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Security is crucial for blockchain massive adoption

Web3 Developers going faster than ever!

Despite the crypto winter, with both Bitcoin and Ethereum down roughly 70% from their November 2021 highs, web3 developers are more active than ever. In fact, 2022 has been the biggest year yet reported by Alchemy in their 2022 Q3 report.

Despite the bear market

Its usually known that during bear markets most of liquidity is removed from the market. However it is also known that great teams usually take the chance to build and improve their dapps.

+178% Ethereum SDK installs

Despite there are still several deniers in the space, it is clear that Ethereum SDK is incredibly growing fast.

36% open sourced (verified) smart contracts from this year

Another very important key factor is that 36% of all deployed smartcontracts were deployed during this year! It is a de facto standard to verify smart contract code in decentralized apps (dapps) to really have a trustless network where it is not needed for you to trust admins or team members but the code itself. The code is law.

Security matters, Web3 pays the best bounties

Unverified smartcontracts only give teams a bit more time if they are going to be attacked (while attackers decompile them) but having them completely exposed and verified give everything the attackers need to understand the workflow and guess any potential 0-days to be exploited.

Fortunately there are really great white hackers in the space as well as great bug bounty programs like Immunefi, Bug Crowd, HackerOne, among others, which provides great results by allowing companies to launch bug bounty programs of great incentives to attract the best white hackers in the space.

During 2022 we had the biggest bounty ever paid to a whitehacker through Immunefi (USD10 MM) by because of Wormhole having an uninitialized proxy.

This is just the beginning, >12K dapps and growing

Deniers will continue denying that this is just a hype, or wording without real apps behind. I have been working in DeFi space for 1.5 year, and it is nice to see great teams and great protocols building the next generation of the decentralized finance.


URL: https://alchemy.com/blog/web3-developer-report-q3-2022
Here the complete report by Alchemy:

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