The number of smart contracts implemented on the Ethereum network reached 1,971,632 in March, reaching a new all-time peak and marking a 75% increase from the previous month.
Dune Analytics, an online analytics platform, recorded the number of contracts implemented on Ethereum in the past 12 months with an average of only around 670,000 contracts per month.
Remarkably, this spike coincided with the cost of implementation on Ethereum at one of the lowest points, with developers spending an average of $ 11,600 to do so. This suggests that Ethereum platform adoption is on the rise, indicating strong support for the upcoming Ethereum 2.0 update.
While the number of smart contracts increased in March, there has been no noticeable increase in the number of transactions as a result, suggesting that many contracts are either not being used or do not translate into an increase in end-user engagement.
The previous historical peak occurred in November 2018, when the number of contracts implemented reached almost 1.5 million before returning to the 2019 average of 670,000.
Ethereum has often been seen as an older platform with little to offer compared to newer blockchains like EOS and Tron . In late 2019, Blockstream CSO Samson Mow described blockchain as a “technological dead end”:
Ethereum is a technological dead end. The more it's used, the faster it dies. Fortunately, USDt is also available on the #LiquidNetwork which is more scalable and later will allow Lightning Networks to be created for assets like Tether. ⚡️ https://t.co/Fn5owRSRk0
– Samson Mow (@Excellion) August 27, 2019
Ethereum is a technological dead end. The more it is used, the faster it dies. Fortunately, USDt is also available in the #LiquidNetwork, which is more scalable and will later allow the creation of Lightning Networks for assets like Tether. ⚡️
In the Ethereum 2.0 roadmap presented by Ethereum founder Vitalik Buterin, the network is being configured to switch from a Proof-of-Work consensus protocol to a Proof-of-Stake one . This change could eliminate the scalability problem that currently discourages many developers from implementing on the network. Recent news about Ethereum 2.0 could be the engine that is giving new life to the popular blockchain platform.