What the heck is going on in web3?
What the heck is going on in web3?
Over the last 3 months, we researched 100+ web3 companies and protocols.
We took a deep dive into the data, with the help of some of our friends at Etherscan, DappRadar, Github, NPM JS, and Coinmarketcap, to see if we could paint a clearer picture of what the web3 developer landscape looks like during wild macro-market volatility.
We asked all of them the same questions and put together the complete report on the state of web3 development in Q3 2022.
What we learned will change your perspective on the bear market, forever
We started by analyzing the usage of two critically important web3 libraries: Ethers.js and Web3.js. These libraries let developers read and write blockchain data through providers like Alchemy.
In 2018, only 146,000 developers installed either of these libraries on a weekly basis. But that has increased steadily every year and in 2022, that number had increased 10x: a whopping 1,536,548 downloads per week. Compared to Q3 2021, the number of downloads increased by 3x this quarter.
This metric alone points to a large and growing interest in building applications on Ethereum, but we didn’t stop there.
Smart contracts represent the core logic for DeFi protocols and NFT minting contracts, similar to how server logic determines application and database behavior for many internet products today. In other words, an increase in smart contract deployment indicates healthy developer activity and growth.
In September, developers submitted more than 17,376 smart contracts to the popular block explorer, Etherscan, up 160% YoY, showing a surging interest in decentralized protocols.
Lastly, another hallmark of ecosystem health is the number of dapps, or end-user applications with a decentralized backend, deployed in the ecosystem. DappRadar estimates that 12,495 dapps currently exist across all chains, up from around 1,000 in 2018. What’s more, approximately 2,500 of these dapps have at least 1 active user in the last 24 hours.
This was just some of the data we got exploring today’s web3 ecosystem. The full report contains way more! With exclusive insights about chains, protocols, and property infrastructure data.
Web3 Resources 🔗
🏆 Best 6 decentralized cloud storage companies in 2022
https://vitto.cc/blockchain-development-tools-for-web3-developers/
🧠 The complete Solana Development Roadmap
https://vitto.cc/the-complete-solana-development-roadmap/
⚡️ 8 Essential Blockchain development tools you can’t miss
https://vitto.cc/blockchain-development-tools-for-web3-developers/
stats like this are exactly the data I love to see, especially during a bear market
shows that this time around there’s real interest, real development, and lots of interesting experiments that are gaining traction
can’t wait to see what we come up with in the next few years
Encouraging, especially for Founders going all in on this technology. Knowing that the space develops despite reducing speculation, leads me to believe that web3 has legs and can run for another 15-20 years until the next iteration comes along.