It looks like 2024 is shaping up to be a pivotal year for Solana in the crypto world. For the very first time, Solana has managed to attract more new developers than Ethereum. This is a pretty big deal, and it seems to be driven by a couple of factors: the tech advantages of Solana and a significant influx of developers from Asia, especially India. It’s a good idea to understand what’s going on here and why more devs are hopping onto the Solana train.

The Big Picture

According to Electric Capital’s 2024 Developer Report, the number of developers in the virtual currency platform space is set to grow over the years. But what's interesting is that this year's bull market has brought some shifts based on geographic and blockchain network factors. Out of 39,148 new devs expressing interest in crypto this year, Solana managed to snag 7,625 of them. Maria Shen from Electric Capital says that this is a pretty significant achievement for Solana. The fact that Solana is pulling in more new developers than Ethereum is a big deal.

“Crypto should be a decentralized and global movement. What we see is its realization,” says Maria Shen.

Despite all the ups and downs in prices and ecosystems, Solana has a solid base of full-time developers who stick around. Shen believes this is a good sign for the future. And let’s not forget, Solana's backing of widely-used applications for low-cost transfers points to a rise in mainstream interest.

Here’s a fun fact: back in 2015, Asia only made up 12% of developers. Fast forward to 2024, and that figure jumped to 32%. Meanwhile, North America's share dropped from 43% to 24%, and Europe also saw a decline, going from 37% to 31%. Electric Capital’s research shows that Asia, Europe, and North America have the highest density of crypto developers, but none is dominant.

“Asia, Europe, and North America have the highest concentration of crypto developers, but no region is dominant,” the report states.

At a country level, the U.S. is still the leader with 19% of developers, while India rose from 1% to 12% to take second place. Ethereum might still be the top dog in the U.S., but Solana has overtaken it in India.

What Makes Solana Attractive?

Solana is faster than Ethereum, processing over 2,600 transactions per second compared to Ethereum's measly 15. With lower fees, this makes Solana more appealing for high-frequency applications like trading and gaming.

On top of that, Solana's hybrid consensus mechanism, which combines Proof of History (PoH) and Proof of Stake (PoS), is more energy-efficient than Ethereum's various consensus mechanisms. In fact, a transaction on Solana uses less energy than two Google searches. And it’s designed to scale with hardware improvements, utilizing a multi-threaded approach to enable parallel transaction execution.

Ethereum's Staying Power

While Solana is pulling in new developers, Ethereum still boasts the most active developers across all continents. According to Shen, Ethereum's diversification through projects outside its core layer has helped it stay relevant.

“L2 solutions like Base enable lower-value use cases,” says Maria Shen.

The report points out that while Ethereum remains the primary chain for high-value use cases, it's broadening its application range through L2 solutions. Its focus on decentralization and a stateful architecture continues to attract developers who prioritize these features.

What's Next?

Solana has the Firedancer upgrade on the horizon, which should boost its speed and efficiency even further. Developer numbers and regional shifts point toward ongoing growth in crypto projects across various areas and networks.

Ethereum, meanwhile, is expected to keep its stronghold on high-value use cases and decentralized applications. Its upcoming upgrades and emphasis on decentralization should keep it appealing to developers.

Summary

These changes in developer trends in the crypto world highlight the global nature of blockchain technology and the diversification of ecosystems. Solana’s growth in developer numbers and its tech advantages make it a formidable player in the crypto space. But Ethereum’s ongoing popularity and wide range of applications ensure that it remains a leading blockchain platform. Both Solana and Ethereum will be important in shaping the future of blockchain technology as the crypto landscape continues to evolve.