The distribution of the Ethereum smart contract transactions
Since its launch in 2015, the Ethereum blockchain has facilitated over 30 million transactions. Smart contracts were the strong point of this network, mainly because they allowed untrusted and automated transactions to various sectors of the economy.
Over the years, the price of Ether it has fluctuated and increased considerably. This has altered the perception of success, as many investors now look at the market capitalization value rather than at the adoption levels. However, the promise of smart contracts is very much alive. Recently, the SFOX trading platform has published statistics on the number of transactions of smart contracts completed on the Ethereum network.
As expected, there are several cases of use for Smart contracts of Ethereum. However, these applications can be sorted into three main categories, viz exchanges of cryptocurrency, ICO and crypto-collectable.
Exchanges of cryptocurrency (50%)
Most intelligent contacts are not performing the revolutionary functions they were intended for. Rather, they facilitate the transfer of Ethereum token between addresses or the exchange of Ethereum in other digital currencies or ERC20 tokens.
The highest transient intelligent contracts are executed on the decentralized exchange platforms EtherDelta and IDEX. Both of these platforms rely heavily on smart contracts to perform operations on the Ethereum network. Precisely, EtherDelta occupies the first position, followed by IDEX. The grants completed 10 million transactions and 4.5 million transactions respectively.
In comparison, centralized exchange platforms have better performance than their decentralized counterparts. For example, white has an average trading volume of $ 673 billion (104,000 BTC) while EtherDelta averages $ 1.3 billion (209 BTC). In recent times, the main centralized exchanges have launched their decentralized branches. In August, Binance introduced the decentralized exchange, based on the Binance protocol, and Bitfinex recently launched Ethereum's Ethfinex blockchain exchange.
OIC they are the second most popular use case for Ethereum smart contracts. Here they are used to automate the issuing of ERC20 tokens. At the top of this list are the smart contracts that were used to develop and issue Token of Tron, ROS and OmiseGo.
EOS smart contracting has been awarded the best smart contracts in terms of revenue generated, having accumulated a record of $ 4 billion in 12 months. Regarding the total number of transactions, EOS is in third place.
This year, the clamor of the ICO has dropped significantly. Therefore, many people expect that the use of smart contacts in this area will be reduced in the future.
CryptoKitties, a popular game on the Ethereum network, is the highest intelligent cryptocurrency contact. In fact, the game was so popular in December 2017 that it slowed the entire Ethereum blockchain. His smart contract was used 2.6 million times. The bear market penalized the popularity of this game. As a result, the number of smart contracts on this front has been greatly reduced.