The number of developers and organizations using the Ethereum network in recent months continues to rise, following reported developments on efforts to deploy the next version of the network.
According to data from Dune Analytics, 1,971,632 smart contracts were deployed on the Ethereum network in the month of March, a figure that marks an approximately 75% increase when compared with the number of contracts deployed in the previous month.
As the charts above reveal, the number of new smart contracts is the highest that the network has recorded in the last twelve months, and is also significant because it represents the third lowest in terms of USD value spent on deploying the contracts.
Developers on the Ethereum network who deployed the record number of contracts in March notably spent only an average of $11,600 to do so. In the months of April and December 2019, developers spent on average $14k in USD value to deploy a little over 1 million contracts.
Blockchain-based Smart Contracts For The Win
Evidently, the growing number of projects building on Ethereum highlights the network’s growing usage and the efficiency of blockchain-based smart contracts.
Since smart contracts, including those used for decentralized finance (DeFi) protocols, can facilitate the execution of banking-level transactions without the need for a third-party, these economical tools are poised to reach mainstream adoption in the years ahead.
Meanwhile, news of increased smart contract deployment on Ethereum comes off the back of reports that the testnet version for Ethereum 2.0 attracted over 20,000 validators in just two days after it was launched.