According to Jason Shah, a product manager at Web3 development platform Alchemy, the pace is really picking up.
Despite the sharp decrease in cryptocurrency values, developers are moving faster to create blockchain-based apps. On Friday, Jason Shah, a product manager at Web3 development firm Alchemy, remarked during the “First Mover” segment of CoinDesk TV.
Shah observed that major internet giants like Facebook, Adobe, and Stripe are attempting to enter the Web3 market, saying, “We see anything but a winter; we see all-time highs across all sorts of development activity.”
Web3 is a general term for a future version of the internet that uses blockchain and other cutting-edge technology and is highly decentralized.
In five years, Shah said, “we could see a world with new crypto-native businesses that could only have been established with the technology that blockchain gives us, paired with Web2 firms that have incorporated this technology into their offerings.”
In an effort to address new use cases, web3 native businesses like OpenSea or 0x are also expected to keep developing blockchain technology.
Despite ether’s 60% price decline this year, Shah claimed that developers are “flocking” to blockchains like Ethereum, Polygon, and Solana. He also noted that the adoption of smart contracts on Ethereum has risen by 40%.
Shah mentioned the fact that Alchemy measures activity by tracking the amount of SDK (software development kit) downloads and dapps (decentralized applications) that are coming live, saying “We observe all-time highs across all types of development activity.”
