The State of Crypto report finds that blockchains are scaling and thriving, with a vast majority of active nodes running on the technology. This is likely due to the widespread adoption of Ethereum and other smart contract platforms, as well as new applications built on top of them.
Since then, more developers have chosen to create blockchain projects and the number of users on networks has grown substantially. Developers are now able to find a network that best suits their needs, and gas fees have dropped significantly. As a result, the scaling momentum is up for many blockchains.
It seems that blockchain has finally hit its stride and is starting to take off. This can be seen in the number of new products and services being developed using blockchain technology, as well as the increasing interest from developers. This is due in part to the scaling solutions that have been developed over the past two years, which make this technology more affordable, secure and usable.
It’s really time to build
While the number of developers actively working on cryptocurrency projects has seen a decline since early 2022, this does not reflect a lack of interest in the space. In fact, according to a report released by venture capital firm BlockVest, there are now well above 30,000 individuals actively developing cryptocurrencies and blockchain-based applications. While this figure is down from earlier peaks, it shows that the crypto industry is thriving and experiencing growth despite some challenges.
