Builder Interest in Solana Doubles in 2024 - Highest Yearly Increase Across All Blockchains

According to a16z, startup founders are twice as likely to choose Solana as they were last year.

Published: Oct 17, 2024 at 13:17

Like a phoenix rising from the ashes, Solana’s redemption arc continues in full force. Just two years after crypto media condemned the Layer-1 blockchain to death following the FTX collapse, Solana is rapidly growing in popularity among startup founders.

a16z, one of crypto’s most reputable venture capital firms, recently published its State of Crypto 2024 report highlighting industry trends in 2024. Among other notable findings, a16z’s research suggests that the Solana ecosystem’s growth is only just beginning.

Builder Interest in Solana Growing Faster Than Rivals

In a16z’s research report, the firm collected data and insights from founders looking to build blockchain-based applications across all sectors and chains in the industry.

According to a16z’s findings, builder interest in Solana has doubled since last year, rising from 5.1% to 11.2%. Solana’s 6.1% increase in building interest was the highest among all blockchains, with Base slotting in 2nd place with a 2.9% increase.

Zooming out, Solana ranks second among all blockchains in builder interest. Ethereum, the crypto industry’s original Layer-1 still leads the pack with 20.8%. However, if Solana maintains its ascension, the results of a16z’s report may look very different next year.

Mobile Wallet Use at All-Time Highs - Just in Time for Solana Seeker

Beyond the interest and intents of founders, the report also highlighted the dominance of mobile-first crypto usage. Mobile wallet usage hit a new all-time high in June 2024, with over 29 million users.

The bulk of mobile wallet users can be found in the United States. However, despite representing 12% of the total mobile wallet user base, U.S. dominance has been slipping in recent years, with nations like Argentina, India, and Nigeria rising dramatically since 2020.

State of Crypto 2024 mobile use

Surging mobile wallet adoption in these countries are due to a variety of factors. In Argentina and Nigeria, rampant currency devaluation has led users to see crypto, particularly USD-pegged stablecoins, as a reliable hedge against inflation, while India’s growth is believed to be led by its high population and mobile penetration.

Crypto’s growing resilience on mobile wallets and services reinforces the growing demand and necessity for Web3 mobile devices. With over 140,000 units already pre-ordered, the Solana Seeker is expected to improve the mobile Web3 experience and offer users greater mobile security.

From ‘75 Devs’ to Over 2800

In the wake of the FTX crisis, crypto media outlets and social media commentators were quick to rub salt in the wounds. Analytics platforms claimed that a paltry 75 developers were left building applications with the Solana ecosystem, a figure that detractors eagerly spread to discredit the network.

Fast forward to today, Solana boasts one of the crypto industry’s most colorful and diverse blockchain ecosystems. Solana’s DeFi scene regularly outperforms the Ethereum Layer-1 in terms of onchain trading volume, and the network handles higher active wallet and transaction counts than any other Layer-1.

The Electric Capital Developer Report suggests that a total of 2,856 developers are present in the ecosystem, marking a 14% increase from 2023. This figure likely doesn’t include the hundreds of new developers entering the ecosystem and working on projects at any scale, meaning that the true number of Solana developers is expected to be significantly higher.