Coin Edition -
- Solana Foundation identifies factors behind the network’s growth in 2023.
- According to the foundation, developer activities boosted Solana in 2023.
- 2,500 – 3,000 monthly active developers were building on the Solana blockchain throughout 2023.
The Solana Foundation released a publication explaining the factors behind the growth experienced by the project in the past year. In a blog post titled “The 2023 State of the Solana Developer Ecosystem,” the foundation noted the factors that helped the network to advance significantly in 2023.
Top factors mentioned by the Solana Foundation include Total Monthly Active Developers, Developer Retention, Developer Experience Level, and Developer Growth. According to the publication, the foundation claimed that the Solana Network performed impressively across these areas in the year under review.
The foundation noted around 2,500 – 3,000 monthly active developers building on the Solana blockchain throughout 2023. The report claimed that the number of monthly active developers is one of the simplest ways to measure the growth of any blockchain project.
Beyond the monthly active developers, the Solana Foundation reported an impressive retention rate among developers building on the Solana blockchain. Shared data showed that this metric grew from a little above 30% in January 2023 to over 50% at the end of the year. The foundation considers the retention rate a crucial factor in measuring the health of a developer community.
Solana Foundation also reported that 52.5% of the 1,059 developers who attended Solana Hacker Houses in 2023 said they had more than three years of experience as a developer. Hence, it shows that most developers on the chain are of the higher skill level category, a factor the foundation considers crucial for the health and growth of the project.
Finally, the foundation noted that the Solana developer ecosystem has grown to the second-largest ecosystem in total monthly active developers. It attributes this growth to the various internal elements of the project that have attracted developers to continue building on the chain, including Solana Hackathons, Solana Hacker Houses, Breakpoint, educational boot camps, and sponsored university events.
Solana’s native crypto, SOL, was among the most impressive performers toward the end of 2023 in terms of market price. SOL rallied from $18.83 on September 26, 2023, to $125.97 by December 25, according to data from TradingView. The blockchain token retraced to $85.46 in the new year but has bounced off the local low to trade for $101.82 at the time of writing.
The post Solana Foundation Attributes Project’s Growth to Developer Activities appeared first on Coin Edition.