Over 44 million contracts deployed on Ethereum by Genesis: Research

More than 44 million smart contracts have been deployed on Ethereum since it launched, according to Electric Capital engineer ‘Emre’.

He added that remarkably, about 70% of the roughly 15 million live contracts are copies of one of the 15 standards.

1/ Over 44 MILLION contracts have been deployed in @Ethereum from the beginning 🤯

I analyzed all 44M using @InsightsFlow so you don’t have to.

It turns out that 70% of live contracts (~15 million) are copies of one of the 15 standards.

🧵 Below is a breakdown of the dominant contract codes pic.twitter.com/aGKtaDSpH0

— Emre ⚡ (@n4motto) August 3, 2022

Dissolving the Contracts

He revealed that over 50% of all contracts, or 22 million of them, have been destroyed in what he believes is an attempt to save gas. Additionally, 10% of the live are gas contract contracts.

“To discourage government bloat, EVM returns gas to a user for destroying a contract,” he noted before adding that this resulted in users deploying empty contracts when gas prices were low and destroying them when are high for a quick refund.

Half of all live contracts, or about 12 million, are promoters deployed by exchanges that act as mailboxes for users. They give users an exchange-held address that allows them to collect ERC-20 tokens sent to users.

There are about a million smart contracts being developed by OpenSea to sell NFTs, he revealed. About 150,000 contracts are ENS transactions, part of the old deprecated Ethereum Name Service domain registration mechanism.

With around 400,000 contracts dedicated to ERC-20 tokens, they did not make the standard list due to variations on them.

According EtherscanEthereum daily verified contracts hit an all-time high of 602 on August 3rd. The chart shows how the network is growing in terms of smart contract deployment, which has doubled this year.

The number of unique Ethereum addresses also hit an all-time high this week, over 202 million. Daily trades are around 1.2 million and have been relatively flat this year, apart from the occasional spike.

Additionally, Coinbase launched ETH staking for institutional investors in the United States this week.

ETH price update

However, the token price chart does not look like it, as ETH is still down 66% from its November all-time high.

ETH made about 2% on the day to trade at $1,650 at the time of writing, according to CoinGecko. The asset is up 43% in the past month, but strong resistance at higher levels is preventing any further market momentum.

The merger hype seems to have died down as Ethereum remained in consolidation last week.