The current cryptocurrency bear market does not seem to dissuade Web3 developers. In fact, they are more active than before, claims one Web3 platform.
New Delhi,UPDATED: Oct 14, 2022 14:13 IST
By Emerging Tech Team:
According to the reports by Cointelegraph, despite the market headwinds, Web3 developers have been more active, particularly on the Ethereum network.
Alchemy, one of the leading Web3 development platforms, released its Q3 2022 report, stating that 2022 could be another busy and big year for Web3 developers. Out of about 323,700 smart contracts that have ever been deployed, nearly 118,000, i.e., about 36 percent of all the smart contracts that have ever been deployed, have been apportioned this year.
Ethereum’s Merge: One of the reasons for the surge of smart contract deployment
It must be noted that inspite of Bitcoin and Ethereum slumping by around 70 percent from their November 2021 highs and the sluggish crypto market, the current year has been a busy year for these Web3 devs. Moreover, the number of smart contract deployments rose by 143 percent from Q3 of 2021 to Q3 of 2022.
Here, it must be pointed out that a surge of 14 percent was seen in the smart contract deployment in the initial two weeks following Ethereum’s Merge, wherein the latter shifted from its existing proof-of-work (POW) consensus model to a proof-of-stake (POS) mechanism. This suggests, that some of these developers had been waiting for the said Merge to launch their apps and projects, cites Cointelegraph.
Furthermore, the usage of two Web3 script libraries, namely Web3.js and Ethers.js, was also analysed by the company. It must be noted that the above-mentioned Web3 script libraries allow the developers to read blockchain data as well as help in creating Web3 products. Interestingly, there has been a significant rise in the number of developers installing either of the two libraries.
