In a report published last week, Electric Capital Developer delivered the conclusions of its study on the development of Web 3.0 projects in 2021. The document reveals that the latter have awarded themselves a good part of the funds blocked within DeFi. There would thus have been 100 billion dollars allocated to 1,000 projects related to the decentralization of the Internet. Details in the following.
More developers are joining Web 3.0 projects
The conclusions of this study were obtained after reviewing approximately 500,000 coding projects on GitHub with 160 million commits. In particular, they have shed light on DeFi projects that rarely achieve remarkable success. Ironically, one of the main conclusions leads to a certain centralization of funding. Indeed, the majority of funds, ie 100 billion dollars, have been injected into 1,000 projects dedicated to Web 3.0. The document also describes it as the fastest growing niche in the industry.
The study also reveals that the demand for developers of these projects has never been stronger. It shows that 18,000 active developers made monthly commitments to cryptocurrency-related open source Web 3.0 projects in 2021. Interestingly, 34,000 new developers got involved in the same year. It was also observed a 65% increase in developer involvement in Web 3.0 projects. The year 2021 will therefore have marked a significantly higher affinity of developers with the sector in 2021.
Polkadot interoperability as the main achievement
Bitcoin and Ethereum are naturally among the notable projects that have benefited from the influx of commits generated by the increased interest of developers in Web 3.0. The latter have also distinguished themselves on other projects such as Polkadot, Solana, Cardano, Cosmos and Binance Smart Chain. They also managed to mobilize more than 250 developers each month on their networks according to the study.
The concept of Web 3.0 has intrigued developers since the use of blockchain became a trend. In the end, very few projects were able to create convenient channels through the interoperability of blockchain networks as Polkadot was able to show. This success allows us to glimpse new possibilities inherent in the concept which nevertheless continues to attract a lot of hatred towards it.
Developer interest in Web 3.0 should increase once the solutions from these various projects are successfully deployed. DeFi investors keen to seize this opportunity should not miss out as this study has revealed.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.