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Web3 Developers Still Building Despite Crypto Winter
Jason Shah, a product manager at Alchemy, a Web3 development platform, told CoinDesk TV that the pace is actually increasing.
Oct 21, 2022, 6:10 p.m.
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Despite the big decline in crypto prices, developers are stepping up their pace to build applications with blockchain technology, Jason Shah, a product manager at Web3 development company Alchemy, said Friday on CoinDesk TV’s “First Mover” program.
“We see anything but a winter; we see all-time highs across all forms of development activity," Shah said, noting that large internet players such as Facebook, Adobe and Stripe are making moves into Web3.
Broadly, Web3 refers to a new iteration of the internet that is largely decentralized and incorporates blockchain and other new technologies.
Read more: What Is Web3? Understanding What Web3 Is... and Isn't
“We might see a world in which five years from now, we simultaneously have new crypto-native companies that could only have been built with the technology that blockchain affords us, combined with Web2 companies that have incorporated this technology into their products," Shah said.
Web3 native companies such as OpenSea or 0x are also likely to continue their development of blockchain technology in an effort to address new use cases.
Shah said that developers are “flocking,” to blockchains such as Ethereum, Polygon and Solana and pointed out that despite a 60% price plunge this year for ether, the use of smart contracts on Ethereum has increased by 40%.
Read more: Nike’s Venture into Web3 Isn’t About Tech – It’s About Culture
“We see all-time highs across all forms of development activity,” Shah said, referring to how Alchemy tracks activity, which includes counting the number of SDK (software development kit) downloads and dapps (decentralized applications) that are going live.
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Gauntlet noted that deposits are now back to same levels before the campaign, and has navigated large capital swings before due to incentive campaign endings, airdrops, and shifts in market conditions which regularly produce short-period swings in either direction.
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- Gauntlet's TVL dropped 22.84% over seven days, erasing roughly $380 million in value, with the primary driver being the end of OKX's pre-deposit campaign on Katana rather than broader market stress — the outflows are predominantly stablecoins rotating out of incentive-driven vaults.
- Despite the sharp number, Gauntlet says the swing is consistent with normal incentive cycle dynamics, pointing to a similar $775 million single-transaction deposit in October 2025 that fully recovered within ten days as evidence that the firm has navigated large capital movements before.
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