Although the number of developers in the crypto space will increase in the long term, the 2024 bull market reveals new trends on a geographical and blockchain network basis. According to Electric Capital’s 2024 developer report, Solana will launch Ethereum for the first time $3,932.2It attracted more new developers and Asia’s developer share rose.
Solana is the Leading Platform for New Developers
According to Electric Capital’s research, of the 39,148 new developers interested in crypto in 2024, 7,625 come from Solana. Maria Shen, Electric Capital’s investment team partner, found Solana’s success in this area significant. Solana attracting more new developers than Ethereum is considered a significant development for the first time this year.
“Crypto should be a decentralized and global movement. What we are seeing is this happening,” says Maria Shen.
Solana also maintains a loyal base of full-time developers despite price fluctuations and ecosystem variability. Shen states that this situation gives positive signals for future developments.
Additionally, Solana supports more common uses such as low-cost transfers, indicating that mainstream adoption is increasing.
Ethereum Remains Popular
Despite Solana being the frontrunner for new developers, Ethereum remains the blockchain with the most active developers across all seven continents. Shen states that Ethereum has diversified with projects outside its base layer and thus maintains its popularity.
“Ether’s L2s like Base enable low-value use cases,” says Maria Shen.
The report states that Ethereum remains the main chain for high-value use cases, but offers a wider range of uses thanks to L2 solutions.
Regional Changes: Asia Overtakes North America
Asia grew from 12% of developers in 2015 to 32% in 2024. Over the same period, North America’s share fell from 43% to 24%. Europe remained in second place, decreasing from 37% to 31%. Electric Capital’s findings show that Asia, Europe and North America have the highest concentration of developers, but no single region dominates.
“Asia, Europe, and North America have the highest concentration of overall crypto developers, but no single region dominates,” the report says.
At the country level, the US remains the leader in developer share with 19%, while India rose to second place, increasing its developer share from 1% to 12%. While Ethereum is the most popular network in the US, in India Solana has become the leading ecosystem for developers.
While the price of ETH increased by 75% last year, the price of SOL increased by 232.8%. These increases are thought to support growth in the respective networks’ developer community.
These changes in developer trends in the crypto space are considered an indicator of the global distribution of blockchain technology and the diversification of ecosystems. The increase in developer base and regional shifts indicate that crypto projects continue to grow across a wider geographic area and across different networks.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
