Solana emerges as fastest-growing ecosystem for developers globally

Solana has claimed the top spot as the preferred blockchain ecosystem for new developers, eclipsing Ethereum’s dominance for the first time in nearly a decade.A report by Electric Capital highlighted that 7,625 new developers joined the Solana network in the past year, marking the first time any blockchain ecosystem has surpassed Ethereum in developer attraction since 2016.Solana Developers (Source: Electric Capital)Solana has also positioned itself as the fastest-growing large ecosystem, with over 2,000 monthly active developers—a remarkable 83% year-over-year growth. This surge aligns with Solana’s global adoption, particularly in Asia. Across continents, Solana trails only Ethereum in total developer activity.The network now leads as the top developer ecosystem in India and ranks second in the US, UK, Canada, and China. It is also a leading choice across Africa, especially in Nigeria.Solana Developers (Source: Electric Capital)Harrison Obiefule, co-lead of Solana Superteam Nigeria, attributes the network’s success in Africa to its grassroots approach, which focused on decentralization, talent development, and a mission to onboard users through earning rather than buying crypto.What is drawing developers to Solana?Electric Capital’s findings indicate that Solana’s appeal lies in its efficiency, scalability, and low transaction costs.These factors have made it a preferred platform for developers focused on building cost-effective applications. Currently, the network powers 81% of decentralized exchange (DEX) transactions and handles 64% of NFT minting across all blockchain platforms.In 2024, it facilitated transactions from 1.7 million unique wallets, outpacing its closest competitor by a factor of seven.Solana Wallets Interaction (Source: Electric Capital)Moreover, Solana’s DeFi ecosystem has also flourished, with on-chain settlement volumes surpassing $574 billion in 2024 across DEX platforms. Additionally, its share of total value locked (TVL) outside Ethereum has grown from 3% to 25%, making it one of the fastest-growing blockchain ecosystems in terms of capital influx.Ethereum maintains overall dominanceDespite Solana’s remarkable ascent, Ethereum remains the largest blockchain ecosystem in terms of overall developer activity.While Ethereum’s monthly active developers dropped by 17% over the past year to 6,244, it still dominates in most regions, including Asia, Europe, North America, Africa, and South America.Ethereum’s layer-2 solutions have continued to thrive, with a 67% increase in activity since 2021. Nearly 26% of all blockchain developers are now building on Ethereum’s main network or layer-2 platforms.Base Developers (Source:: Electric Capital)Among Ethereum Virtual Machine (EVM) chains, Base has become a standout performer, accounting for 25% of all original on-chain code logic in 2024. The report added:“Base is responsible for 42% of the new code being written in the Ethereum ecosystem.”Solana Market DataAt the time of press 1:30 pm UTC on Dec. 13, 2024, Solana is ranked #5 by market cap and the price is down 3.57% over the past 24 hours. Solana has a market capitalization of $107.15 billion with a 24-hour trading volume of $4.32 billion. Learn more about Solana ›Crypto Market SummaryAt the time of press 1:30 pm UTC on Dec. 13, 2024, the total crypto market is valued at at $3.6 trillion with a 24-hour volume of $193.89 billion. Bitcoin dominance is currently at 55.00%. Learn more about the crypto market ›Mentioned in this articleLatest Press Releases Stabull Finance Launches Stablecoin and Real World Assets DEX on Ethereum and PolygonProspera, Honduras, December 13th, 2024, Chainwire Stabull Finance, a decentralized platform providing an alternative to SWIFT and CME for on-chain FX and tokenized commodity swaps, has officially launched on Ethereum and Polygon. The platform’s launch follows six months of beta testing, processing over $2 million in stablecoin swaps since October. Now open to the public, Stabull Finance invites stablecoin issuers and liquidity providers to participate in its liquidity pools and join us in bringing the multi-trillion-dollar FX and commodity markets on the chain. Stabull Finance offers a 24/7 decentralized exchange (DEX) providing fast, low-slippage, and low-cost swapping between supported stablecoins and tokenized real-world assets (RWAs). The initial launch features tokenized gold (PAXG) on Polygon, along with eleven fiat-backed stablecoins across Ethereum and Polygon. Supported stablecoins include BRZ (Brazilian Real), COPM (Colombian Peso), EURS (Euro), GYEN (Japanese Yen), NZDS (New Zealand Dollar), PHPC (Philippine Peso), TRYB (Turkish Lira), XSGD (Singapore Dollar), with three USD-backed stablecoins; USDC, USDT, and DAI. Additional stablecoins and tokenized RWAs will be regularly added to the platform on an ongoing basis. While non-USD currencies account for over 40% of global Forex trading, less than 1% of on-chain volume involves non-USD stablecoins. With more than 25 million crypto wallets holding stablecoins and major players like Visa, Stripe, BlackRock, and Goldman Sachs entering the space, demand for on-chain FX solutions is set to surge. Stabull is poised to meet this growing demand, enabling instant and transparent swaps for web3 and institutional use cases such as e-commerce, cross-border payments, merchant settlement, point-of-sale, payroll, and B2B invoicing. Generalized automated market makers (AMM’s) such as Uniswap and Curve are not optimized for RWA’s where price discovery largely occurs off-chain. This results in stale pricing, impermanent loss, and poor yields for liquidity providers (LP’s), and has contributed to the slow adoption of FX stablecoins. To solve this problem, Stabull’s AMM dynamically concentrates liquidity around an off-chain, Chainlink oracle (e.g. EUR/USD price), resulting in higher capital efficiency for LP’s, price improvement for traders, and relieved peg pressure for issuers. Chainwire 28 mins ago



Source link