Solana Beats Ethereum: Becomes the Number 1 Ecosystem Popular with Developers – Bittime

Bittime - Solana managed to beat Ethereum as the number 1 ecosystem most popular with developers in 2024. How will Solana beat Ethereum? Here's the explanation!

Ethereum's long journey as the most popular blockchain ecosystem for developers has finally stopped. In 2024, Solana succeeded in shifting Ethereum to become the main choice for new developers.

This marks the end of Ethereum's dominance which has lasted for more than eight years, since it first achieved the top position in 2016. This achievement further strengthens its position. Solana is one of the leading blockchains, while providing an overview of the shift in interest in the blockchain industry.

Solana Becomes the First Choice of New Developers

Source: Coingape

Report Electric Capital recently released shows that Solana managed to record the highest number of new developers in 2024. As many as 7.625 developers just reportedly building applications in the Solana ecosystem all this year.

This makes it the biggest for new developers, beating Ethereum which has been the main choice.

Solana's achievement is a historical milestone, because for the first time since 2016, Ethereum is no longer the ecosystem of choice for developers.

In the report Electric Capital, Solana noted greatest growth among major blockchain ecosystems, with monthly active developer growth reaching 83% compared to the previous year.

Not only in Asia, where Solana also leads, this ecosystem has also managed to attract the attention of developers from other large countries. Among them are like India, AS, English, And You have.

Apart from recording tremendous growth among new developers, Solana also excels in terms of transactions on the network. In 2024, the ecosystem Solana record transactions in decentralized exchanges (DEX) as big as 81% of total DEX transactions across blockchains.

This shows that Solana has become a hub of decentralized trading activity, thanks to the low transaction costs and high speed offered by the network.

Solana Outperforms Ethereum in DeFi and DEX Transaction Volume

Source: Coingape

Growth of Solana in this world DeFi (Decentralized Finance) is increasingly impressive. Solana managed to surpass Ethereum in terms of on-chain transaction settlement volume, with a total transaction volume of more than $574 billion (around IDR 9.18 trillion) in DEXes throughout 2024.

This proves that Solana is not just an ecosystem of choice for developers. However, this blockchain is also the top choice for traders looking for fast transactions and low fees.

Solana's success is also in line with the rapid growth of the ecosystem on this network. Many traders are interested in investing in meme coins which are becoming increasingly popular in the world of Solana.

This trend also increases transaction volume and liquidity. Even data from DeFiLlama shows that in the last period, Solana have recorded DEX volume bigger than Ethereum.

Positive Projections for Solana in 2025

With this rapid growth, many analysts and investors are optimistic about the future of Solana. One of which is Bitwise Asset Manager, which predicts that Solana will continue to grow in 2025, with major projects entering the SOL ecosystem.

According to them, Solana will become increasingly dominant in the blockchain industry. Moreover, with network strength that has been proven to be able to support decentralized applications in various sectors, from DeFi to NFT.

Of course, even though Solana has beaten Ethereum in some metrics, Ethereum still has a big advantage in terms of Total Value Locked (TVL) and its dominance in the sector smart contract.

However, this trend shows that Solana has managed to attract the attention of many new developers and users, which may further enrich this ecosystem in the future.

Solana Becomes a Strong Competitor to Ethereum

By successfully defeating Ethereum in the number of new developers by 2024, Solana has proven itself as a leading blockchain ecosystem which is increasingly popular.

Solana doesn't just excel when it comes to low transaction fees. However, the blockchain network also excels in terms of DeFi transaction volume and growing popularity among developers.

Along with positive projections for 2025, we can expect that Solana will continue to grow and innovate. This makes it a serious competitor for Ethereum and other blockchains.

FAQ About Solana

What is Solana?

Solana is a public base-layer blockchain protocol that optimizes scalability. The goal is to provide a platform that allows developers to create decentralized applications (dApps) without needing to design around performance bottlenecks.

How much does 1 Solana cost?

The conversion price of 1 Solana (SOL) to IDR is IDR 3,693,251 today.

Who Created Solana?

Anatoly Yakovenko is the founder and CEO of Solana, a high-speed blockchain known as one of Ethereum's main competitors. Before founding Solana, he worked as a software engineer at Qualcomm.

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Reference

Coingape, Solana Overtakes Ethereum To Become Leading Ecosystem For Developers, accessed December 13, 2024.

DefiLama, Dexs volume by chain, accessed December 13, 2024.

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