Solana is the fastest growing for new crypto developers

Solana is reportedly the fastest growing blockchain for new crypto developers, showing double-digit growth in a single year.

According to Electric Capital’s Dec. 12 report, Solana (SOL) is the number one blockchain for new crypto developers, with an annual growth rate of up to 83%, surpassing the world’s largest blockchain, Ethereum (ETH).

The report found that 7,625 of 39,148 new developers this year used Solana as their first blockchain. This number surpassed Ethereum with 6,456 new developers and other blockchains with 3,383 new developers. This trend has increased every year since a few years ago.

“July 2024: Solana becomes the first ecosystem to onboard more developers than Ethereum since 2016,” the report says.

This emerging blockchain remains the second largest ecosystem on every continent. In the Asia region, Solana has nearly overturned Ethereum with over 20% adoption this year.

Ethereum also remains the leading ecosystem with the highest number of monthly active developers on every continent. Ethereum was dominant in the Americas and European regions, with an adoption rate of more than 25% month over month.

Along with Base, this blockchain also records the lowest fee use case for NFTs and also holds 64% of NFT mint transactions. They also captured 81% of transactions in DEX usage and have the highest number of unique trading wallets among others.

Solana is the first ecosystem in India

India has signed up a large number of new developers for this ecosystem and inverted Base (BASE) with Ethereum, the report said. This figure shows how Asian countries are an emerging market for Solana.

India’s share of new developers also rose first to 17%, followed by the US with a 3% decline. China, Canada and Nigeria have seen growth but nothing significant.

Ethereum continues to dominate in many other major countries, including the United States, the United Kingdom, China, and Canada.