Key Points
Solana has been identified as the fastest-growing blockchain in the crypto world.
Its growth is reported to have reached double-digit percentages in just a year.
The Electric Capital report released on December 12th announced that Solana (SOL) is the top blockchain for new crypto developers.
It has shown an annual growth rate of up to 83%, outpacing Ethereum (ETH), the world’s largest blockchain.
Report Findings
The report revealed that 7,625 out of 39,148 new developers this year chose Solana as their primary blockchain.
This number has exceeded Ethereum, which attracted 6,456 new developers, and other blockchains that drew in 3,383.
This upward trend has been consistent for several years.
The report stated, “July 2024: Solana become the first ecosystem to onboard more developers than Ethereum since 2016.”
Despite its rapid growth, Solana remains the second-largest ecosystem on every continent.
In Asia, Solana nearly overtook Ethereum, with over 20% adoptions this year.
Meanwhile, Ethereum continues to be the leading ecosystem with the highest number of monthly active developers worldwide.
It remains dominant in the Americas and Europe, with over 25% adoptions every month.
Alongside Base, Ethereum also has the lowest fee use case for NFTs and accounts for 64% of NFT mint transactions.
In terms of DEX usage, Ethereum captured 81% of transactions and has the highest number of unique trading wallets.
In India, Solana has emerged as the leading ecosystem.
The report showed a significant increase in new developers for this ecosystem in India, surpassing Ethereum and Base (BASE).
This trend indicates the growing market for Solana in Asian countries.
India’s share of new developers jumped to 17%, while the U.S. saw a 3% decline.
China, Canada, and Nigeria also experienced growth, albeit not as significant.
Despite Solana’s growth in India, Ethereum remains dominant in many major countries, including the United States, the United Kingdom, China, and Canada.