In a recent report on Web3 development, statistics suggest a surge in the activity of Web3 developers in the present times.
The data recorded a constant all-time high in smart contract settlements and the rising use of Web3 script libraries, thus suggesting a high level of developer activity despite the dwindling market.
As per the report, 2022 could be the biggest year yet for Web3 developers given that the year has witnessed over 36% of smart contracts deployment and verification on the blockchain rounding up to a count of 118,000 individually against the all-time overall count of 323,700 smart contract deployments.
Sources suggest the significant figures of Web3 come amidst the times when the prices of Ethereum have witnessed a nearly 66% fall since the start of the year, and the total value hooked in decentralized finance (DeFi) protocols have fallen around 70% in a year. The Non-fungible tokens (NFTs) have also experienced a decrease of 98% from late January.
The reports suggest the increase in the deployment rate of smart contracts to be 40% since the first quarter of 2022, with constant all-time high rates reaching every month and the third quarter peaking at the highest value of 17,376 in September. The data suggests an approximate increase of 143% in smart contract deployment, taking the value to 48,500 in the third quarter of 2022 compared to the third quarter of 2021. Significant interest has also been noticed in Web3 by the big names in the market, like Google’s participation in Web3 and Disney’s initiative in the direction.
In the two weeks following Ethereum’s merge, moving the blockchain from a proof-of-work to a proof-of-stake stage, the smart contract deployment has shown an increase of 14%, indicating that some developers might have waited for the launch of the projects in the event.
Claims have been raised regarding the development of Web3 platforms in the present times, suggesting that the current crypto bear market is not the appropriate time to build Web3 products; however, that hasn’t been the case in the past. The bear market of 2017 to 2020 saw a 45% decline in smart contract deployments.
From the analysis of Web3 script libraries, which allow developers to read blockchain data and build Web3 products, it was found that the number of developers installing the library had increased by three times compared to the third quarter of 2021, with an estimated 1.5 million downloads on average per week.