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Crypto Winter: Report Explains Why Web3 Developers Are Still Much Active



Crypto Winter: Report Explains Why Web3 Developers Are Still Much Active

Despite the prevailing bear market consequent upon the drastic fall in the prices of crypto tokens, there is still a growing increase in the number of active developers in the Web3 space as per a report

The Q3 2022 report by Web3 development platform Alchemy affirmed that 2022 could eventually earn the badge of the biggest year for Web3 developers given their increasing exploits. 

It was gathered that there have been consecutive all-time high smart contract deployments coupled with an increase of Web3 script libraries, which invariably means that there is an increase in Web3 developers. 

It appears that the Web3 space is not affected by the festering crypto bear markets as developers keep on building. The release suggests that developers are most active on the Ethereum network. 

A closer review shows that about 36% of all the smart contracts that have ever been developed and verified on the blockchain were initiated in 2022, which inturn means about 118,000 in comparison to over 323,700 ever initiated. 

Meanwhile, the price of Ether, which received the highest number of developers within the timeframe has drastically fallen by 66% since the commencement of the year. Also, the total value locked in DeFi protocols has fallen by 705 as per the DappRadar report.

In the same vein, Non-fungible tokens (NFT) trading volumes have also nosedived since the start of the year, decreasing by a whopping 98%. 

Web3 Developers Keep On Building

In September 2022, Web3 developers submitted more than 17,376 smart contracts to the popular block explorer and Etherscan, representing a surge in decentralized protocols according to Web3 development platform Alchemy post.

One of the major developers in the Web3 space, Binance CEO Changpeng Zhao remarked that this bear market will neither be the first nor the last, adding that Binance will not stop building.

Zhao stated that it is easier to spot weak projects during bear markets than the bull market because the founders of such projects are often propelled by money and not the mission. 

He urged investors to avoid such kind of project.