Developers pour into crypto space despite stagnant markets • TechCrunch

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It was this year Huge for the cryptocurrency developer space even as the digital asset market continues to shrink, according to a new report Report Powered by web3 developer platform Alchemy.

Although the market capitalization of cryptocurrencies is down about 58% For a year now, web3 developers have been flocking to the space.

The report found that developer activity increased based on the number of cryptographic software developer kit (SDK) libraries being downloaded, smart contracts stored on blockchain, and the growth in the number of decentralized applications (dApps) in the market.

“It’s a really, really exciting time in web3 in general and especially in the web3 development space,” Jason Shah, Head of Growth at Alchemy, told TechCrunch. We were shocked by the results [because they run] Contrasting with the narratives out there, coin prices plummet, investments plummet, and even layoffs. But in the data on libraries, smart contracts, and dApp growth, all of those numbers are going up year on year.”

Shah said that despite the bear market, cryptocurrency has become a “constructive market,” and it is clear that not many have bounced back.

“Cryptocurrency markets are often bearish when the best projects are being built,” Francesco Melpignano, CEO of Tier 1 blockchain firm Cadena, told TechCrunch.

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