Interpretation of the Web3 developer report: the best time to enter the Web3 "bull market" is now
The encryption market situation in 2022 is sluggish, the market fluctuates in a bear market, and black swan events occur frequently. It seems that this is not a good time to invest and enter from the perspective of users. What about developers? Is this the right time for a novice developer to get into Web3? Before answering this question,TinTinLand will give you a detailed interpretation of the latest "Web3 Developer Report (Q3 2022)" disclosed by the Web3 development platform Alchemy.
The report released by Alchemy aggregates data from channels such as Etherscan, DappRadar, Github, NPM JS, CoinMarketCap, and Internet Archive, and will describe the current situation and prospects of Web3 developers from a more comprehensive source and a broader perspective. I believe that several key facts and data in the report can give us a better understanding of the actual development of Web3 developers under the encryption winter, so as to answer our questions——secondary title
Use of the Web3 library
As of November this year,Under the violent fluctuation of the macro market, both Bitcoin and Ethereum have fallen by about 70% from their November 2021 highs, and the decentralized finance and NFT markets have also been severely affected by the market crash. Compared with 2021, the total value locked (TVL) in DeFi applications has decreased by 69% (year-on-year), and the NFT market transaction volume has decreased by 88% year-on-year.
And Web3 developers are indeed the year with the largest number of active people compared to 2021 or even a few years ago. This conclusion of active developers can be drawn from the usage of the Web3 library.The report first analyzes the usage of two extremely important Web3 libraries: Ethers.js and Web3.js. Both Ethers.js and Web3.js are Ethereum standard JavaScript API libraries that enable developers to interact with the Ethereum blockchain, read data through service providers and send transactions on behalf of their users to facilitate the adoption of DeFi protocols. Make deposits, create NFTs, and more.They are important tools for building Web3 products.
Compared to 2018,10x increase in developers installing Ethers.js and Web3.js libraries in 2022secondary title
Release of smart contracts
A smart contract is a special protocol designed to provide, verify and enforce contracts. Specifically, smart contracts are an important reason why blockchain is called "decentralized", allowing us to perform traceable, irreversible and secure transactions without the need for third parties.Smart contracts provide us with distributed trusted computing and are one of the features that differentiate Ethereum from other blockchains.
Smart contracts represent the core logic of contracts such as DeFi protocols and NFT minting, similar to how server logic determines the behavior of applications and databases for many Internet products today. The statistics released on Ethereum’s smart contracts in the report let us see the number of smart contract developers and the growth of developers in the entire industry from point to point.
117,922 verified smart contracts have been deployed so far in Q3 2022, the highest number for a year to date.According to statistics in the report, a total of 323,749 smart contracts were deployed in the third season of dramas from 2015 to 2022, that is to say, all verified smart contracts deployed this year accounted for 36% of the total.
Judging from the market fluctuations in the past few years, the number of smart contracts on Ethereum has risen from 0 smart contracts in 2015 to 44,023 smart contracts during the bull market in 2018, which is a peak point. By the third quarter of 2022, a record high of 117,922 smart contracts will be created,secondary title
Number of Dapps
Decentralized applications (Dapps) are applications that run on a blockchain network. Use cases for Dapps include gaming, finance, social media, and more. DApp relies on smart contracts on a distributed network to run, which is more transparent and decentralized than centralized applications, but it also brings some new development challenges to novice developers.
According to DappRadar, there were only 1,000 active Dapps in 2018,And a 1200% increase since the third quarter of 2022. Building Web3 Dapps is now easier than ever with advances in various API libraries, developer tools, and technologies.
In addition to the explosive trend of the total amount of Dapps, the report also shows the growth of different tracks such as wallets and DeFi infrastructure, and the growth of social infrastructure. Wallet products serve as asset entrances and identity symbols for users to connect to different Dapps, reflecting the influx of users in the Web3 industry to the greatest extent.secondary title
Revenue for Web3 Developers
When Web3 is no longer just a new technology trend, but developed in the form of a revolutionary philosophy, any aspiring technology professional who understands Web3 has the potential to become a Web3 developer and join the industry to make and change the rules of the game. It's not just an environment for rapid innovation and opportunities for breakthrough development that rewards Web3 developers --and financial rewards"Developer Beginner's Guide: Web3 Technology Stack & Average Salary Inventory"
we are at"Developer Beginner's Guide: Web3 Technology Stack & Average Salary Inventory"In this article, the average salary of Web3 developers is introduced. The average annual salary for a Web3 developer is between $90,000 and $150,000, and that can increase to $500,000 or $750,000 for Web3 professionals in higher roles.According to ZipRecruiter, the average annual salary of a Web3 developer in a large company is $154,550 or $74 per hour.
In addition to salary, there are multiple income models.If rewards are based on the premise of Web3, in addition to salary, income paid in the form of protocol tokens can be understood as stock options directly related to the success of the product. In this flat structure, everyone who owns tokens has the right to vote. Similar to Liquid Equity, a fundamental premise of Web3 is that every product is simultaneously an investment opportunity. The potential of Web3, the shortage of talented Web3 developers, and great professional compensation are some of the best reasons to become a Web3 developer.
As of 2022, the industry's demand for Web3 developers is still increasing, and their income and salary far exceed those of other industries. Although the number of Web3 developers is relatively lower than that of Web2 developers,But research shows that we are on the cusp of an industry explosion.
The future is bright for Web3, whose arrival heralds the realization of decentralized applications, represents a return to the ideals of the public Internet, and a direct challenge to the rise of Web2 as an ecosystem of corporate giants.secondary title
the best time is now
Since 2020, the hot words related to Web3 have emerged. By 2021, the concept and theory of Web3 will be popularized rapidly. The reasons behind this include the increase of active users in the cryptocurrency circle and the investment orientation of well-known foreign venture capital (such as A16Z) institutions. Entering the bear market in 2022, the market situation is fluctuating, and venture capital institutions are still making frequent moves on Web3.Regardless of bull or bear market, Web3 developers use technology to drive the progress and development of the entire industry.
Regardless of bull or bear market, Web3 developers use technology to drive the progress and development of the entire industry.
If you think of Web3 as the Lego bricks of the developer world, iterations and improvements are built on past Internet eras. For Web2 developers who want to enter Web3, past experience and technology will not become a limitation and threshold, but will become a cornerstone and a boost. Now let’s go back to the question originally raised by the developers—is it suitable to enter Web3 and become a Web3 developer under the 2022 bear market?
The unquestionable answer is that the best time is now.
