Web3 Developers Highly Active Than Before Amid Crypto Winters: Alchemy Reports   

• The month of Ethereum Merge favored the developers of Smart Contracts. 

Web3 developers aren’t looking afraid of the upgoing bearish crypto market. This is assumed after one of the Web3 platforms noted that the developers are more active than ever before, especially on Ethereum Network. 

On 13 October, the Alchemy Web3 development platform released its H3 report for 2022. The company noted that the ongoing year could be the biggest year for Web3 developers. 

According to the reports, around 36% of all smart contracts that have been deployed and verified on the blockchain now have been done in 2022, compared to more than 323,700 that have been deployed to date at around 118,000.   

The data of DappRadar notes that the total value locked in decentralized finance(DeFi) protocols is decreasing, and in the context of year to year, it cut by 70%. However, the prices of Ethereum are constantly decreasing due to the crypto market.  

There has also been a drop in non-fungible token(NFT)  trading volume, down by around 98% since the end of January.  

Alchemy report highlights that the development and launching of smart contracts are increased by approximately 40% compared to the H1 of this financial year, hitting a consecutive high every month, reaching 17,376 during September 2022. 

The report of Alchemy also mirrors that deployment of smart contracts raised by 143% compared to H3 of 2021; the number of deployed smart contracts in H3 of 2022 has touched 48,500. 

Alchemy report also talked about the historical event of the crypto industry, which is “Ethereum Merge” in this event, the Ethereum Blockchain shifted its working mechanism from PoW(Proof-of-work) to PoS(Proof-of-stake). After the update successfully occurred, rapid deployment of 14% was seen in smart contracts; it is likely believed that developers were waiting for the successful launch of Ethereum Merge to deploy their smart contracts.   

Alchemy also studied about the use of two Web3 script libraries,Ethers.js and Web3.js which permit developers to read blockchains data and build Web3 products.

The team of Alchemy found that the number of developers installing either libraries has rapid increased and reached over 1.5million average in comparison to the ratio of H3 of 2021. 

According to data from CoinMarketCap, while writing this article, Ethereum is trading at $ 1,319.82 with a 24-hour trading volume of $19,298,150,231.      

The crypto market has been tough for the last few months, and the major cryptocurrencies continuously lose their value. The best cryptocurrency, Bitcoin, lost its value by around 60-68% in the last year and a half.  

According to data from CoinMarketCap, while writing this article, Bitcoin is trading at $ 19,627.05 with a 24-hour trading volume of $49,469,453,899.        

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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