Increase in Solana Developer Retention Coincides with SOL Price Surge and Network Activity Boost
Summary:
The Solana (SOL) network has experienced a surge in its developer retention by 50% and boasts over 2,500 active contributors each month, according to a recent solana Foundation report. However, data from Electric Capital’s Developer Report presents a contrasting figure of 946 developers. Meanwhile, Solana has seen its token price skyrocket by 500% from October to December 2023, raising its rank to the fourth-largest cryptocurrency briefly. Also, it witnessed a surge in network activity, notably superseding Ethereum's 24-hour DEX volumes.
Recent data from the Solana Foundation reveal that the Solana (SOL) network currently boasts over 2,500 active contributors every month. In a report issued on Jan. 9, Solana established that throughout 2023, between 2,500 and 3,000 engineers consistently engaged with its network each month. This steady developer engagement signifies a robust ecosystem, indicative of its appeal and ability to retain new talent, although the figures only take account of contributions to public repositories. However, compared to last year, the monthly active developer population has seen a decrease.
A check into Developer Report, Electric Capital’s blockchain progress tracker, presents a contrast with these figures. As of Oct. 1, 2023, the report suggested that Solana had a mere 946 developers, down from its record high count of 2,634 on Dec. 22, 2022. The Developer Report relies on GitHub data for information regarding blockchain developer activity. Nevertheless, the data is only accurate up until Oct. 1, with a fourth quarter update expected next week, according to an official from Electric Capital.
In comparison, Ethereum’s developer count as of Oct. 1, 2023, was a staggering 5,769, albeit a 22% drop from its peak count of 7,433 back in June 16, 2022, as indicated by Electric Capital data.
Related: Over 6K people are a part of the largest Solana drainer community — Chainalysis
Simultaneously, the Solana network experienced a 50% rise in its developer retention in the last quarter, aligning with a surge in Solana's network activity and a bullish trend in its native token's price.
The Oct-Dec period saw Solana's price skyrocket by an enormous 500%, powered by an obsession with SOL-based memecoins. This made it momentarily supersede Binance’s BNB token as the fourth most valuable cryptocurrency by market capitalization on Dec. 22, which shortly afterwards reached an annual peak of $122 on Dec. 26. Additionally, Solana saw a surge in its network activity, even overshadowing Ethereum in 24-hour DEX volumes in December.
Published At
1/9/2024 9:08:24 AM
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