453% Surge in Smart Contract Deployment on Ethereum Mainnet in Q4 2022

• The number of deployed smart contracts on the Ethereum (ETH) mainnet surged by 453% in the fourth quarter of 2022.
• Year-over-year growth of deployed smart contracts was calculated as 293%.
• Despite the bear market, core indicators such as libraries, smart contracts, and dApps recorded increases.

The fourth quarter of 2022 was a period of much activity for the Ethereum (ETH) mainnet, with the number of deployed smart contracts surging by 453%. A report from Alchemy revealed that this figure is the highest since 2021 Q2. This year-over-year growth of deployed smart contracts was calculated as 293%.

Although the crypto market was facing bearish conditions, the report stated that other core indicators of Ethereum developer activity also showed increases. Testnet deployments hit an all-time high of 2.7 million, reflecting a 187% increase. SDK installs and the number of bridge users recorded a 16% and 43% quarter-over-quarter increase, reaching 1.8 million per week and 443,000 unique users respectively.

The rise in the number of deployed smart contracts on the Ethereum mainnet can be attributed to the increasing number of developers working on the platform. This is supported by the fact that there has been a rise in the number of developer tools that are easily read and applied, such as libraries. The popularity of decentralized applications (dApps) has also grown significantly, which has led to an increase in the number of smart contracts deployed on the mainnet.

The report further stated that the amount of crypto assets held on exchanges has decreased by 45%, which could be because more investors are now holding their assets in wallets. This shift in behavior is likely due to the increasing demand for decentralized finance (DeFi) products and platforms, which has made wallets more attractive.

Overall, the fourth quarter of 2022 was a period of growth for Ethereum, with the number of deployed smart contracts reaching a high of 4.6 million. This surge in activity has been driven by an increase in the number of developers and the popularity of dApps. Furthermore, the bear market has had a positive effect on the Ethereum mainnet, as more investors have moved their assets to wallets.