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The number of developers in the crypto space is expected to increase over the long term. However, the 2024 bull market reveals new trends based on geographic and blockchain network factors. According to Electric Capital’s 2024 Developer Report, Solana 
$170 has attracted more new developers than Ethereum 
$2,585 for the first time, and the share of developers in Asia has risen significantly.
Solana Emerges as a Leading Platform for New Developers
Electric Capital’s research indicates that out of 39,148 new developers interested in crypto in 2024, 7,625 come from Solana. Maria Shen, a partner in Electric Capital’s investment team, considers Solana’s achievement in this area significant. The fact that Solana is attracting more new developers than Ethereum is viewed as a crucial development this year.
“Crypto should be a decentralized and global movement. What we see is its realization,” says Maria Shen.
Despite price fluctuations and ecosystem variability, Solana maintains a loyal full-time developer base. Shen notes that this situation bodes well for future developments.
Moreover, Solana’s support for widespread applications such as low-cost transfers indicates an increase in mainstream adoption.
Ethereum Maintains Its Popularity
Although Solana leads in attracting new developers, Ethereum continues to have the most active developers across all seven continents. Shen explains that Ethereum’s diversification through projects outside its core layer has helped it maintain its popularity.
“L2 solutions like Base enable lower-value use cases,” says Maria Shen.
The report highlights that while Ethereum remains the main chain for high-value use cases, it offers a broader range of applications through L2 solutions.
Regional Shifts: Asia Surpasses North America
In 2015, Asia accounted for 12% of developers, but this figure rose to 32% in 2024. During the same period, North America’s share dropped from 43% to 24%. Europe also saw a decline, falling from 37% to 31%, while still holding second place. Electric Capital’s findings demonstrate that Asia, Europe, and North America have the highest developer density, but no single region is dominant.
“Asia, Europe, and North America have the highest concentration of crypto developers, but no region is dominant,” the report states.
At the country level, the U.S. retains its lead with a 19% share of developers, while India increased its share from 1% to 12%, rising to second place. While Ethereum remains the most popular network in the U.S., Solana has become the leading ecosystem for developers in India.
Last year, the price of ETH increased by 75%, while the price of SOL surged by 232.8%. These increases are believed to support the growth of the developer community within the respective networks.
These shifts in developer trends within the crypto space signify the global distribution of blockchain technology and the diversification of ecosystems. The increase in developer numbers and regional shifts indicate that crypto projects continue to grow across broader geographic areas and different networks.
