As the crypto market continues to find its footing in an increasingly unstable climate, Andreessen Horowtizwho launched a $4.5 billion web3 fund last year, he launched his second State of Crypto report. It dives into everything from blockchain activity to new technologies, but one topic that stands out is that blockchains are scaling.
The scaling momentum has picked up from a few years ago when tons of people were using blockchain networks, said Eddy Lazzarin, chief technology officer at a16z crypto. As a result, there was a lot of congestion, mainly on Ethereum, and expensive gas fees.
That period of time convinced a lot of people that blockchain growth will come through scalability, Lazzarin noted, prompting developers to be excited to experiment and create new products. “So the effort of the last two years or so is getting scalable solutions off the ground, and now they're really up and running. There are still more to build, but they are much cheaper, safer, and they work. The momentum is now that developers can use them."
Is In fact time to build
There are approximately 30,000 active developers in the crypto industry today, which is below the early 2022 peaks but “well above” the early 2021 peaks, according to the report.
