The number of verified smart contracts on various blockchain networks increased in Q2 2023. BNB Chain and Ethereum increased the most, dominating with an average share of 46.5% and 31.3%, respectively.
According to the BNB Chain report for Q2 2023, the number of verified smart contracts is actively growing despite the downturn the crypto market is facing. This indicates that the demand for blockchain-based solutions keeps growing, and developers are actively deploying new smart contracts.
Data from analysts shows that the number of verified smart contracts increased in Q2 across the following blockchain networks:
- BNB Chain — from 38% to 46.5% of the total;
- Ethereum — from 31% to 31.3%;
- Polygon — from 10.8% to 12%;
- Avalanche — from 2.2% to 2.7%;
- Arbitrum — from 0.9% to 4.5%;
- Optimism — from 1.2% to 1.5%.
BNB Chain observed that the growing number of verified smart contracts in different blockchain networks underscores the increasing demand for security, reliability, and scalability of ecosystems. Also, the pace of developments indicates that the industry is resilient to bear market conditions.
Based on the data collected during Q2, analysts predicted several trends that would drive the industry over the next six months:
- the development of layer 2 solutions;
- increasing focus on the security of smart contracts;
- the development of internetworking solutions;
- rising user awareness;
- strengthening industry regulation.
Analysts pointed to a decrease in the activity of crypto market participants in Q2 of this year, attributing this trend to the lack of prominent events in the industry during this period.
