The spring of Web2 application entrepreneurs has quietly arrived
Web3 will still be dominated by traffic.Author: malatang.eth
A recent set of data shared by Tomasz Tunguz, a partner at Redpoint Ventures, at DuneCon 2022 indicates that during bear market cycles, various metrics in the Web3 space have generally dropped by 40% to 70% from their peak, but development activity remains robust; the sluggish active user data suggests that the spring for Web2 application entrepreneurs has quietly arrived.
First, the daily active wallet addresses across major public chains number only 2.5 million, indicating that the popularization of Web3 still has a long way to go. Without users, these chains are not even connected to the web, let alone the third generation of the internet (Web3). This is also why many exchanges and public chain ecosystems are actively seeking traffic-oriented Web3 products. Practical entrepreneurs who have previously delivered products with millions of DAUs in the Web2 era will be highly sought after in the Web3 space.
We especially see the unmatched advantage of Asian entrepreneurs in consumer product innovation and user growth. The Growth Hacking product operation method from Web2 will return to the spotlight. In Web3, traffic will still reign supreme.
The number of active users on centralized exchanges has dropped to 93.2 million. Surprisingly, the exchange with the most active users is Crypto.com, not Binance.
The trading volume of centralized exchanges, taking Coinbase as an example, has decreased by 60% from its peak.
In stark contrast, the number of active wallet addresses on decentralized exchanges (DEX) has decreased, but not dramatically.
The number of independent buyers on DEX has increased by 5.5% quarter-over-quarter, despite significant volatility.
However, the trading volume on DEX has dropped by 90% since June.
The average transaction amount has fallen from $8,000 to $1,400.
The NFT market has cooled sharply, with trading volume down 97% from its summer peak.
NFT trading volume on the Ethereum chain accounts for 90% of the entire market.
Layer 2 (L2) on Ethereum is rising, accounting for 30-40% of the Ethereum ecosystem's trading volume.
However, their transaction fees account for less than 2%.
The number of weekly active developers across all chains has only decreased by 15%, approximately 5,000.
Yet developer activity remains relatively stable, with 300,000 smart contracts deployed each month.
Bear markets are suitable for building, as evidenced by the developer activity and the volume of smart contract deployments.
