“Web3” may be one of the biggest buzzwords of 2022, but the idea of creating an entirely decentralized platform to host decentralized applications has long been a vision of the crypto community. While it’s notable that some blockchain companies began building out Web3 applications four or five years ago, the Web3 space has only started gaining traction recently. 

The recent growth of Web3 was highlighted in a new report from Electric Capital, a venture capital firm that has been investing in Web3 companies since 2018. The “Electric Capital 2021 Developer Report” analyzed data from nearly 500,000 code repositories and 160 million code commits across Web3, finding that over 34,000 new developers committed code to Web3 projects in 2021 — the highest number of developers in history according to the document.

Moreover, the report pointed out that 65% of active developers and 45% of full-time developers started working on Web3 last year. The document also found that over 18,000 monthly active developers commit code to open-source crypto and Web3 projects today, primarily building on the Ethereum network.

Web2 developers flood the Web3 space

Maria Shen, a partner at Electric Capital, told Cointelegraph that 2021 was a year of historic growth for Web3 development, as it brought in the highest number of monthly active developers the crypto space has ever seen. She elaborated that this number refers only to open-source developers:

“While there are a large number of closed-source developers working in crypto, Web3 is highly open-source. This is the main difference…


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