Developers continue to dive into the crypto space as market remains lackluster

The state of the crypto world and the promising growth of web3 development.

Key points:

1. The crypto world is currently facing challenges, including fewer checks being written and regulatory pressure in the U.S., as well as global economic uncertainty.
2. Despite this, web3 developer activity has continued to grow in the second quarter, with significant installations of Ethereum and crypto wallet software developer kits.
3. Ethereum's price has increased by 53.7% since the beginning of the year, potentially sparking greater interest in the market.
4. The web3 ecosystem is rapidly growing, with more developers contributing to projects and launching web3 apps/games.
5. Other layer-2 blockchains, such as Arbitrum, Optimism, and Polygon, have also seen significant gains.
6. However, NFT trading volume and users have declined, while decentralized finance trading volume has fallen, although the number of users has increased.
7. The increase in DeFi users indicates the stickiness of projects and products in that subsector.
8. Despite current challenges, past cycles suggest a positive outlook for the crypto industry.