The number of weekly active developers in the crypto space decreased by nearly 40% in one year due to a shift towards "narrative-led" developments. According to data from Artemis Terminal, on March 17, 2024, there were 12,380 active developers on open-source repositories, which dropped to around 7,600 on March 16, indicating a 38.6% decline. Developer activity is seen as a key indicator of the overall health of the Web3 ecosystem, with increased innovation and protocol maintenance contributing to long-term sustainability. Calls have been made for more developer-led narratives in response to the drop in developer activity, emphasizing the importance of supporting developers and focusing on end-to-end products rather than just code. The rise of memecoins as a profitable narrative in the Web3 space has led to concerns about sustainability and the need to refocus on building products that people actually want to use.