- Due to features like smart contracts on Blockchain, systems like Defi and web three have gained popularity.
- Projects of DeFi and Web 3 have seen a massive boom in the year 2021
- The total value locked in DeFi is approximately $256 billion, out of which $100 billion consists of less than 1000 developers and their projects.
In recent reports, which consist of the data about amount or value locked in various projects in Defi and Web 3 projects, stated that approx $100 billion has been locked in less than 1000 projects of Defi and Web 3. The value seems huge and surprising because the whole DeFi system has a total locked value of $256 billion for so many projects, but out of which, $100 billion belongs to a handful of Defi and web three projects.
Further, the report stated that last year, 2021, DeFi and Web 3 projects saw their all-time high. From the beginning of intelligent contracts features, concepts of Defi and Web 3
Came into existence, gradually they attracted new developers and creators, and many investors have also shown interest in those projects. Eventually, with time, interest in the technology emerged, and more interested developers came up front and started putting their efforts into this evolving technology. However, the count of emerging developers and projects reached an all-time high in 2021.
The report also stated that the Web 3 developers were in huge demand last year. According to the report, there were approx 18,000 active developers every month, and in the whole year, 34,000 new developers were bringing their projects on-chain, which is the highest number yet attained. The surprising element is that less than 1000 Defi and web three projects hold $100 billion among this massive number of developers.
With the evolution of intelligent contracts and open-chain systems, it became very easy for developers to enter the crypto world and create disruption through their ideas. Initially, Bitcoin and Ethereum networks were the preferences for developers, but with time and new chains and networks evolved, so did the developers. More open-source networks like Polkadot, Solana, Cardano, etc., attracted more developers and their projects related to Defi and web three and a lot more.
DeFi is the Decentralization of finance and Decentralization of the internet itself, which is considered Web 3; both are now being seen as the utmost recognition that they can create a difference from their existing forms. But these concepts have faced criticism, too, from time to time. Famous of them were Elon Musk and Jack Dorsey. Elon Musk has said that Decentralization of the internet or Web 3.0 is more of a buzzword than reality, and Jack Dorsey considered Web 3 would be controlled by Venture capitalists, where VCs and investors would get most of the benefits of Web 3 instead of users.
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