- Solana surpassed Ethereum as the top ecosystem for new developers in 2024, driven by its rapid growth, low fees, and dominance in DeFi and NFT use cases.
- With higher DEX transaction volumes and a growing Total Value Locked (TVL), Solana is positioned as a serious contender to Ethereum’s dominance in the blockchain space.
In a groundbreaking shift, Solana has overtaken Ethereum as the leading ecosystem for new developers in 2024, marking the first time Ethereum has been dethroned in this metric since 2016. as detailed in a CNF previous update, Solana snd Ethereum traders were watching This Major DeFi Blockchain in December.
Key Applications for Ethereum and Solana Traders
“If you’re an Ethereum or Solana trader, you might be wondering how Lightchain fits into your strategies. Here are three key aspects to consider: diversifying holdings, exploring Yield Farming 2.0, and leveraging AI-backed DeFi protocols.”
Key Applications for Ethereum and Solana Traders
Electric Capital’s Developer Report revealed that 7,625 new developers joined the Solana ecosystem this year, solidifying its position as the fastest-growing Layer 1 network. The platform achieved an 83% year-over-year growth in active developers, outpacing competitors like Internet Computer (75% growth) and Base (50% growth).
Will SOL Flip ETH?
Solana’s rapid ascent has been fueled by its low-fee use cases and thriving DeFi ecosystem. In 2024, Solana facilitated 81% of all decentralized exchange (DEX) transactions and 64% of NFT minting across all chains. Its ecosystem attracted 1.7 million unique wallet users, significantly surpassing other blockchain networks.
Additionally, Solana has outpaced Ethereum in on-chain settlement volume, handling $574 billion in DEX transactions this year and increasing its share of Total Value Locked (TVL) from 3% to 25%.
DEX Dominance and Future Outlook
Solana also surpassed Ethereum in DEX trading volume, recording $4.13 billion in the past 24 hours compared to Ethereum’s $3.17 billion. Over the past week, Solana maintained its lead with $30.7 billion in DEX volume versus Ethereum’s $25.97 billion.
According to CoinMarketCap, Solana (SOL) is currently trading at $225.95, reflecting a 1.70% decrease in the past day and a 6.22% decline over the past week.
Asset manager Bitwise predicts sustained growth for Solana into 2025, with more projects expected to migrate to the network. As Solana continues to innovate and expand its ecosystem, it solidifies its position as a formidable competitor to Ethereum in the blockchain space.
