• Token trading dropped significantly in 2021, but the number of smart contracts deployed on Ethereum continues to grow.
• The collapse of FTX in November had a significant ripple effect across industries, but developers remain optimistic.
• According to a survey conducted by Alchemy, 94.2% of developers are optimistic about the future of Web3.
As the crypto winter drags on, Web3 developers are continuing to keep the candle burning. A new report released by Web3 platform Alchemy has revealed that while token trading has slowed significantly over the past year, the number of smart contracts deployed on Ethereum is continuing to grow.
The report, which looked at the fourth quarter of 2022, showed that non-fungible token (NFT) trading volume was down by 94% year over year, while the total value locked (TVL) in decentralized finance (DeFi) protocols fell by 77%. Major cryptocurrencies, including BTC, ETH and SOL, dropped by 65%, 68% and 94% respectively.
The report also noted that the collapse of FTX in November had a significant ripple effect across industries, causing many to feel the impact of the losses. Despite this, morale amongst Web3 developers remains high. The number of smart contracts deployed on the Ethereum mainnet increased by 453%, the report said, following the Ethereum merge at the end of the third quarter.
In a survey of 985 developers conducted by Alchemy, 94.2% reported feeling optimistic about the future of Web3. Many developers are taking the opportunity to push the boundaries of what is possible with the technology, and with Ethereum 2.0 on the horizon, the future of Web3 looks bright.
The crypto winter may be cold and dark, but Web3 developers are keeping the flame alive, continuing to innovate and build the future of the blockchain industry. With the launch of Ethereum 2.0, the future of Web3 is sure to be full of exciting developments, as developers push the boundaries of what is possible and continue to build the future of the industry.