2023-01-19 10:00:00

Alchemy Developer Report: Ethereum Smart Contracts Deployment Increased By 293% In 2022

According to a new analysis by Alchemy, the number of smart contracts implemented on Ethereum increased by almost 300% in 2022 compared to 2021.

 

Web3 development activity has increased dramatically in recent months, despite the significant challenges the crypto sector has experienced. This is stated in a new report.

 

According to the “Q4’22 State of Web3 report” published today by blockchain software and development company Alchemy, one such important indicator is the number of smart contracts deployed on the Ethereum mainnet, which increased 293% in comparison to 2021 and reached rates that resembled the peaks of the previous year.

 

Surprisingly, this activity peaked in the fourth quarter of 2022, right before FTX collapsed and caused significant money outflows on the biggest exchanges in the sector.

 

According to the research, there were 4.6 million implemented smart contracts in Q4 2022, a phenomenal increase of 453% from quarter to quarter.

 

A further indication that additional decentralized applications (dapps) may soon enter the market is the deployment of smart contracts on Ethereum’s Goerli testnet, which increased by 187% over the last three months of 2022 and by as much as 721% year over year to reach an all-time high of 2.7 million.

 

Data was gathered for the research from several sources, including Dune Analytics, DappRadar, and Github.

 

Debuting on the Ethereum blockchain, smart contracts—a phrase from blockchain pioneer Nick Szabo in the 1990s—are self-executing sections of computer code that paved the way for decentralized exchanges (DEXs) and non-custodial lending and borrowing apps.

 

“The Web3 development community is demonstrating incredible resiliency. This study indicates that they are as committed and driven as ever to create the ecosystem’s future—while openly addressing the needless hurdles we had in 2022, according to Jason Shah, Alchemy’s head of growth.

 

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