Smart contract creation in 2019 better than 2018 levels despite bear market, claims Diar report

2019-5-8 19:30

The cryptocurrency market saw an overhaul in terms of transaction numbers and developments and this fact has been covered by multiple research portals. In the latest Diar report, Diar analyzed everything from DApp development and Bitcoin’s [BTC] performance to the all-important spectrum of smart contracts and its benefits.

The report stated that the number of smart contracts created came down by almost 50 percent, despite still being above 2018 levels. The figures in the report showed that in the first quarter of 2018, total number of smart contracts created amounted to 1.8 million, while the number fell to 1.1 million in the second quarter of 2018. The subsequent quarters of 2018 saw the number of smart contracts peak at 4.3 million, rounding up the 2018 average at 2 million.

2019 displayed a healthy count of 2.2 million in the first quarter of 2019, which was more than last year’s average and a far cry from the devastating after-effects of the longest bear market in the history of Bitcoin. In terms of the gas spent on transfers and smart contract calls, the first quarter of 2019 witnessed a 61 percent share enjoyed by smart contract calls, while the remaining 39 percent was used for transfer.

The sustained rise in smart contracts was also assisted by the capping of transaction fees, following the advent of SegWit. Diar explained,

“But SegWit, the scalability solution that addresses the issue has also hit a high with the percentage of blocks using the mechanism averaging 35% alleviating fee pressures. 2018 average SegWit usage was only 26% and only 11% at Bitcoin’s peak highlighting the continued adoption by major players.”

The Diar report had previously stated that Bitcoin trading volumes were continuing to grow on the institutional front. The report said,

“Institutional products have now moved into growth for the 4th month in a row hitting new highs against US-based exchanges as a % of total trading volume. Currently, this is almost 8% more than when Bitcoin hit its price peak in December 2018.”

The post Smart contract creation in 2019 better than 2018 levels despite bear market, claims Diar report appeared first on AMBCrypto.

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