Q3 2022: Web3 development flourished despite the bear market and falling prices
15/11/2022
Not Financial Advice
Web3 developers accelerate development despite falling market prices
Although the crypto market remained in a severe bear market, Web3 developers continued building dApps at a record pace, even as the price of Ethereum fell 70% from its November 2021 level.
In 2018, approximately 146,000 developers installed tools from Libraries each week, and the number of installations continued to grow every year. In 2022, the number of installations increased tenfold for the first time, reaching 1,536,548 downloads per week. Compared with Q3 2021, the number of downloads tripled this quarter.
Three metrics for assessing Web3 developer activity
- The number of downloads through Libraries, which are tools used to read and write data to the blockchain
- The number of Smart contract deployments, with Smart contracts serving as the foundation of dApps and being used to store data and execute transactions on the blockchain
- The number of dApps on the blockchain, which are applications for users operating on a Decentralized system
1. Downloads through Libraries
We begin by looking at two important libraries: Ethers.js and Web3.js. The chart shows that weekly downloads of Ethers.js and Web3.js have increased every year and have now reached an all-time high, indicating that developers have continued to show growing interest in building dApps each year.
2. Smart contract deployments
The chart shows Smart contract deployments on the Ethereum blockchain, the largest blockchain supporting Smart contracts.
Although the crypto market was in a downtrend, the number of Smart contract deployments on Ethereum reached a record high, indicating that developers are increasingly interested in building dApps.
3. The number of dApps on the blockchain
If we count all dApps with at least one user over a 24-hour period, there are currently as many as 12,495 dApps—an increase of more than 1,200% from 2018, when there were only 1,000 dApps (Source: DappRadar).
These three metrics show that developers have continued to focus on building more dApps, even as the crypto market remains sluggish.
Source:
Web3 Developer Report (Q3 2022)
https://www.alchemy.com/blog/web3-developer-report-q3-2022
Translated and summarized by the Brook Digital Asset Team, 8 November 2022