks collectively form a pivotal hub for DeFi developers, with the ecosystem housing 56% of all DeFi developers.
Reflecting on Ethereum’s Market Position and Future Prospects
Despite Solana’s strides in developer recruitment, Ethereum maintains a leading position in key blockchain metrics, including total value locked (TVL) in DeFi, volume on decentralized exchanges (DEXs), and stablecoin circulation.
“What can the Ethereum ecosystem learn from this? If nothing else, it’s a reminder that we can’t be complacent. Ethereum will always have competitors, and we will always have to work to continue to improve Ethereum as a platform for developers, grow its presence, and advocate for its distinct value as a decentralized and credibly neutral blockchain.” – Josh Stark, Ethereum Foundation.
Stark’s commentary suggests a need for Ethereum to continually innovate and not become complacent, recognizing the competitive pressures within the blockchain industry.
Additionally, Redwan, Director of Programs at ChainSefth, emphasized that if all Ethereum L2 developers were considered, Ethereum’s total new developer count would surpass Solana’s, underscoring the integration capabilities and liquidity access facilitated by Ethereum’s extensive L2 architecture.
