Solana (SOL) was the top ecosystem choice this year for new developers, according to a recent report.
Researchers at venture capital firm Electric Capital note that 39,148 new developers explored the crypto space in 2024.
The company also claims that 2024 was the first year since 2016 that an ecosystem other than Ethereum (ETH) ranked first among the new developer cohort, with 7,625 new developers choosing Solana, compared to 6,456 for Ethereum.
Solana also leads in terms of decentralized exchange (DEX) usage, capturing 81% of DEX transactions and ranking first in terms of number of unique trading wallets. Base, Coinbase’s layer 2 Ethereum scaling solution, ranked second among unique trading wallets.
Ethereum still remains the top development ecosystem overall, ranking number one across all continents. Solana placed second.
Electric Capital says the number of developers is a “leading indicator of value creation.”
“Developers create applications that provide value to users. Killer apps attract customers. New clients bring more developers. Because crypto is largely open source, we have an unprecedented ability to measure this flywheel of value creation for developers in a rapidly evolving industry.
Solana’s native asset, SOL, is trading at $227.70 at the time of writing. The 5th ranked crypto asset by market capitalization is down over 3% in the last 24 hours.
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