Despite the difficult times the cryptocurrency market is experiencing, activity in the development of the Web3 project is at an all-time high.
For most of 2022, falling crypto market prices have dominated headlines around the world, followed by the collapse of crypto ecosystems such as Earth (LUNA), or the bankruptcy of cryptocurrency lending platforms, such as Celsius Network.
No one can deny that 2022 is being a tough year for the industry. However, the data from the latest Alchemy study On the development of Web3, there is hopeful data and it is that, despite the harsh moment that the industry is experiencing, we are facing the moment of greatest activity in the development of Web3 projects in history.
Alchemy has analyzed the data from Etherscan, DappRadar, Github, NPM JS, CoinMarketCap and Internet Archive, to get a clear picture of what the current Web3 developer landscape looks like. The result is that, thanks to ecosystem improvements and the implementation of The Merge on Ethereum or Vasil on Cardano, Developers are more active than ever.
The year of greatest activity in the development of blockchain applications
Alchemy's study highlights that, so far in 2022, More than 118.000 smart contracts have been implemented and verified. This represents 36% of all smart contracts implemented on blockchain, which totals 323.700 in recent years.
During the third quarter of 2022, the Smart contract implementation has grown by 40%But what is truly remarkable is that, compared to the same quarter of the previous year, implementation has increased by 143%.
This is something remarkable, especially if we take into account that during 2022, The total value locked in DeFi protocols has fallen by around 70% and NFT trading volumes have decreased by 98% since the end of January.
Alchemy also points out that, an example of the good moment that the industry is experiencing is the fact that, according to DappRadar, There are approximately 12.495 decentralized applications across all blockchains and around 2.500 of these dApps have at least 1 active user at any given time.
Why has Web3 development increased?
According to data provided by Alchemy, Smart contract implementation increased by 14% following the implementation of The Merge on Ethereum. This could indicate that many developers were waiting for the change to Proof-of-Stake to deploy their applications on the network.
The study also analyzes the use of the main Web3 libraries: Ether.js and Web3.js. These libraries allow developers to reading data on the blockchain through providers like Alchemy itself and send transactions on behalf of its users to facilitate deposits into DeFi protocols, create NFTs, and more. It is one of the leading tools for Web3 application development.
In this sense, the use of these libraries has tripled, compared to the same quarter of the previous year, with more than 1,5 million downloads per week on average.
According to Alchemy, this represents a change from previous bear markets, where falling prices caused drops of up to 50% in the implementation of smart contracts, which could signal greater maturity in the sector as developers focus less on benefits and more on delivering use cases.
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