Current trends in Web3 development

Vladislav Sopov

While Xai (XAI), Stellar (XLM), Rollux and Bitcoin (BTC) remain the most widely used blockchains, RWAs and modularity trends dominate the segment, says new Ankr report

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The first half of 2024 has seen huge strides for the entire cryptocurrency and blockchain industry.

The number of legal victories breathes new life into the Web3 sphere

In the midst of a new bull market, regulatory successes and renewed investor interest, Web3 appears to have a newfound sense of purpose.

Leaving aside the approval of the Bitcoin ETF, the Bitcoin halving, the US approval of the Crypto FIT21 law and other market drivers this year, the development and maturation of Web3 itself has played an important role in reviving the sector.

As one of the largest Web3 infrastructure providers, Annkr provides direct access to the array of nodes running on over 55 L1 and L2 blockchain networks. These nodes are used globally to serve eight billion daily requests from dApps, developers, and cryptocurrency end users of all types.

The Ankr team released a report covering the prospects and trends of blockchain usage in May-June 2024 and highlighted the fastest growing blockchains.

Ten fastest growing networks listed by Ankr: XAI, Rollux, Stellar in the top three

This list shows how popular different blockchains are becoming, based on the percentage increase in frequency with which they are used (collected from May 17th to June 17th). Imagine these “uses” as conversations between applications (dApps) and the blockchain itself.

These conversations, called RPC requests, happen every time users perform actions on the blockchain. This could be anything from sending cryptocurrency to checking your wallet balance or seeing who owns a digital item. The more a blockchain is used, the more RPC requests it will have.

Xai is a layer 3 blockchain created to be powerful enough to unlock open trading for all games, including the AAA industry. Developed by Offchain Labs, Xai just hit a record 101 TPS and introduced a variety of games.

A long-time player as a blockchain for crypto payments, Stellar has recently expanded its utility to accommodate all developers building applications on the Stellar mainnet via the Soroban smart contract platform.

As Bitcoin’s development and scaling trend continues to gain traction, Rollux (an L2 of Syscoin) is demonstrating that others see the potential for Bitcoin to host secure, efficient, and affordable EVM rollups and dApps at scale as RPC requests have grown by 516%.

After Ankr launched its Bitcoin RPC on March 5, the OG blockchain has seen tremendous interest as developers look to explore the potential of L2, BRC-20, Bitcoin staking, and other new features.

Continuing the trend of Bitcoin development, builder interest appears high in Syscoin as the first protocol to create a dual-chain Layer 1 that combines Bitcoin’s proven Proof-of-Work (PoW) consensus with EVM compatibility and modularity .

As the red-hot trend of tokenization for real-world financial assets and instruments continues, requests for XDC have soared as the chain’s explicit purpose is to digitize and tokenize trade finance. Another Bitcoin L2, Bitlayer, has attracted the attention of developers as the first layer 2 equivalent to Bitcoin security. As a newly supported chain on Ankr, Kinto is a layer 2 designed to specifically address security issues in DeFi.

Long-standing modular blockchain network Nervos could see increased activity due to builders’ demand for secure, flexible and interoperable protocols with the rise of the modular revolution driving the blockchain scaling effort. B² is seeing growth thanks to the surge in all layer-2 Bitcoin ships, as well as its own merits as a performance solution offering fast transactions, seamless wallet access, and a DA layer that allows any ZK-Rollup to settle into Bitcoin.

Macrotrends in the crypto segment: RWA, modularity, what else?

Not surprisingly, the same trends that have led to market appreciation this year appear to be the factors behind the jump in on-chain activity and development seen above.

Bitcoin’s initial goal of revolutionizing traditional finance with peer-to-peer payments was revolutionary. However, its limited transaction capacity and functionality have limited its broader impact. This is where the recent wave of ordinals, memberships, BRC-20 tokens, Bitcoin staking, and L2 scaling solutions comes into play. As more and more developers become interested in unlocking these new use cases for the Bitcoin network with chains like Rollux, Syscoin, Bitlayer, B² Additionally, Ankr sees a spike in the number of RPC requests to these networks across its service.

Tokenization it’s been the talk of the town as the largest financial firms appear to be doubling down on their tokenization strategies. Giants like Blackrock are now directly funding companies to continue building the infrastructure needed to properly move traditional assets onto blockchain tracks. Networks like Stellar, XDC and others that focus on asset tokenization and rapid payments appear to be gaining momentum.

A modular approach to scalability It enables separate layers of execution, consensus and data availability, leading to faster transactions, lower costs and a more scalable future for blockchains. This opens the way for them to manage complex applications and a huge user base, all while remaining secure and decentralized. Networks like Nervos are well suited to the modular future, as chains like CKB demonstrate high levels of interoperability and flexibility with support for all cryptographic primitives.

To summarize, Web3 will thrive in 2024 with growing interest, new regulations, and a wave of innovation. Ankr data shows booming development around new Bitcoin features, tokenization of real-world assets, and modular blockchains.

About the author

Vladislav Sopov

Blockchain analyst and writer with scientific background. 6+ years in IT analytics, 3+ years in blockchain.

He has worked in independent analyzes and start-ups (Swap.online, Monoreto, Attic Lab etc.)

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