In a transformative year for the blockchain industry, Solana has emerged as the leading ecosystem for new developer activity, dethroning Ethereum’s eight-year reign. 

According to Electric Capital’s 2024 Developer Report, Solana welcomed 7,625 new developers this year, surpassing Ethereum’s 6,456. This milestone reflects a significant shift in developer interest, fueled largely by Solana’s growth in Asia.

The report, which analyzed 902 million code commits across 1.7 million repositories, highlights the evolving dynamics of the blockchain ecosystem. While Ethereum remains the top ecosystem for total developer activity globally, the rise of Solana indicates a diversification of talent and innovation within the industry.

Electric Capital noted an 83% year-over-year increase in developer activity within the Solana ecosystem. 

The platform’s ability to attract new talent has been complemented by milestones such as surpassing Ethereum in network activity on March 18 and generating higher daily network fees on October 28. These achievements underscore Solana's growing prominence in decentralized finance (DeFi) and low-fee use cases like non-fungible tokens (NFTs).

Globally, the report found that 39,148 new developers explored crypto this year, a 7% decline from 2023 and far from the 77,000 peak in 2022. Despite this dip, the blockchain industry saw a record-high growth of established developers—those with two or more years of experience—who now contribute 70% of code commits.

The report also highlighted the global distribution of developer activity. Asia has become the leading continent for crypto developers, with 1 in 3 developers based in the region. India emerged as a standout, onboarding the most new crypto developers in 2024, further solidifying Asia’s dominance. Meanwhile, North America slipped to third place, underscoring a shift in the geographic balance of blockchain talent.

Despite losing its position as the top ecosystem for new developers, Ethereum remains the leader in overall developer activity across every continent. Its layer-2 networks have shown robust growth, with a 64% increase since 2021. Notably, Eigenlayer, a re-staking protocol within Ethereum, recorded a 167% rise in developer participation this year, becoming the fastest-growing ecosystem in 2024.

The report also highlighted the increasing diversification of use cases across blockchain networks. Solana leads in decentralized exchange (DEX) transactions, capturing 81% of the market, and boasts the highest number of unique trading wallets. Meanwhile, Ethereum dominates in stablecoin usage, with a circulating supply of $196 billion and $81 billion in daily transaction volume.

Interestingly, developer activity now spans all time zones, reflecting the global nature of blockchain innovation. NFT trading peaks during American working hours, while NFT minting sees its highest activity during Asia’s workday, showcasing how different regions gravitate toward distinct blockchain applications.