Ethereum

April

Polygon

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  Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions. 
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<p class="has-drop-cap">In spite of <a href="https://tokenist.com/how-vc-funding-is-shifting-from-crypto-to-ai/" rel="noopener noreferrer nofollow" class="deco-link">unfavorable market conditions</a> in Q2 2023, the crypto industry <a aria-label="recorded a noteworthy growth (opens in a new tab)" href="https://www.bnbchain.org/en/blog/web3-in-numbers-verified-smart-contracts-surged-in-q2-2023-despite-bear-market/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">recorded a noteworthy growth</a> in smart contract applications. Verified smart contracts on the BNB Chain witnessed the strongest growth rate in the second quarter, followed by Ethereum, Polygon, and Avalanche, among others.&nbsp;</p> 
<h3 id="bnb-smart-contracts-grew-7-in-q2-2023">BNB Smart Contracts Grew 7% in Q2 2023&nbsp;</h3> 
<p>The number of smart contract applications has grown substantially over the past few years, with this uptrend continuing in the second quarter of 2023, according to a new BNB Chain report. The Q2 2023 growth in verified <a href="https://ethereum.org/en/smart-contracts/" target="_blank" aria-label="smart contracts (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">smart contracts</a> was seen across different blockchain networks, including BNB Chain, Ethereum, Polygon, Fantom, Avalanche, Arbitrum, and Optimism, among others.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“Despite the bear market conditions in Q2 2023, such as the decrease in Venture Capital funding flowing into the space, the number of verified smart contracts continued to rise, underscoring the industry’s resilience and the increasing demand for blockchain-based solutions.”</p> <cite>– BNB Chain wrote in the blog post. </cite> 
</blockquote> 
<p>More specifically, BNB Chain dominated the verified smart contracts market in the most recent quarter, displaying a market share growth from 38% to 45% at the end of the three months.&nbsp;</p> 
<p>The number of daily active users (DAUs) on the BNB Chain exceeded 1.2 million in Q2, reinforcing its position as one of the leading platforms for building smart contracts. BNB Chain’s layer 2 scaling solution, <a aria-label="zkBNB (opens in a new tab)" href="https://www.bnbchain.org/en/blog/zkbnb-the-scaling-breakthrough-for-bnb-chain/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">zkBNB</a>, witnessed a particularly strong adoption rate this year, the report states.&nbsp;</p> 
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<h3 id="smart-contracts-growth-on-other-blockchain-networks">Smart Contracts Growth on Other Blockchain Networks</h3> 
<p>Among other chains, Ethereum remained the <a href="https://tokenist.com/ethereum-smart-contract-deployment-up-160-yoy-in-september-2022/" rel="noopener noreferrer nofollow" class="deco-link">most dominant blockchain used for the development of smart contracts</a>. Notably, the second-largest blockchain network saw the percentage of verified smart contracts range from 31% in April 2023 to 34% in June 2023. Earlier this year, <a href="https://tokenist.com/bnb-smart-chain-flips-ethereums-lead-in-dex-volume/" rel="noopener noreferrer nofollow" class="deco-link">BNB Chain topped</a> Ethereum as the biggest blockchain in decentralized exchange (DEX) volumes after the latter suffered a considerable market share drop.&nbsp;</p> 
<p>Furthermore, other chains, such as Polygon, Fantom, Avalanche, Arbitrum, and Optimism, also attracted consistent engagement regarding verified smart contract activities. In percentage terms, the number of verified smart contracts on Polygon stood at 10.8% in April and remained consistently in the 10-12% range throughout the quarter.&nbsp;</p> 
<p>Meanwhile, Fantom’s verified smart contracts presence was 3.3% in April, declining to 1.4% by June 2023. Avalanche, on the other hand, recorded a steady growth rate of between 2.2% and 2.7% throughout Q2.&nbsp;</p> 
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<p><em><strong>What stats from the report caught your eye? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/smart-contracts-growth-resilient-despite-bear-market-report/">Smart Contracts Growth Resilient Despite Bear Market: Report</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Smart Contracts Growth Resilient Despite Bear Market: Report

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