Ethereum, the second-largest cryptocurrency by market capitalization and the most popular blockchain for smart contracts, has seen a significant increase in contract development this year.
According to BanklessTimes.com, 36% of all verified smart contracts on Ethereum were published in 2022.
Commenting on the data, BanklessTimes CEO Jonathan Merry said, “The development of smart contracts on Ethereum is a sign that the platform is being used for real-world applications and not just speculation.
“This year has been tough for crypto investors as prices have plummeted across the board. However, it seems that development in the industry has not stopped.
With more and more real-world applications being built on blockchain technology, it is only a matter of time before prices begin to recover.”
Although the price of ETH has declined significantly this year, the same cannot be said for usage and activity on the Ethereum network. Usage of the Ethereum network has been increasing steadily throughout the year.
The increasing usage of the Ethereum network indicates that people are still finding real-world use cases for blockchain technology and are not deterred by the bear market.
Corporations of all sizes have found ways to use smart contracts to streamline efficiency and cut expenses. The potential for Ethereum is still there, and with increased usage, the price is sure to follow. With more and more dapps and protocols being built on Ethereum, the platform is well-positioned to see mass adoption in the years to come.
Ether becomes deflationary
Since the Merge took place, Ethereum has become deflationary for the first time. This is due to the new staking mechanism, which burns a small amount of ETH every time a block is created.
The increased usage of the Ethereum network, coupled with the deflationary nature of the hard fork, makes Ethereum a very attractive investment. With the potential for mass adoption in the years to come, Ethereum could be a smart long-term investment.