Despite the volatility and prevalence of negative headlines, the number of web3 developers continued to grow in the last quarter of 2022. This suggests that blockchain technology is still gaining traction, despite some challenges posed by market uncertainty.
Despite low market prices, Ethereum developers are continuing to deploy new smart contracts on the mainnet. The platform’s 453% increase in fourth quarter deployments underscores the developer community’s high momentum despite market volatility. With its ability to handle larger-scale projects, Ethereum is likely to maintain its status as one of the leading blockchains in the crypto ecosystem
The web3 ecosystem is flourishing, even in tough economic times. Developers are committed to building out this technology because they believe in its potential and see it as a long-term investment. This resilience has helped the ecosystem grow more robust each quarter, despite difficult market conditions. Considering the opportunities that this technology brings, it’s likely that the web3 ecosystem will continue to thrive in the years to come.
The crypto market has been in a tailspin recently, with the global market capitalization of the crypto market falling by about 30% from its peak in December of $2 trillion to $800 billion as of the end of 2018. The two largest cryptocurrencies, bitcoin and ether, have both seen their value fall by around 14% and 8.77%, respectively, from their peaks to the end of Q4. There are many reasons for this downturn in the crypto space – some say it’s due to regulatory uncertainty around cryptocurrency; others citing more general bear Market sentiment – but regardless of cause at this point, it is clear that things are not looking particularly rosy for those invested in these digital assets.
Q4 saw a resurgence in the development and deployment of smart contracts, as developers saw increased confidence in the product and realized that costs were now more affordable. It is likely that this renewed interest will continue into Q1, as developers work to deploy new dapps onto Ethereum networks.