According to a report by Blockworks, since January 2022, over 637 million Ethereum Virtual Machine (EVM) compatible smart contracts have been deployed on seven different blockchains. Initially, BNB Chain and Polygon were leading in terms of total deployments, but Optimism later surpassed them and accounted for over two-thirds of the deployments by 2024.
Data analytics platform Flipside Crypto stated in a report that as scaling solutions become more efficient and user-friendly, the direct deployment of EVM contracts on the Ethereum chain is decreasing. This trend is likely to accelerate after the Ethereum London upgrade.
Carlos Mercado, a data scientist at Flipside Crypto, mentioned in an interview with Blockworks that the deployment of EVM contracts on Polygon and BSC was leading from January 2022 to August 2023. However, Optimism has far surpassed other EVM compatible chains this year. Since January 1, 2024, Optimism has recorded 28.8 million deployments, which accounts for about 70% of the total deployments observed on the seven chains.
Source: Flipside
The data from Flipside also shows that the most popular smart contracts among developers on all chains this year are related to decentralized finance (DeFi), accounting for approximately 34.7% of all “classifiable” deployments, compared to around 11.2% in 2022 and 2023.
In terms of contract types, NFT-related smart contracts that drove the bull market in 2021 and 2022 have become less popular over time, with deployment rates dropping from 18.6% before 2024 to 8.2% this year. Flipside suggests that these data may indicate that DeFi will receive more attention in the upcoming bull market.
Source: Flipside
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