Ethereum

Cryptocurrency

Solana

Internet Computer

<ul> 
 <li>Solana has surpassed Ethereum, the second-largest cryptocurrency by market cap as the top choice for new developers with 7,625 onboarded.</li> 
 <li>The number of developers actively building on Solana has grown by 83% year-over-year, reflecting its rising appeal.</li> 
</ul> 
Cryptocurrency markets have become increasingly volatile, and in this, crypto tokens have been on a <a href="https://www.ethnews.com/can-solana-flip-tether-analysts-eye-270-price-as-key-benchmark/" target="_blank" rel="noopener">wild ride lately.</a> Solana has proven to be a favorite for new developers. This comes after Solana achieved a remarkable milestone, overtaking Ethereum, the second-largest cryptocurrency by market cap to become the leading blockchain ecosystem for new developers. 
This significant milestone was brought to light by a <a href="https://www.developerreport.com/" target="_blank" rel="noopener">report</a> by Electric Capitals Developer. As per the report, 7,625 new developers chose Solana as their platform this year, making it the number-one ecosystem for onboarding new talent. 
<img loading="lazy" decoding="async" class="alignnone wp-image-115481" src="https://www.ethnews.com/wp-content/uploads/2024/12/Genz3WYa8AAtpRr-300x169.jpg" alt="" width="664" height="374"> 
This achievement underscores Solana’s<a href="https://www.ethnews.com/solana-outpaces-rivals-amid-memecoin-craze-in-crypto-fee-rankings/" target="_blank" rel="noopener"> growing appeal</a> as a leading blockchain in the cryptocurrency landscape. Notably, the ecosystem has recorded an 83% year-on-year (YoY) growth in monthly active developers. 
In the same vein, other networks like Internet Computer (ICP) and Base also saw notable growth, with 75% and 50% YoY increases, respectively. However, Solana’s rapid rise in developer adoption sets it apart as a dominant force in the blockchain space. 
<img loading="lazy" decoding="async" class="alignnone wp-image-115501" src="https://www.ethnews.com/wp-content/uploads/2024/12/Gen0DXSbAAA-1cb-300x169.jpg" alt="" width="691" height="389"> 
Reminiscing, the digital asset’s growth momentum began in July 2024, when it surpassed Ethereum to lead globally in new developer adoption. The network particularly excelled in Asia, where it was the top choice for developers, and also ranked second in key regions like the US, UK, and Canada. 
Additionally, this developer influx has bolstered Solana’s broader ecosystem. The network emerged as a leader in low-fee use cases, facilitating 81% of all decentralized exchange (DEX) transactions and 64% of all NFT minting across all chains. In 2024 alone, 1.7 million unique wallets transacted on Solana, a figure seven times higher than the next largest chain. 
The decentralized finance (DeFi) sector has also thrived on Solana. The network surpassed Ethereum in on-chain settlement volume, recording over $574 billion in transactions across DEXes this year. Additionally, Solana saw a significant surge in Total Value Locked (TVL), climbing from 3% to 25% of on-chain capital outside of Ethereum. 
On the same, Solana’s dominance in the DeFi space is evident in its performance in DEX trading volumes. DeFiLlama data has revealed that Solana led Ethereum with $4.13 billion in DEX volume over the last 24 hours and $30.70 billion over the past week, compared to Ethereum’s $3.17 billion and $25.97 billion, respectively. Much of this volume stems from Solana’s thriving meme coin ecosystem, which has attracted a wave of traders and liquidity. 
<h3 id="strong-bullish-outlook-for-solana-strong">Bullish Outlook for Solana</h3> 
This success has poised a bullish outlook for the Solana ecosystem. Most notably, Asset manager Bitwise predicts continued expansion in 2025, with more “serious” projects likely to join the ecosystem. 
In a another development, Ethereum researcher Max Resnick has left Consensys to join Solana’s Anza, following his public disagreement with Ethereum’s roadmap. 
Meanwhile, despite SOL price value dropping by 1.92%, the digital asset is at the time of writing, swapping hands with $225.64 marking a 9.38% surge in the past 24 hours. 
The post <a href="https://www.ethnews.com/solana-surpasses-ethereum-as-top-developer-ecosystem-despite-5-sol-price-drop/">Solana Surpasses Ethereum as Top Developer Ecosystem Despite 5% SOL Price Drop</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Solana Surpasses Ethereum as Top Developer Ecosystem Despite 5% SOL Price Drop

Table of Contents

ETHNews

Other articles published on Dec 13, 2024

Human Traders Take the Lead Over Bots in the Bybit Copy Trading Competition (13 Dec)

Trump Team Explores Overhauling Banking Regulators in Deregulation Push

Bitstable: A Trusted Ally for Global Cryptocurrency Traders

NYSE Arca Files to List Bitwise's Bitcoin-Ethereum ETP

Ethena Labs’ USDe Stablecoin: High-Yield, High-Risk? Analyzing the Model

BTFD Dominating Presales as the Best Meme Coins to Join Today While ACT’s AI World and BOME’s Pop...

Join our free newsletter for daily crypto updates!