The Web3 industry is often criticized for not having any real use cases that go beyond its circular economy. This is just not true. Several Web3 infrastructure protocols provide useful services inside and outside of the Web3 ecosystem including decentralized storage, compute, and wireless data transfer.
Despite the 76% decline in valuations last quarter, revenue generated amongst infrastructure protocols only decreased 10% QoQ. Given the significant decline in valuations, this indicates that demand for Web3 infrastructure protocols has held up despite the bear market.
