Electric Capital Developer recently came out with a new report. It shows that more and more developers are getting into decentralized finance (DeFi). USD 100 billion has already been blocked in Web3 platform smart contracts.
The report also contains information on projects that have not been very successful. Unfortunately, the figures also imply a greater degree of centralization. Most of the funds are invested in protocols that a small group of 1,000 developers controls.
Web3 is an open-source, decentralized platform that allows users to create and manage their own free software. It is a collection of blockchain-based protocols which allow its users to build decentralized applications without relying on intermediaries such as centralized servers or cloud storage providers.
Web3 is also attracting a record number of developers due to its scalability and decentralization compared to other web technologies.
The company reached its findings after reviewing 500,000 projects on Github, and they have a total of 160 million confirmations. According to the company’s analysis, Web 3.0 is the fastest growing niche in the area of decentralization, and demand for such developers is at an all-time high.
There are an increasing number of Web3 developers
The report also includes some other data that is worth noting. We may learn from it that in 2021, up to 18,000 active developers committed to Web3 projects every month. Surprisingly, 34,000 new programmers joined the industry in the same year. This is the new ATH, as shown in the chart above.
Additionally, developer participation in Web3 initiatives climbed by 66%. This also suggests a much stronger connection to the area in 2021.
Bitcoin and Ethereum are the two networks that have witnessed a significant increase in commits. Polkadot, Solana, Cardano, Cosmos, and Binance Smart Chain are other blockchains that have gotten a lot of attention. Every month, over 250 programmers work on their code.
Since decentralized technology became popular, the notion of Web3, or decentralized internet, has attracted developers’ interest. In practice, however, few initiatives have used network interoperability to construct usable channels. Polkadot, for example, is one of many who have achieved this.
Read Also: The Number Of Nations Banning Bitcoin Has Doubled In Three Years
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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