The number of EVM smart contracts created on Ethereum and the L2s Arbitrum, Optimism, and Polygon Networks saw a year-over-year growth of 303% in 2023.
In the growing world of cryptocurrencies and blockchain technology, there are several narratives that are gaining greater relevance, as more entities recognize and adopt new technologies as a fundamental part of the future.
Reciente en un report On the activity in the world of Web3, published by Alchemy, the platform highlighted the growth that this sector has experienced, as Rollup Frameworks and Account Abstraction Technology are taking root.
According to development platform Web3, blockchain builders are deploying new projects at an impressive pace, which is boosting ecosystem activity and substantially increasing the number of existing smart contracts.
Alchemy highlighted that, in the last year, the number of smart contracts deployed on Ethereum and the main second-layer networks of this blockchain protocol grew by 303%.
Sectors of great interest in the Web3 ecosystem
Shedding light on the opportunities that are emerging in the blockchain industry, Alchemy’s report states that developers have been focusing on creating solutions that improve the user experience within the Web3 world. For example, account abstraction is meant to simplify people’s entry and interaction with the blockchain. Likewise, rollup frameworks allow developers to build more efficient solutions and functionalities in the crypto industry in a simplified manner, allowing them to focus on the logic of their decentralized applications, instead of having to create new infrastructures from scratch.
The platform emphasized in its report that both developments are crucial to accelerating mass adoption of cryptocurrencies.
Source: Alchemy
Alchemy’s report covers everything from developer activity on major blockchains in 2023, to the growth taking place in the broader crypto ecosystem and what the sector might have in store in the near future.
Account Abstraction and Rollup Frameworks
Account abstraction has been attracting large Web2 entities, such as Visa, which is introducing this innovation to create more streamlined experiences for users.
Alchemy highlights that, in the fourth quarter of 2023, More than 960.000 new ERC-4337 accounts, representing 53% of the total 1,8 million deployments to date.
On the other hand, rollup frameworks on Ethereum have begun to bear fruit, with several new projects, such as Base, establishing themselves on one of the main blockchains in the crypto ecosystem. Base is a blockchain that was born on OP Stack, Optimism's technology, with the aim of bringing new and exciting use cases to the blockchain.
Source: Alchemy
In its report, Alchemy reminds us how the big names in Web2 are adapting to the innovation of emerging technologies and how Web3 projects are taking advantage of opportunities in the traditional world to create innovative and improved experiences for users.
Pudgy Penguins is one example of blockchain projects bringing Web3 elements into the mainstream, launching its own line of toys and collectibles in collaboration with Walmart and the zkSync ecosystem to unlock new opportunities for its NFT holders. Among Web2 entities experimenting with Web3 is Franklin Templeton, which launched the first registered mutual fund in the United States using a public blockchain. The firm uses the Polygon Network to process transactions and record ownership of shares in the Franklin OnChain US Government Money Fund.
What's next for the Web3 ecosystem?
The Web3 ecosystem is full of untapped possibilities, so Alchemy notes that blockchain developers and builders will continue to explore the potential of new technologies to launch powerful new tools.
The platform highlighted that the ETH Denver conference saw its attendance grow by 2023% in 50, recording its highest attendance in history, with a total of 48.000 participants. Likewise, the BUIDLathon competition, which was part of this Ethereum conference, registered more than 6.000 developers competing in the different categories. All this denotes the interest of Web3 builders and companies in general in the crypto industry.
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