DEVCON1: Understanding the Ethereum Blockchain Protocol – Vitalik Buterin
The Ethereum network records a record increase in smart contracts
There was no such growth in the network for a whole year.
Perhaps the reason for the excitement was the massive release of stablecoins on the ERC-20 standard.
Smart contracts are still vulnerable to hacking.
One of the reasons for this staggering growth may be the falling cost of maintaining contracts..
The Ethereum blockchain network records a record increase in smart contracts launched in a month. According to the analytical service Dune Analytics, the number of launched contracts in March exceeded 1.9 million units.
The previous record was set in October last year, when 1.1 million smart contracts were launched on the Ethereum network..
The reason for such a great excitement around launched contracts may be in the reduction in the cost of self-service caused by the collapse of the cryptocurrency market..
So, according to published data, in March the total cost of supporting smart contracts fell from $ 13.6 thousand to $ 11.6 thousand.
However, this is far from the lowest level of financial expenses for contracts in the Ethereum network..
In December last year, for example, the total cost was $ 8.2 thousand..
A much more likely increase in demand for contracts may be a jump in the emission of stablecoins based on the Ethereum network.
Stablecoins are to blame
Previously BeInCrypto editors wrote, that due to the increased volatility in the cryptocurrency market, caused primarily by the coronavirus pandemic, there has been an unprecedented demand for stablecoins.
Total for the 1st quarter of 2020, supply of stablecoins has grown more than $ 1.5 billion to a record $ 7.5 billion.
Most of the issue was carried out by the issuer Tether (USDT), which actively issues stablecoins based on ERC-20.
Trust but verify
Also, the Binance crypto exchange was previously interested in the technology of smart contracts..
The exchange presented the technical documentation of the new Binance Smart Chain project – an analogue of the Ethereum network for deploying smart contracts.
However, even Ethereum-based cryptographic contracts are far from ideal in terms of security..
Recently, Chinese crypto project dForce lost 99% of its ETH and BTC assets due to a flaw in the smart contract code, which the company most likely copied from another project..
What do you think? Will Ethereum continue to deploy large numbers of smart contracts, or will the fee recovery change the rate of growth? Share with us with our thoughts in the comments.
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