Web 3.0 Developers Highly Active Despite Market Downturn

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  • A new report has revealed that the morale of developers in the Web 3.0 space is still high despite the winter in the cryptocurrency market
  • The Ethereum blockchain leads in developer activity
  • Smart contract deployment has increased by 40% since January

A new report by Alchemy has disclosed that Web 3.0 developers haven’t felt the cold in the current crypto winter season and are busy churning out new products. Devs on the Ethereum blockchain are the busiest and have deployed roughly 36% of the platform’s smart contracts this year. Smart contracts deployments in the third quarter rose by over 140 percent compared to the same period last year.

118,000 Smart Contracts in 2022 Alone

According to the blockchain-focused development platform, 2022 is Ethereum’s “biggest year” so far in terms of developer activities. The report records that 36 percent or 118,000 out of more than 323,700 smart contracts on the network went live this year.

Developers on the platform don’t seem phased about the fact that ETH has shed over 60% of its value since the start of 2022. The value of assets locked in DeFi platforms shrank by roughly 70% since the start of the year.

Some Devs Were Waiting for the Merge

Trading volumes in the NFT space have also felt the hard times, plummeting by over 95 percent since around February. Alchemy added that 14% of smart contracts on Ethereum were launched 14 days after the Ethereum merge, suggesting that some were waiting for a successful transition before continuing.

The rise in Web 3.0 developer activities was also witnessed in the number of downloads of Web 3.0 tools like Web3.js script libraries that help devs interact with blockchain data in the creations. In Q3, these types of downloads rose by over one million downloads every seven days.

Overall, it seems that the crypto market downturn has had little impact on Web 3.0 developer activities unlike similar market conditions in previous bear markets.