Smart Contracts Defy Bear Market: BNB Chain & Ethereum Lead the Way
• Despite struggling crypto markets, the number of verified smart contracts rose in Q2.
• BNB Chain increased its market share from 38% to 45%. Layer-2 solutions like Arbitrum and Optimism showed a promising rise.
• Transactions for May were 19% more than March’s count and was the most prolific month for transactions in 2023 so far.
Crypto Smart Contracts Defy Q2 Bear Market
Despite stagnating prices of cryptos and dwindling investments by institutional players, decentralized applications (dApps) continued to be one of the hottest trends in crypto in the second quarter of 2023.
BNB Chain Dominates Market
According to an industry report by BNB Chain [BNB], the network retained its dominance throughout the quarter, increasing its market share by seven percentage points to 45%. With daily active user count numbering close to 1.3 million as per Token Terminal, it is not surprising that projects have favored BNB Chain over other rival chains.
Transaction Count on the Rise
The sharp growth in smart contracts was corroborated by other on-chain indicators. The total transaction count in May was 19% more than March’s count and was the most prolific month for transactions in 2023 so far.
Layer-2 Solutions Show Promise
Layer-2 solutions like Arbitrum and Optimism also exhibited a promising rise during this period. These networks can boost scalability without compromising security or decentralization.