This report highlights how projects have taken advantage of the bear market to create more solutions for the blockchain space. User adoption has increased as the NFT market aexpands.
For some, “extreme market conditions” were the cause of their downfall. Others could, however, not escape the glaring cases of mismanagement. But as regulation forces its way into crypto organizations, a16z noted that the country was losing its lead in terms of developers and traffic.Nevertheless, the decreasing interest in the U.S. has not entirely affected the ecosystem negatively.
As of February 2023, active developers were 28,240. On the other hand, interested developers were 55,760. This figure implies that developers’ interest in engaging in technological advancements in this space remained visible.Consequently, the developers involved have propelled the number of verified smart contracts to an all-time high. Smart contracts are self-executing programs used to automate the execution of an agreement on the blockchain.
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