Super excited to share @Coinbase Venture’s POV on the Web3 Developer Stack.

Our thesis: As Web3 gains momentum, there’s an opportunity to invest in more robust developer tools and infrastructure that will unlock the next stage of Web3 innovation and adoption 🧵
1/ This landscape is not mutually exclusive nor completely exhaustive. Rather, it’s a framework for thinking about the Web3 developer stack as it continues to evolve
2/ @Coinbase Ventures defines the Web3 Developer Stack as a nascent ecosystem of promising companies that empower developers with infrastructure and tooling to build on top of crypto network primitives
3/ Today, Web3 developers represent <1% of the global software developer community (~31.1M global software devs as per @SlashDataHQ) given a fragmented developer experience and skepticism on blockchain's long-term viability
4/ @ElectricCapital compiled a report which shows that the number of monthly active Web3 developers reached all-time highs in 2021 (*Note: the report doesn’t count work on proprietary projects)
5/ Compared to Web2, building in Web3 requires specialized expertise to interface with complex infrastructure and commonly involves redundant processes.

That said, the tooling that will help onboard the next 1M+ web3 developers is rapidly improving.
6/ We segmented the Web3 developer stack into the following four layers:

-Developer Tools
-Application Enablement
7/ Protocols are the underlying main blockchain architecture and settlement layer

-Layer 1
-Layer 2
-Bridges & Swaps
8/ The infrastructure layer consists of foundational building blocks for creating Web3 apps on top of crypto network primitives

-Node Providers
-Wallet/Key Management
-Decentralized Compute
-Decentralized Storage
-Interoperability Protocols
9/ Developer Tools consist of platforms and services that are highly reliable at doing specific tasks across the Web3 developer journey

-Frameworks & IDEs
-Low-code / No-code
-Index & Query
-Test, Simulate & Monitor
-Secure & Audit
10/ The application enablement layer consists of point solutions that provide user-facing applications access to Web3 use case primitives

(i.e, dev tooling for NFTs, DeFi, DAOs, Metaverse/GameFi)
11/ While the framework and layers we highlighted will likely remain unchanged, we continue to see new developer tooling primitives emerge and expect the entire stack to evolve dramatically in the coming years
12/ @Coinbase Ventures will continue to invest in the next generation of platform and developer tooling that will ultimately onboard millions of developers into Web3
13/ Read the full piece for more color on Web3 developer trends. If there’s a company within the Web3 developer stack that you think should be on our radar, please reach out. My DMs are open! 📥…
14/ Major shoutout to @Cdempsey44 @ShanAggarwal @swillinger @HoolieG @matassi @aaronhenshaw @mparmstrong for contributing to the write-up! 🔥
Learn more from @Cdempsey44 on how Web3 development differs from Web2

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More from @jonathankingvc

Jul 26
Last week, @coinbase Ventures published our Q2 investment memo.

One key theme: the @solana ecosystem continues to show impressive momentum and developer traction.👇🏾
1/ Primer: @solana is a Layer 1 blockchain that aims to deliver orders-of-magnitude scalability and support smart contracts without sacrificing decentralization and security.
2/ @solana smart contracts are coded in Rust, an LLVM-compatible language that was recently identified by @SlashDataHQ as the fastest growing programming language community.… Image
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