Ethereum (ETH), which switched to the PoS system with the Merge update, reached the highest number of smart contracts in the last 16 months.
The decentralized smart contracts platform Ethereum successfully rolled out the Merge update in the crypto bear market. However, due to the effect of market conditions, it was not successful in terms of price. ETH price continued its bearish momentum. ETH has become more efficient for smart contracts by embracing the PoS structure. The decrease in gas fees was reflected positively on the applications on the platform. Despite price stability, increasing competition and the crypto bear market, smart contracts on the ETH network are on the rise.
Number of Ethereum Smart Contracts Tops
Popular cryptocurrency Ethereum stands out as the second largest project in the global investment index. However, the expensiveness of the network brought problems until the Merge update. Smart contracts have therefore been registered with BNB Chain. ETH had a successful development with Merge to resolve this situation.
With problems solved, entrepreneurs flock to the popular project. There has been a noticeable increase in the number of people who launch Ethereum-based projects and write smart contracts.
According to the analysis by CryptoQuant, there has been an increase in ETH-based smart contracts after October 9. The number of new contracts, which gained great momentum, made the expectations in the network positive. According to the analyst, the developers were optimistic about the future of the market and the situation in the network.
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