The crypto development landscape in 2024 reveals a compelling narrative of growth and resilience. While the total number of cryptocurrency developers remained relatively stable, the Solana blockchain emerged as a major draw for new talent. At the same time, Ethereum retained its crown as the blockchain with the largest overall developer ecosystem.
Here’s a deep dive into the insights from Electric Capital’s latest annual survey.
Solana’s Rising Momentum
Solana experienced unprecedented growth in its developer ecosystem, attracting 7,625 new developers in 2024—an 83% increase compared to the previous year. For the first time since 2016, Solana surpassed Ethereum in onboarding new developers during a calendar year. This surge highlights Solana’s low fees, fast transactions, and expanding ecosystem as key factors in drawing talent.
The blockchain’s popularity as the hub of the memecoin craze and substantial investment in its ecosystem has further solidified its standing.
Ethereum: The Leader in Overall Development
Despite Solana’s momentum, Ethereum remains the dominant blockchain for developers. With 6,244 monthly active developers, Ethereum’s ecosystem is the most extensive globally. However, this number represents a 17% decline from the previous year.
Much of Ethereum’s strength stems from its Layer-2 networks such as Base, Optimism, and Arbitrum, which account for 56% of its developer activity. The Eigenlayer protocol also contributed significantly to Ethereum’s innovation, with a 167% surge in its developer base, making it the fastest-growing ecosystem in 2024.
A Global Perspective on Crypto Development
Electric Capital’s report highlighted the increasing geographic diversity of crypto developers. Asia emerged as the continent with the most blockchain developers, overtaking North America. Within Asia, India led the way, bringing in 17% of new crypto developers globally. This growth is attributed to an uptick in education programs, hackathons, and training initiatives in the region.
The U.S. remains the leading country for developers, with a 19% share, but North America dropped to third place overall. Electric Capital’s findings underscore the importance of global decentralization in blockchain innovation.
Resilience Amid Challenges
While the overall developer population was flat, with a negligible 7% decline, the report found a growing number of experienced developers—those with over two years in the industry. The slight decline was mainly driven by newer entrants who joined during bear markets and left soon after.
Maria Shen, a general partner at Electric Capital, emphasized the stability of the sector, particularly among full-time developers, which saw only a 4% year-over-year decline.
Conclusion
The stability and growth of blockchain developers in 2024 underscore the resilience of the crypto industry. While Ethereum remains the dominant player, Solana’s rapid rise and the global diversification of talent signal a promising future for decentralized technologies.
As crypto becomes increasingly borderless, initiatives to support developer education and innovation globally will play a pivotal role in shaping the next wave of blockchain adoption.
