The number of smart contracts is growing despite the bear market – BNB Chain
Date: 2023-07-28 Author: Karina Ziganova Categories: BLOCKCHAIN, BUSINESS
Despite the decline in investment in the second quarter of 2023, developers continue to deploy smart contracts, confirming the growing demand for blockchain solutions.
BNB Chain analysts note an increase in the number of verified smart contracts. In the second quarter, networks such as BNB Chain, Ethereum, Polygon, Fantom, Avalanche, Arbitrum and Optimism recorded an increase in verified smart contracts in percentage terms. BNB Chain remains the market leader. 46.5% of all smart contracts are deployed on this blockchain. Ethereum is in second place with a share of 31.3%.
The rise in the number of verified smart contracts across multiple blockchains suggests that "projects attach great importance to security, reliability, and scalability in the blockchain ecosystem." In addition, BNB Chain sees this dynamic as a sign of the industry's resilience even in a bear market.
What's in store for blockchains
Here are the long-term trends identified by experts, based on data for the second quarter:
Second-tier solutions will gain popularity due to their scalability and cost-effectiveness.
The security of smart contracts will become a priority for blockchain projects.
Crypto platforms will ramp up investment in advanced cryptography and auditing.
When choosing a blockchain, developers will focus on user-friendliness.
"Given the shift in developer preferences towards user-friendly blockchains with lower transaction fees, we expect innovations aimed at improving the performance and ease of use of blockchains," the report said.
What will happen to the regulation
Control by regulatory authorities will increase along with the development of the cryptosphere. Compliance in individual regions will be key for developers and crypto companies. Therefore, analysts advise companies to keep abreast of regulatory changes and comply with regulatory requirements.
"Regulatory scrutiny is likely to intensify. Compliance will be key for organizations and developers," the report notes
