Solana Ecosystem Boasts Over 2,500 Monthly Active Developers, Reports Solana Foundation

Source: AdobeStock / Aleksandra Sova

The Solana (SOL) ecosystem now boasts more than 2,500 monthly active developers, according to the Solana Foundation. 

In a comprehensive report released on January 9, the foundation highlighted that the network has maintained a consistent range of 2,500 to 3,000 monthly active developers throughout the past year, a testament to the ecosystem’s ability to attract and retain talent. 

However, it’s worth noting that this measurement only considers developers who contribute to public repositories.

In contrast, data from Electric Capital’s blockchain development tracker, Developer Report, indicates a different picture. 

According to their data, as of October 1, 2023, Solana’s developer count stood at 946, a significant decline from its all-time high of 2,634 recorded on December 22, 2022.

It’s important to acknowledge that the Electric Capital report relies on data from GitHub and covers statistics up until October 1. 

The report’s spokesperson assured that the fourth-quarter data would be updated in the following week.’

In comparison, Ethereum, one of Solana’s main competitors, had a total monthly active developer count of 5,769 on October 1, 2023, reflecting a 22% decrease from its peak count of 7,433 on June 16, 2022, according to Electric Capital data.

SOL Registers More Gains

The growth in Solana’s developer ecosystem aligns with the ongoing surge in activity on Solana’s network and the upward price movement of its native token, SOL. 

The ecosystem experienced a remarkable 500% price rally from October to December, largely driven by the popularity of SOL-based memecoins. 

This surge propelled Solana to briefly surpass Binance’s BNB token and secure the position of the fourth-largest cryptocurrency by market capitalization on December 22. 

Just days later, on December 26, SOL reached yearly highs of $122. 

The network also demonstrated a noteworthy surge in activity, momentarily surpassing Ethereum in 24-hour decentralized exchange volumes during the same month.

While the Solana Foundation’s report showcases the ecosystem’s strong developer base, it is important to consider the contrasting data from Electric Capital’s Developer Report. 

As Solana continues to attract attention and demonstrate impressive price performance, the coming weeks will likely provide more clarity on the ecosystem’s developer activity and its position within the competitive landscape of blockchain technology.

Solana Continues to Achieve New Milestones

Solana continues to make waves in the crypto community as it achieves several significant milestones.

Over the past week, the network surpassed Ethereum (ETH) in 7-day stablecoin trading volume for the first time ever. 

As reported, the value of stablecoin transfers on Solana reached a staggering $103 billion last week, outperforming all other networks. 

Ethereum secured the second position with $90.9 billion, followed by Tron with $82.3 billion and BNB Chain with $14.6 billion.

In addition to stablecoin trading volume, Solana also surpassed Ethereum in NFT trade volume for the month of December.

According to Degen News, Solana hosted trades worth $366.6 million, while Ethereum recorded $353.2 million. 

However, data from CryptoSlam reveals that over the past 30 days, Solana’s NFT sales amounted to $329.3 million, which is approximately 5% less than Ethereum’s $345 million during the same period.

The popularity of Solana is evident not only in trading volumes but also in search trends. 

In mid-December, worldwide searches for “Solana” surpassed those for “Ethereum,” as reported by Google Trends.

These milestones cap off a bullish year for Solana in 2023. 

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