BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

Web3 Developers are Continuing to Build Through the Crypto Bear Market

BlockNews Team by BlockNews Team
October 25, 2022
in Crypto, Media, Social
Reading Time: 3 mins read
A A
Web3-Developer
1
SHARES
16
VIEWS
Share on TwitterShare on Reddit

A Web3 developer’s platform, Alchemy, reported that the number of smart contracts put on Ethereum has increased by 40% since the end of the first quarter, despite this year’s 60% price jump on Ether.

You might also like

Ripple-SEC Case: XRP Price Turns Bullish As Coinbase Hints At Relisting

Solana’s Top DEX Orca Restricts Access For American Users

DefiLlama Forks into a New Platform as Internal Disputes Unfolds

According to some people, now is a good time for developers to make new products because of the bear market. According to the reports by Alchemy, the developers of new products due to its current market might already be happening.

The amount of Ethereum library induction has risen to 178% in 2022. In contrast, decentralized finance (DeFi) total-value locked (TVL) has dropped to 69%, and non-fungible token (NFT) trading volume has gone down around 88% from last year’s third quarter.

The head of growth at Alchemy, Jason Shah, informed CoinDesk that the most important lesson from the data about the crypto bear market is that prices have stopped being used as the only inducement to get into the space. Developers are instead going to Web3 for technological abilities.

“I think the best representation of that is that software developer kits (SDK) and smart contracts have more than doubled in their usage in the last year,” said Shah.

The data indicates that 736 smart contracts were distributed on September 17, 2022, an all-time monthly high. Shah ascribes this to the Ethereum Merge and high enthusiasm for developing decentralized apps on the new proof-of-stake chain.

 Shah said:

“It’s bringing many more developers into the space, many more brands, frankly, who are conscious of the environmental impact of proof-of-work.”

Compared to the previous crypto bear markets, this crypto winter had been more hyped as the best time to develop Web3 products. Data from Alchemy indicates that the number of intelligent contracts distributed between 2018 and 2019 dropped by 45%. The number has risen by 50% this year, more than last year’s number of deployed smart contracts.  

Causes of the Differences Between Crypto Bear Markets

According to Shah, this difference between bear markets is caused by three major factors:

  • More advanced developer tools to promote building in the space.
  • Higher long-term conviction in the digital assets ecosystem.
  • A considerable number of Web3 educational resources.

As Shah stated:

“As a result [of these components], there’s no longer the same obstacles people may have had that led them to lose a little bit of faith in 2019, which you see in the data.”

Web3 Developers Thriving in the Bear Market

Web3 developers can survive and grow in the bear markets with the right support services and resources.

The crypto sector and the blockchain is, without a doubt going through difficult times, especially with the market dropping $2 trillion since its peak on November 21.

According to the Crypto Fear & Greed Index, investors are still “fearful” of the current bear market. However, learning from similar occurrences over the years, lack of hype and market vitality is suitable for building innovative technological solutions.

When the DotCom Bubble crashed in the early 2000s, firms like Google, Facebook, Cisco, Amazon, and e-Bay survived. Likewise, crypto projects like ChainLink, EOS, Polkadot, and Tron survived the 2017 ICO situation and the crypto winter that accompanied it.         

Tags: bearmarket researchWeb3
TweetShareShare

Recommended For You

Ripple-SEC Case: XRP Price Turns Bullish As Coinbase Hints At Relisting

by BlockNews Team
March 22, 2023
0
xrp

Coinbase could relist the XRP token if Ripple wins the ongoing lawsuit against the SEC. The exchange will initiate the relisting process immediately after the court pronounces itself...

Read more

Solana’s Top DEX Orca Restricts Access For American Users

by BlockNews Team
March 22, 2023
0
orca.so

US-based users will be banned from trading on Orca’s web interface beginning March 31st. Orca said the ban exempts those who trade directly using smart contracts and their...

Read more

DefiLlama Forks into a New Platform as Internal Disputes Unfolds

by BlockNews Team
March 22, 2023
0
DefiLlama

Blockchain data platform DefiLlama is in turmoil following its employee's rejection of its Token Launch Plan.  Now, the creators of one of DeFi's prominent dashboards have made a...

Read more

Massive USDT Transfer – Is This The Reason Behind The Current Crypto Market Shift?

by BlockNews Team
March 21, 2023
0
USDT

The crypto market has witnessed a dramatic couple of weeks, leading to uncertainties about what the future holds for the digital asset sector. Crypto debunking in the United...

Read more

Sony & NFTs? Sony Announces Cross-Platform NFT Framework

by BlockNews Team
March 21, 2023
0
sony logo

An online patent suggests that tech giant Sony Interactive is exploring the use of NFTs on their PlayStation Platform. The patent's details can get complicated in parts, but...

Read more
Next Post
rishi sunak crypto

Crypto Bull Rishi Sunak Takes Over As UK's Prime Minister

Related News

bitcoin

Bitcoin Price Remains Unchanged Above $22K- Is The Recovery Over?

March 7, 2023
Bitcoin Falls More Than 50% from it’s All-Time High

Bitcoin Falls More Than 50% from it’s All-Time High

May 12, 2022
The European Commission Building

EU To Fast Track The Implementation Of Basel Capital Adequacy Rules For Banks

February 22, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Ripple-SEC Case: XRP Price Turns Bullish As Coinbase Hints At Relisting March 22, 2023
  • Solana’s Top DEX Orca Restricts Access For American Users March 22, 2023
  • DefiLlama Forks into a New Platform as Internal Disputes Unfolds March 22, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?