Web3 development is at a crossroads. The key concepts of the current crypto cycle—layer twos (L2s), decentralized finance (DeFi), real-world assets (RWAs), gaming, and prediction markets—are largely extensions of previous innovations. The industry faces stagnation, as growth and innovation have slowed significantly.
The web3 development community is shrinking, comprising about 22,000 individuals—less than 0.1% of the estimated 27 million developers globally. To attract “the next billion users,” we must first empower the first million developers. This can be achieved by recognizing developers as creatives, integrating AI tools into the development process, and cultivating an environment of collaboration.
During a recent keynote at a major conference in Singapore, a prominent figure in the blockchain space articulated a vision to enhance the ecosystem by creating enduring digital structures, increasing the efficiency of crypto transactions, and maintaining the unique advantages of blockchain over conventional finance.
Declining Developer Numbers
However, 2023 has seen a decline of over 10% in the number of blockchain developers, primarily due to a significant drop—more than 50% year-over-year—in newcomers to the field. Bitcoin, despite its notable milestones, lost 19% of its developer base, leaving only about 1,000 active builders.
The urgent need is to reverse this trend and increase the number of web3 developers. Rather than shouting, “Devs, do something!” we must shift our focus to “Do something for devs!” By fostering a supportive environment, we can encourage developers to unleash their creativity.
Recognizing developers as creatives is crucial. Innovation thrives in a creative atmosphere, which is often unpredictable and non-linear. We must stop viewing developers solely as code compilers and provide them with the necessary resources and support to experiment and develop groundbreaking ideas.
Artificial intelligence is now integral to programming, serving as a tool to enhance rather than replace developers. AI streamlines the coding process, enabling newer developers to focus on understanding concepts instead of struggling with incomplete documentation. Seasoned experts are also leveraging AI to improve efficiency in debugging and deploying complex smart contracts.
The Importance of Community
Collaboration is vital for developers, yet the web3 community remains fragmented. A stark disparity exists compared to more traditional development fields, where collaboration is the norm. This lack of camaraderie could be due to the diverse roles developers embrace—many are also stakeholders in their projects, which may create competitive dynamics.
Web3 has often resembled a tribal landscape, with competing platforms engaged in intense rivalry. However, the future lies in recognizing that diverse blockchains can coexist, serving different use cases with greater interoperability. Rather than focusing on division, we should prioritize communication and cooperation among developers. Real-life interactions can foster relationships that virtual platforms often miss, driving innovation forward.
To promote these in-person collaborations, we should establish more communal working spaces around the globe. Strong crypto communities exist in key cities worldwide—San Francisco, New York, Lisbon, Zug, Singapore, Buenos Aires, Lagos, and Sydney—making them ideal for collective brainstorming and development.
As we reflect on the advancements made in web3, it is critical to reignite the momentum lost since 2022. By putting developers at the forefront and empowering them, we can pave the way for the next wave of groundbreaking innovation: let devs create freely and embrace their potential.
