- A new report from BNB Chain shows deep insight into key smart contract-based protocols.
- With BNB Chain and Ethereum leading the pack, the developer ecosystem has remained positive over the past year.
A recently published BNB Chain report has confirmed continuous development commitment in the smart contract ecosystem. Markedly, the report gave an in-depth analysis of monthly data of smart contracts on blockchains like BNB Chain, Ethereum, Polygon, Fantom, Avalanche, Arbitrum, and Optimism.
The sum of verified smart contracts on each of these blockchains between April 2023 to June 2023 was analyzed.
Comparing all of these blockchains and the number of verified smart contracts on them in the second quarter of 2023, BNB Chain is leading the pact with an average market share of 46.5% from 38% at the end of Q1. This goes to cement BNB Chain’s position as a dominant and trusted blockchain in the ecosystem. Many projects usually leverage BNB Chain’s high Daily Active Users (DAUs) in addition to their go-to-market strategy.
Web3.0 gaming studio Pomerium recently expanded its project ecosystem centered around the BNB Chain by listing Pome Survival NFT on Binance NFT. Also, BNB Chain recently celebrated the successful implementation of the Luban network upgrade and hard fork which further fortified the BNB Chain’s capabilities.
Beyond BNB Chain: Smart Contracts Growth Shows Resilience
Ethereum has the second-highest total verified smart contracts at 31% market share. Generally, the significant growth in the number of verified smart contracts is believed to be associated with a proxy for new Decentralized Applications (dApps) or projects being launched onto the market.
Smart contracts are usually designed to facilitate the decentralized and automated execution of agreements in such a way that it promotes transparency and trust amongst participants.
The blockchain industry has seen massive growth in smart contract applications in recent times despite the fluctuating market conditions including the sharp decline in the frequency of venture capital funding flowing into the digital assets ecosystem. The most outstanding increase in the total verified smart contracts was seen in May. This is an indication of the industry’s resilience and the increasing demand for blockchain-based solutions.
Other blockchains exhibited outstanding resilience as well. Polygon started at 10.8% in April and maintained a consistency between 10-12% throughout Q2. Fantom’s total verified smart contract in April was around 3.3% but by June, it had dipped to around 1.4%.
This decline does not influence the value of the Fantom blockchain as it still remains a key player in the Web3.0 developer ecosystem.
Avalanche’s percentages range from 2.2% to 2.7% throughout Q2 2023 but at the same time, its high throughput and low latency have continued to attract developers. Arbitrum showed remarkable growth as it started Q2 at 0.9% and by the end of the quarter, it had reached 4.5%.
According to the BNB Chain report, Optimism started at 1.2% in April 2023 and reached 1.5% by June 2023.
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