According to the WhaleStats tracking service, Ethereum, AAVE, YFI, and other blockchains have seen a significant surge in smart contract usage, reaching up to 100 percent.
What is the significance of smart contract usage?
The general network utilization, which includes smart contract interactions, the number of transactions, and the number of active addresses, frequently represents the underlying health of a coin or a network as a whole.
As more fees are paid to miners, more transactions are conducted, and the network receives more engagements from social media channels and on-chain measurements, many interactions with the network have a beneficial long-term effect on its future growth.
The use of Ethereum, AAVE, and YFI is increasing.
Yearn Finance coin is one of the most “trending” cryptocurrencies in terms of usage, with a 139 percent gain in the last 24 hours. Ethereum, the market’s second largest cryptocurrency, also finished first, with a 100 percent increase in usage in the last few hours.
The increasing number of interactions between networks and whales is most likely connected to greater volatility on DeFi-related networks following the shake-up induced by the departure of Andre Cronje and a few other developers from the sector.
Tokens such as FTM also demonstrated a growth in the overall number of interactions with smart contracts, in addition to a remarkable buying spree from whales. The token’s price has not yet adjusted to the improved market and on-chain backdrop.
Ethereum and YFI are also in a strong slump, having lost the majority of their value in recent months as a result of risk-aversion in both cryptocurrency and financial markets. ETH is trading with a 1.6 percent increase at $2,658, while YFI is steadily declining and has reached $19,000.