According to a recent Web3 Development Report by Alchemy, web3 developer activity continued to grow in Q2, with Ethereum and crypto wallet SDKs seeing 26.8 million and 11.1 million installations, respectively. While the crypto market remains shaky due to regulatory pressure and economic uncertainty, the increase in developer activity is a promising sign for the industry.

Other layer-2 blockchains also saw massive gains, with 75.9 million smart contracts created in Q2 on Ethereum and other platforms. Despite declines in NFT trading volume and DeFi trading volume, the increase in DeFi users shows the stickiness of the projects and products being built in the subsector. While outsiders may only see token prices and market movements, insiders view a rapidly growing web3 ecosystem.