• Since Genesis, almost 44 million contracts have been deployed on Ethereum

  • Crypto researchers have been delving deep into the Ethereum smart contract environment, yielding some intriguing results.

    According to Electric Capital developer ‘Emre,’ there have been over 44 million smart contracts deployed on Ethereum since its inception.

    He went on to say that, astonishingly, over 70% of the 15 million or so active contracts are duplicates of one of 15 templates.

    Contract Deconstruction

    He claimed that more than half of all contracts, or 22 million of them, have been destroyed in what he believes is a gas-saving effort. Furthermore, 10% of the current ones are gas token contracts.

    “To disincentivize state bloat, EVM compensates gas to a user for destroying a contract,” he explained, adding that this led in users launching empty contracts when gas prices were low and removing them when gas prices were high in order to get a speedy refund.

    Half of all live contracts, or approximately 12 million, are forwarders installed by exchanges to operate as a PO box for users. They provide customers with an address that is managed by exchanges and allows them to collect ERC-20 tokens delivered to them.

    According to him, OpenSea has roughly a million smart contracts in use for selling NFTs. Approximately 150,000 contracts are ENS deeds, which are remnants of the defunct Ethereum name service domain registration process.

    They did not make the template list despite having roughly 400,000 contracts related to ERC-20 tokens because to variations between them.

    On August 3, Ethereum daily verified contracts reached an all-time high of 602, according to Etherscan. The graph depicts how the network is expanding in terms of smart contract deployment, which has more than doubled this year.

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