The second quarter of 2023 saw a significant rise in the number of verified smart contracts across multiple #blockchains , despite a bear market. This growth suggests continued development and adoption of blockchain technology.
BNB Chain and Ethereum Lead the Way
In terms of verified smart contracts, BNB Chain led the market share with an average of 46.5% in Q2 2023, closely followed by Ethereum at 31.3%.
Here are the key findings:
🥇 #BNB Chain: Started Q2 with a market share of 38%, which rose to 45% by the end of the quarter.
🥈 #Ethereum : Displayed a steady growth 📊 from 31% in April 2023 to 34% in June 2023.
🥉 #Polygon : Maintained a stable presence 🪐, ranging from 10-12% throughout the quarter.
⬆️ #Arbitrum : Grew from 0.9% in April to 4.5% by June.
📈 Optimism : Also showed growth, starting from 1.2% in April and reaching 1.5% by June.
🌄 Avalanche: Showed a stable performance, with figures between 2.2% to 2.7% throughout the quarter.
📉 Fantom: Experienced a decrease, starting from 3.3% in April and dropping to 1.4% by June.
Future Trends in Web3: Predictions
Despite the bear market, the rise of verified smart contracts points to several trends that could shape the industry's future.
🔐 Emphasis on Security and Trust: With the rise of verified smart contracts, enhancing smart contract security through advanced cryptography and audits will become a key focus area.
🚀 Momentum in Layer 2 Solutions: Layer 2 solutions like opBNB and zkBNB on BNB Chain are expected to see more growth due to their scalability and cost-effectiveness.
🌌 Diverse Blockchain Ecosystem: The growth in smart contracts across multiple blockchains is likely to encourage increased cross-chain interoperability.
👥 Usability Innovation: Given the shift in developer preference towards user-friendly blockchains with lower transaction fees, we expect further innovation in usability and performance of blockchains.
⚖️ Regulatory Landscape: With the increasing scrutiny, compliance will become crucial. Organizations and developers should stay updated with regulatory developments and ensure their operations and applications are compliant.
📚 Education and Advocacy Boost: There is a need for enhanced education about the benefits and risks associated with blockchain technology and decentralized applications.
📈 Adaptation Strategy: Businesses should adapt to these trends in the short term, and stakeholders should consider how these trends will influence broader adoption of blockchain technology in the long term.
On the whole, the mid-year 2023's surge in verified smart contracts signifies the industry's resilience and a growing interest in blockchain technology, despite the bear market. As the market evolves, collaboration, competition, and innovation will persist in driving the blockchain ecosystem, paving the path for widespread adoption of decentralized applications.
