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Alchemy CEO shares inside look at the state of web3 developers
DeFi, NFTs, RWA and multichain apps are hot right now
Jacquelyn Melinek
May 14, 2024
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Looking at web3 developers’ focus 🔎
The crypto industry often touts its transparency, but there’s still some opaque zones that are hidden behind the scenes.
If people look at onchain data, all they’re seeing is transactions, Nikil Viswanathan, co-founder and CEO of Alchemy said on the Talking Tokens podcast. But Alchemy has an inside look on other data showing where users and developers ares “browsing” in web3.
Before we dive deeper, it’s important to note that from the end of 2021 to 2023, crypto prices fell, yet developers still moved into the space, Viswanathan said. “We saw roughly a 4x in our user base, in terms of people sending traffic day-over-day and week-over-week to Alchemy.”
People were still investing their time and money into web3, he added. “As a whole, we saw the industry continue to grow and this was a leading indicator of ultimate end usage.”
As a result, sectors like DeFi and NFTs continue to be hot areas developers are still building in, even after their initial hype cycles in 2020 and late 2021, respectively, Viswanathan shared. Another big focus right now is in real world assets (RWAs) and developers building on multiple chains.
Alchemy’s internal data also shows that developers are launching on other chains, and there’s a “massive increase,” of about 27%, that apps are going a multichain route, opposed to putting their eggs all in one blockchain’s basket. “That’s up very significantly from the early days,” Viswanathan said.
Check out the next section for more details and the full episode.
The latest Talking Tokens podcast 🎙️
For this week’s Tuesday episode iswith Nikil Viswanathan, co-founder and CEO of Alchemy, a web3 development platform that wants to bring the blockchain to a billion people.
We discuss Alchemy’s origin story, what it’s like to scale a business and maintain a culture, which blockchains developers are focused on today and how crypto and blockchain technology can impact all businesses in the long term.
Talking Tokens episodes are released on Spotify and Apple Podcasts at 6AM EST or YouTube at 12PM EST every Tuesday and Thursday.
Make sure to subscribe to keep up with the latest episodes. Feel free to leave a review and tell us your thoughts!
Monitoring blockchains
Looking at some of the biggest developments onchain.
The recently launched Redstone chain saw $1.8M in assets bridged, signaling increased interest in onchain games, according to Token Terminal data
Messari’s State of Aptos Q1 2024 report found the chain’s DeFi TVL increased 376% quarter-over-quarter to $573M
Last week, Chainlink’s provided 12 integrations of its services across 6 different chains: Arbitrum, Avalanche, Base, BNB, Ethereum and Polygon (chart below)
Taking on the tokens
The total crypto market cap decreased less than 1% in the past 24-hours to $2.27 trillion. It is down 3.8% over a 7-day period.
As for the largest coins by market cap…
Cryptocurrency | Price | 24h % | 7-day % |
|---|---|---|---|
Bitcoin (BTC) | $61,804 | - 1.28% | - 3.48% |
Ethereum (ETH) | $2,908 | - 1.84% | - 6.06% |
BNB (BNB) | $586.38 | - 1.56% | - 2.09% |
Solana (SOL) | $146.55 | + 1.08% | - 6.67% |
These metrics were taken at 7:30 AM EST on Tuesday.
Other numbers we’re eyeing…
VanEck's spot bitcoin ETF reported $109 million net increase in its investment in the first quarter, totaling almost $620 million in bitcoin, according to an SEC filing on Monday
Money and people moves
Latest updates on crypto startups that secured funding and industry players who are starting something new.
Bitcoin miner Bitfarms CEO to depart immediately in response to lawsuit (Cointelegraph)
Point72’s Former Digital Asset Head Ashby Joins Proprietary Trading Firm AlgoQuant (Bloomberg)
Former Polygon Labs Head of DeFi Jack Melnick joins Layer 1 developer Berachain in same role (The Block)
Kevin Canlas announced on X he joined the layer-1 blockchain Monad as a senior designer
Talking points for the road
Here’s some headlines and topics that you can talk about at your next dinner party, crypto event or on a first date to look smart (results may vary.)
Why Spot Ether ETFs Will Likely Have to Wait Until After the Presidential Election to Be Approved (Unchained)
Tokenized funds could chip away at stablecoin market, Polygon exec says (Blockworks)
Roaring Kitty returns, putting meme stocks and memecoins back into focus (The Block)
Cautious Bitcoin Bounce to Face Inflation Data Hurdles Later This Week (CoinDesk)
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