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Developers Stay Resilient Through Harsh Crypto Winter, Report Says

Despite the crypto winter that has unfolded over the past few months, Web3 developers remain resilient in their efforts to deploy decentralized applications (dapps), according to the Q1 2023 Developer Report from Web3 developer backend Alchemy. Developers installed an average of 1.9 million Ethereum SDKs per week, a 47% increase year-over-year, and 788% more wallet SDKs were deployed since Q1 of 2022.

While NFT trading volume decreased 82% year-over-year, it increased 126% since Q4 2022, and DeFi trading volume on DEX is on the rise, having seen a 43% increase since Dec. 2022.

Developers across sidechain Polygon and layer-2 networks Arbitrum and Optimism deployed 160% more smart contracts year-over-year, fueled in part by the desire to build on Ethereum scaling protocol zkSync 2.0 and Polygon's zero knowledge Ethereum Virtual Machine (zkEVM). Despite recent bank collapses and regulatory concerns, developers remain resilient towards building blockchain-based products and services.

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