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Web3 Development Sees YOY Growth With 2022 Being Its Biggest Year Yet

Web3 developers are hard at work according to a new report

A Web3 developer report from Alchemy has highlighted that Web3 developers are more active than ever and 2022 stands as its biggest year yet.

The report started by diving into data regarding Web3 libraries – Ethers.js and Web3.js. Each of these libraries enables developers to read blockchain data and send transactions; they are an integral tool when building Web3 products.

Data shows that in 2018, 146,000 developers installed either of the two libraries on a weekly basis. However, that number saw a steady increase every year after. In 2022 the number had increased to 1,536,548 downloads per week. This huge increase shines a light on the growing interest in building applications on Ethereum.

The growing Web3 space 

The report then analysed data regarding smart contracts. These contracts act as programs that are stored on a blockchain and run when predetermined conditions are met, typically they are used to automate the execution of an action. Essentially an increase in smart contracts can represent positive developer activity and growth.

In September, developers had submitted more than 17,376 smart contracts to Etherscan, up 160% year-on-year, showcasing a peak in interest for decentralised protocols. The report highlights that 36% of all smart contracts ever deployed and verified have taken place in 2022 and despite Ethereum prices being down, smart contract deployments have surged to all-time highs. It is also noted that in the two weeks that followed The Merge – when Ethereum switched from a Proof of Work algorithm to Proof of Stake – smart contract deployment had increased by 14%.

Alchemy states that it has seen the number of developer teams building on its platform increase 3x and that the data found in the report shows a Web3 space that is building useful and lasting products despite other market conditions.

Written By

Paige Cook is a writer with a multi-media background. She has experience covering video games and technology and also has freelance experience in video editing, graphic design, and photography. Paige is a massive fan of the movie industry and loves a good TV show, if she is not watching something interesting then she's probably playing video games or buried in a good book. Her latest addiction is virtual photography and currently spends far too much time taking pretty pictures in games rather than actually finishing them.

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