Source: news.google.com
Web3 developer activity it still grew in the last quarter of 2022, according to a new report, despite crypto market volatility and oodles of negative headlines.
Ethereum, one of the largest Layer 1 (L1) blockchains in the crypto ecosystem, saw a 453% increase in mainnet smart contract deployments in Q4 2022, indicating huge momentum for developers amid crypto market volatility, according to Alchemy’s Web3 Development Report. .
“As we also saw in Q3, web3 developers are committed to building this ecosystem for the long term because they believe in the technology,” Jason Shah, Alchemy’s head of growth, told TechCrunch. “That enduring belief, coupled with more reliable infrastructure, better tools, and increased consumer adoption every quarter, is forcing developers to press on despite unfavorable market conditions.”
The global market capitalization of the crypto market has fallen from more than $2 trillion in early 2022 to about $800 billion by the end of the year, according to data from CoinMarketCap. The two largest cryptocurrencies, bitcoin and ether, fell 14% and 8.77%, respectively, from the beginning to the end of the fourth quarter.
“In Q4 specifically, developers seem to be entering a period where deploying more smart contracts is relevant given the maturity of the product and, post-merger, there is renewed confidence and more affordable deployment costs,” Shah said.
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