“Web3” may be one of the biggest buzzwords of 2022, but the idea of creating an entirely decentralized platform to host decentralized applications has long been a vision of the crypto community. While it’s notable that some blockchain companies began building out Web3 applications four or five years ago, the Web3 space has only started gaining traction recently.
The recent growth of Web3 was highlighted in a new report from Electric Capital, a venture capital firm that has been investing in Web3 companies since 2018. The “Electric Capital 2021 Developer Report” analyzed data from nearly 500,000 code repositories and 160 million code commits across Web3, finding that over 34,000 new developers committed code to Web3 projects in 2021 — the highest number of developers in history according to the document.