Solana’s Success in 2023
The SOL token, native to the Solana network, was one of the top-performing crypto assets in 2023. Additionally, the developer ecosystem of the Layer 1 network experienced consistent growth during the same period.
During this time, the Solana ecosystem also saw a significant increase in developer retention, rising from 31% to over 50% within a three-month period. This improved retention was attributed to factors such as advancements in developer onboarding, the growing appeal of the Solana blockchain among developers, and an increase in opportunities within the ecosystem.
Surge in Developer Retention
A recent report from the Solana Foundation revealed that the retention rates were evaluated specifically for developers who consistently made at least one commitment over three consecutive months. Furthermore, 400-500 Solana developers, who had completed various boot camps, entered the ecosystem every six months, leading to a remarkable 500% growth in job listings over the year.
According to GitHub data, the improved retention rate resulted in a steady monthly active developer count, fluctuating between 2,500 and 3,000 within the Solana ecosystem throughout 2023. The foundation also mentioned that progress in tooling for various programming languages and the introduction of additional educational resources helped drive this positive trend. However, they acknowledged potential areas for improvement, particularly in testing and debugging.
Despite being relatively new, with the Solana mainnet beta going live in March 2020, the report also claimed that the Solana ecosystem has rapidly expanded to become the second-largest in terms of total monthly active developers.
“This growth is due to many different factors and it is hard to pinpoint what led to the majority of developers joining. Since the launch of mainnet beta, the Solana Foundation has either run or funded a variety of initiatives with the core objective of growing the developer ecosystem.”
Solana faced challenges earlier in the year due to its association with the FTX collapse, which caused the value of the SOL token to plummet. However, the asset grew by over 800% in the past year and solidified its position as the fifth-largest crypto asset by market cap.
The Solana ecosystem experienced an impressive recovery in the latter part of 2023. Solana-related investment products also posted strong performance, attracting net inflows totaling $167 million, while Ethereum trailed behind with a comparatively modest $78 million.
In December, searches for Solana on Google surpassed those for Ethereum, gaining the most popularity in Spain and the Philippines.