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ETH Market Report: Q3 2022

The market has been bearish for the past year, but for Ethereum’s ecosystem, it has been all about building and innovating. In terms of development, ETH SDK (tools to read/write to the blockchain) installs increased by 178% compared to the previous year, with over 17,000 verified smart contracts per month. This is despite the bear market with trading volume of NFTs dropping by 88% compared to the previous year and a 69% drop in total ETH Defi value. The significant increase in SDK installs means developers are focused on building more than ever.

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Alchemy Web3 Development Report

205,827 smart contracts were deployed from 2015 to 2021, and 117,922 were deployed just in 2022 accumulating to 36% of all verified smart contracts. The question is, does this reflect on the rest of the market? The answer is yes, with more than 12,000 Dapps, 12x the number since 2018. In terms of Polygon alone, Alchemy reports an 804% increase in developer teams over the previous year.


With 10x more NFT API requests from the beginning of the year, usability in NFTs and infrastructure keeps growing. With market trends such as ENS domains and marketplace aggregation, the bear market is putting the focus on usability and building.

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