Solana is the fastest growing blockchain for new crypto developers: report

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As an analyst with over a decade of experience in the blockchain industry, I’ve witnessed the evolution of numerous projects, but Solana’s growth trajectory is particularly noteworthy. The report’s findings are compelling, and it seems we might be on the cusp of a paradigm shift in the blockchain landscape.

Reports indicate that Solana is experiencing rapid expansion among cryptocurrency developers, boasting growth rates that can exceed 10% within just one year.

Based on findings from a recent Electric Capital report dated December 12th, it appears that Solana (SOL) has taken the lead among blockchains favored by new crypto developers. This is due to an impressive year-on-year growth of up to 83%, outpacing even Ethereum (ETH), currently the largest blockchain globally.

Approximately 19.4% of this year’s new developers have chosen Solana as their initial blockchain platform, exceeding Ethereum’s 16.5% and other platforms’ 8.6%. This favorable shift towards Solana has been on the rise for several years now.

According to the report, Solana will be the first platform to surpass Ethereum in terms of developer numbers, a feat not seen since 2016, starting from July 2024.

As a data analyst, I find myself consistently impressed by the rapid growth of this burgeoning blockchain network. On a global scale, it holds the position as the second-largest ecosystem on every continent. In the dynamic Asian market, the Solana platform has displayed remarkable resilience and innovation, even surpassing Ethereum in adoption rates, with over 20% of users embracing it this year.

Globally, Ethereum maintains its position as the leading development ecosystem, boasting the most monthly active developers across all continents. In particular, it has a strong presence in the Americas and Europe, where over a quarter of its adoption occurs each month.

As an analyst, I can affirm that this blockchain, alongside Base, not only documents the most cost-effective use cases for Non-Fungible Tokens (NFTs), but it also controls a significant 64% of NFT mint transactions. In terms of decentralized exchange (DEX) activity, they dominate with an impressive 81% of transactions and boast the highest count of unique trading wallets compared to other platforms.

Solana is the first ecosystem in India

According to the latest report, a significant surge in new developers was registered from India within our ecosystem, surpassing both Ethereum and BASE in numbers. This trend underscores Asia as an rapidly growing market for Solana.

In the initial phase, India’s share among new developers climbed to 17%, making it the highest, while the United States experienced a 3% drop. Meanwhile, China, Canada, and Nigeria have observed growth but not in substantial quantities.

In several significant nations like the U.S., UK, China, and Canada, Ethereum maintains its leading position.

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2024-12-13 06:22