The ongoing crypto winter has not turned Web3 developers who are actively engaged in projects, and 2022 is actually the most active year yet for Web3 development, reveals a new report.
The report, by blockchain infrastructure provider, Alchemy, analyzed the usage of two key javascript libraries employed in Web3 development projects:
- Ethers.js
- Web3.js
These libraries let developers read blockchain data through providers like Alchemy and send transactions on behalf of their users to facilitate deposits into DeFi protocols, create NFTs, and much more.” – Alchemy
In 2022, the number of installations of these libraries has jumped 10x to 1,536,548 downloads per week, the report said. Compared to Q3 2021, the number of downloads has increased threefold.
The Ethers.js and Web3.js libraries are core tools for building #Web3 products
In Q3 2022, the 2 libraries saw a 178% increase in downloads YoY.
* 2018: 145,799
* 2019: 180,231 (+24%)
* 2020: 325,056 (+80%)
* 2021: 552,272 (+70%)
* 2022: 1,536,548 (+178%) pic.twitter.com/cA1mx1rw2z— BitKE (@BitcoinKE) October 17, 2022
In 2018, only 146,000 developers installed either of these libraries on a weekly basis, and the number has been on a steady increase as Web3 and cryptocurrencies caught on.
The Number of weekly downloads was just one of three metrics used to reach the report’s conclusions. The metrics used are:
- The growth of smart contracts submitted to Etherscan
- The number of dapps connected to DappRadar, which is an app store for decentralized apps
- The number of weekly downloads for Web3 key javascript libraries
In September 2022, there was a 160% YoY increase in smart contracts submission on EtherScan.
In September 2022 alone, developers submitted more than 17,376 smart contracts to the popular block explorer, Etherscan, up 160% YoY, showing a surging interest in decentralized protocols. @etherscan pic.twitter.com/DJFyQxXoaS
— BitKE (@BitcoinKE) October 17, 2022
DappRadar estimates that 12,495 dApps currently exist across all chains, up from around 1,000 in 2018. What’s more, approximately 2,500 of these dapps have atleast 1 active user in the last 24 hours.
A few other highlights from the report include:
- 36% of all smart contracts ever deployed and verified have been in 2022
- In the 2 weeks following The Merge, smart contract deployment increased by 14%
- Despite Ethereum prices being down 62%, smart contract deployments have surged 40% to all-time high
You can find the full report here.
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