thirdweb
thirdweb builds developer tools for deploying smart contracts and crypto wallets.
On the record
Checkpoint: Legacy API deprecation deadline hits, testing developer retention right as funding runway questions peak
The call
thirdweb is shrinking in headcount and traffic with no new funding in nearly four years, while Alchemy and general-purpose AI coding tools absorb the exact work it was built to sell.
Thirdweb sells software tools that make it easier for developers to build apps on blockchain networks. The company is in trouble because its tools are not hard to copy or replace: since Thirdweb publishes its code openly online, bigger companies like Alchemy and Coinbase have simply built the same features themselves with more money and customers. Additionally, AI chatbots like ChatGPT and Claude can now write the same code that Thirdweb's tools generate, making the software less special. The one thing that could save Thirdweb is if it raises new investor money in the next six months; without it, the company's shrinking team and declining user numbers suggest it will keep losing ground to wealthier competitors.
Why
01
AI pressure: GPT/Claude/Copilot/Cursor. LLMs now write the contract scaffolding, SDK glue, and wallet-connect code thirdweb used to sell, straight from OpenZeppelin-heavy training data. Could AI do the core job? Yes, likely.
02
Bigger players: Alchemy. Alchemy shipped a 148-tool MCP server across 100+ chains, matching thirdweb's AI-agent pivot with far more cash and enterprise reach. Could a giant copy it? Yes, easily.
03
What protects it. Existing integrations at customers like Coinbase and Safe create some switching friction, but nothing stops a rebuild elsewhere.
What would change this call
Thirdweb announces a new priced funding round before end of 2026. Would show investors still believe in the business despite 47 months without capital.
Developer activity/retention through the April 2026 legacy API deprecation. Mass churn would confirm customers are leaving rather than migrating.
Headcount and web traffic trend in next two quarterly snapshots. Continued decline would confirm contraction; stabilization would ease survival concerns.
Developer activity/retention through the April 2026 legacy API deprecation. Mass churn would confirm customers are leaving rather than migrating.
Headcount and web traffic trend in next two quarterly snapshots. Continued decline would confirm contraction; stabilization would ease survival concerns.
Key numbers
- Headcount down 51% year over year
- Web traffic down 20% quarter over quarter
- 47 months since last funding round ($24M, Aug 2022)
Named risks
- No fresh funding round since August 2022; 47 months without new capital as of June 2026.
- Headcount down as much as 51% year over year per Crustdata, June 23, 2026.
- CTO and co-founder Jake Loo resigned around late February 2026, leadership gap unresolved.
- Legacy API deprecation (Insight, Bridge, Bundler, Payments) targeted before Q2 2026 risks developer churn.
- Open-source-by-design philosophy limits lock-in, undercutting durable competitive moat.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Alchemy | losing to | Shipped 148-tool MCP server across 100+ chains by June 16, 2026, matching thirdweb's AI-agent pivot with more resources |
| Coinbase Developer Platform | contesting | Also a former investor and customer; builds competing wallet and onchain agent infrastructure |
| Consensys (MetaMask, Infura) | contesting | Adjacent incumbent with wallet and RPC infrastructure overlapping thirdweb's stack |
| AWS Bedrock AgentCore / Microsoft Agent 365 | gaining on | General-purpose cloud agent infrastructure could subsume blockchain-specific agent tooling, per 2026 sources |
| GPT/Claude/Copilot/Cursor coding assistants | gaining on | Directly generate SDK scaffolding and contract deployment code thirdweb historically provided, as of 2026 |
Questions people ask
- Is thirdweb profitable in 2026?
- No public evidence of profitability. Third-party estimates put annual revenue around $6.7M to $7.5M (no date given), while headcount fell 51% year over year and web traffic dropped 20% quarter over quarter as of June 23, 2026, signaling contraction rather than profitable growth.
- Is thirdweb still raising funding?
- No new priced round has been reported since its $24M Series A in August 2022 at a $160M valuation. A tracker noted on June 23, 2026 that thirdweb had gone 47 months without fresh capital, the clearest sign its runway is under pressure.
- Could AI replace thirdweb's core product?
- Much of thirdweb's value, SDK scaffolding, contract deployment boilerplate, and wallet-connect integration code, is now directly generatable by coding assistants like Copilot, Claude Code, and Cursor, especially since OpenZeppelin-style libraries are well represented in LLM training data as of 2026.
- Who is thirdweb's biggest competitor?
- Alchemy is the closest and most resourced rival. As of June 16, 2026, Alchemy shipped an MCP server with 148 tools across 100+ chains, directly matching thirdweb's AI-agent pivot with far greater enterprise adoption and resources.
- Who owns thirdweb?
- Thirdweb is a private, venture-backed company founded by Furqan Rydhan, Jake Loo, and Steven Bartlett around 2021. Investors include Haun Ventures, Coinbase Ventures, Shopify, Polygon, and Protocol Labs from its $24M Series A closed August 24, 2022.
- Did thirdweb have layoffs in 2026?
- Headcount estimates diverge but all point downward: Crustdata reported 19 employees in June 2026, down 51% year over year, while PitchBook listed 33 and Growjo listed 51 down 7%. All trackers agree on a shrinking team through mid-2026.
Timeline
- 2026-06-23Crustdata reports 19 employees (down 51% YoY) and traffic down 20% QoQ to 247K monthly visitors
- 2026-02-25CB Insights profile notes CTO and co-founder Jake Loo's resignation
- 2025-11-17Thirdweb 4.0 launches with x402 payments; legacy API deprecation targeted before Q2 2026
- 2025-07-25Platform rebuilt for AI era with unified HTTP API and MCP server, claims 80% faster app building
- 2025-03-20Thirdweb AI v0.1 launches with OpenAI Agents, LangChain, AutoGen, MCP adapters
- 2025-02-11Thirdweb acquires Yup, decentralized social platform; product wound down within weeks
- 2023-07-19Thirdweb acquires Paper, a web3 wallet and NFT checkout company
- 2022-08-24Thirdweb raises $24M Series A at $160M valuation led by Haun Ventures
- 2021-12-13Thirdweb raises $5M seed round from 20+ angels including Gary Vaynerchuk and Mark Cuban
Revision history
21 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Products, Competitors, Financials, Employees, Headquarters Locations (2026-02-25)
- Himalayas
- Gary Vaynerchuk, Mark Cuban back web3 project tool Thirdweb (2021-12-13)
- Thirdweb raises $24M for its web3 development kit (2022-08-24)
- thirdweb - Headcount, Funding & Open Jobs (2026-06-23)
- thirdweb acquires Paper (2023-07-19)
- thirdweb acquires Yup (2025-02-11)
- Revenue, Competitors, Alternatives
- thirdweb Revenue, Funding & Valuation
- Infrastructure for AI Agents
- Haun Ventures, Coinbase Ventures, Shopify join $24 million round for thirdweb (2022-08-25)
- thirdweb 2026 Company Profile