As a seasoned researcher with a decade-long career in blockchain and cryptocurrency, I’ve witnessed the incredible growth and evolution of the ecosystems within this space. The recent shift in developer activity from Ethereum to Solana is intriguing, and it’s fascinating to see newcomers flocking to innovative projects like Solana, which is challenging the status quo.
This year, there was a significant influx of new developers into the Solana ecosystem, effectively dethroning Ethereum, which had been dominant among new developers for eight years.
However, Ethereum is still number one globally in total developer activity.
For the first time since 2016, as indicated by a report published on December 12th by Electric Capital, the Solana ecosystem saw a higher number of new developers join its ranks compared to the Ethereum ecosystem in July.
That momentum continued throughout the rest of the year, with current totals showing 7,625 new developers have joined Solana, led by developer growth in Asia, compared to Ethereum’s 6,456.
According to the report, there has been a significant increase of 83% in activity within the Solana ecosystem when compared to the previous year.
This year, Solana temporarily outperformed Ethereum on multiple aspects. On March 18th, the activity within the Solana network exceeded that of Ethereum, as there was a rush for memecoins based on Solana. Later, on October 28th, Solana surpassed Ethereum in terms of daily network fee generation over a 24-hour period.
This year, a total of 39,148 new developers showed interest in cryptocurrency, marking a 7% decrease compared to the previous year and approximately half the record-breaking number of around 77,000 seen in 2022.
Ethereum number one ecosystem for total developer activity
As a researcher delving into the world of blockchain development, I’ve noticed a slight dip – a 17% decrease over the past year – in the number of monthly Ethereum developers, now standing at approximately 6,244. However, despite this reduction, it remains the most vibrant ecosystem in terms of total developer activity.
Based on information from Electric Capital, it’s clear that Ethereum boasts the highest number of active developers spread across Asia, Europe, North America, Africa, and South America.
Since 2021, there has been a significant 64% expansion in Ethereum‘s layer-2 networks. Moreover, approximately one quarter or 26% of monthly cryptocurrency developers have dedicated their efforts to these layer-2 solutions and the mainnet.
In the year 2024, Eigenlayer, the leading repayment protocol on Ethereum, experienced the swiftest expansion among developer communities, witnessing an impressive surge of 167% in the number of monthly developers.
Crypto spreading around the world
According to Electric Capital’s findings, the world has seen a surge in cryptocurrency growth, too, with an uptick in developer activity particularly noticeable in regions like Africa, South America, and Asia.
Specifically, it’s predicted that Asia, Europe, and North America will be the leading regions in cryptocurrency activity by the year 2024.
Approximately one third of the world’s software developers reside in Asia, a significant portion due to the high number of developers joining the cryptocurrency sector in India during 2024, making it a leading contributor to this trend.
As a crypto enthusiast, I’ve noticed an interesting trend: according to Electric Capital, crypto activity is no longer confined to specific regions or time zones. Instead, various parts of the world are increasingly attracted to distinct use cases for cryptocurrencies, demonstrating a global embrace and application of this technology.
Stablecoin transactions are consistently active, rising 3% during Asian, European, and African daylight hours.
It seems that the peak activity for trading Non-Fungible Tokens (NFTs) occurs during regular working hours in the United States, while the maximum number of NFTs being minted happens during business hours in Asia.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- STEEM PREDICTION. STEEM cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- 15 Games Everyone Wants Sequels For
- EUR AED PREDICTION
- POL PREDICTION. POL cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
2024-12-13 06:41