As the bear market roared and bared its teeth, the number of verified smart contracts across various blockchains refused to back down. Instead, they showed an impressive resilience, rising steadily during Q2 of 2023, contrary to the dwindling Venture Capital funding.
BNB Chain and Ethereum emerged as the torchbearers in this uphill battle. Despite the challenging market conditions, BNB Chain had the highest market share of total verified smart contracts at an average of 46.5% for Q2. The platform’s share also experienced a significant growth, rising from 38% at the beginning of Q2 to 45% by the end of the quarter.
Ethereum maintained a steady pace, following closely behind BNB Chain with 31.3% of the market share. The platform exhibited consistent growth, ranging from 31% in April 2023 to 34% in June 2023.
The growth wasn’t limited to these two giants alone. Other blockchains including Polygon, Fantom, Avalanche, Arbitrum, and Optimism, also contributed to this growth story. Of these, Arbitrum and Optimism drew significant attention with their noteworthy rise in verified smart contract percentages, suggesting a potential shift in developer preferences.
However, it was the maturing Layer 2 solutions like opBNB and zkBNB on BNB Chain, Arbitrum, and Optimism that stole the limelight. These solutions are becoming increasingly important in addressing the scalability and cost issues associated with Ethereum.
With these trends on the rise, the predictions for Q3 2023 are equally exciting. The emphasis will be on enhancing smart contract security, with the adoption of Layer 2 solutions set to escalate. The industry is expected to see increased cross-chain interoperability and usability innovations. Meanwhile, the need for regulation is becoming more prominent, pushing for increased scrutiny and compliance.
In the midst of these developments, BNB Chain’s adoption of its Layer 2 scaling solution, zkBNB, and the launch of opBNB, an Optimism-based Layer 2 solution, emerged as key events in 2023.
Industry leaders, although tested by the tough market conditions, remain optimistic about the growth and development of the Web3 ecosystem. They are focusing on increasing safety, security, and scalability, proving that even in a bear market, the spirit of innovation and development in the blockchain sector remains untamed.
As the bear continues to roam, the smart contracts are gearing up for more growth. Buckle up, because the blockchain roller coaster isn’t slowing down anytime soon!
