Binance has released its report on the last quarter today, which includes important details about the current state of Web3. We have seen many crypto projects become history in the midst of a bear market. While some projects struggled and disappeared under challenging conditions, others showed more development. The latest report also shows that crypto is not just about prices.
The blockchain industry has witnessed significant growth in smart contract applications over the years. Smart contracts are software programs that perform assigned tasks with code guarantees and secure them on the blockchain infrastructure. Despite bear market conditions such as a decrease in venture capital funds in the second quarter of 2023, the number of verified smart contracts continues to increase, demonstrating the resilience of the sector.
To analyze the increase in verified smart contracts in the second quarter of 2023, the Binance team, which analyzes monthly data for BNB Chain, Ethereum, Polygon, Fantom, Avalanche, Arbitrum, and Optimism, highlights the growth in smart contracts.
Looking at the data for the second quarter of 2023, BNB Chain stands out in terms of verified smart contracts, reinforcing its dominant position in the field and the confidence of its community in its ecosystem.
Overall, the second quarter of 2023 highlights the increasing importance given to security, reliability, and scalability in the blockchain ecosystem, as evidenced by the increase in verified smart contract activities in multiple blockchains.
Ethereum has maintained its leadership position in the percentage of verified smart contracts, showing stable growth. Other blockchains such as Polygon, Fantom, Avalanche, Arbitrum, and Optimism have also shown consistent participation in verified smart contract activities.
Ethereum has maintained its position as the second-largest blockchain for verified smart contracts. It has shown stable growth with percentages ranging from 31% in April 2023 to 34% in June 2023, indicating a sustained level of interest and adoption.
Polygon has demonstrated flexibility in verified smart contracts, starting at 10.8% in April 2023 and consistently maintaining a range of 10-12% throughout the second quarter of 2023. Its scalability solutions and low transaction costs make it an attractive option for developers.
Although Fantom has experienced a decline in the percentage of verified smart contracts from 3.3% in April 2023 to 1.4% in June 2023, it continues to be a significant player in the Web3 developer ecosystem.
Avalanche has demonstrated relatively stable performance in verified smart contracts, ranging from 2.2% to 2.7% throughout the second quarter of 2023. Its high transaction volume and low latency have attracted developers’ interest, leading to consistent smart contract activities.
Arbitrum has shown significant growth in verified smart contracts, starting at 0.9% in April 2023 and reaching 4.5% in June 2023. This notable increase positions Arbitrum as a significant blockchain, considering the developer activities related to smart contracts in the second quarter of 2023. Its compatibility with Ethereum, scalability, and low fees have likely contributed to its increasing popularity among developers.
Optimism has demonstrated consistent growth in verified smart contracts, starting at 1.2% in April 2023 and reaching 1.5% in June 2023. Its focus on Ethereum layer2 scaling solutions has attracted the interest and participation of developers seeking faster and cheaper transactions.