Despite the crypto bear market, the Web3 ecosystem continues to grow. True to the notion that “bear markets are good for builders,” developers continue to flock into the Web3 space — the blockchain-based universe governed by smart contracts. Reports from early 2023 show that the number of monthly active Web3 developers grew to over 23,300 in 2022.
As the Web3 developer community evolves into an established industry, the security of technologies that hold the ecosystem together are increasing in importance. The backbone of the blockchain-based industry is smart contracts — software that automatically executes an on-chain action when conditions are met.