BNB Chain Q2 Report Shows Web3 Growth Despite Bear Market
Q2, 2023 had a rise in verified smart contracts across various blockchains showing the continuous development commitment in the space, despite a bear market.
DUBAI, UAE, July 27, 2023/EINPresswire.com/ — BNB Chain, the world’s largest smart contract blockchain by daily active users, has released its quarterly Web3 report providing an in-depth analysis which highlights the monthly smart contract data for BNB Chain, Ethereum, Polygon, Fantom, Avalanche, Arbitrum, and Optimism.
The report examines the monthly percentages of smart contracts verified on these blockchains, highlighting the emerging trend of increased verified smart contracts during Q2 2023 and growth in the Web3 industry. The rise in verified smart contracts during Q2 2023, despite the bear market conditions, showcases the industry’s unwavering confidence in blockchain’s potential and indicates the continuous development commitment in the space.
Key takeaways include:
● Multiple blockchains attracted developers and users, highlighting a diverse ecosystem that fosters innovation
● BNB Chain exhibited a significant rise in market share, increasing from 38% at the beginning of Q2 to 45% by the end of the quarter
● Ethereum maintained its position as the second-largest blockchain for verified smart contracts. It exhibited steady growth, with percentages ranging from 31% in April 2023 to 34% in June 2023
● Polygon demonstrated resilience in verified smart contracts, starting at 10.8% in April, 2023 and consistently maintaining a presence in the range of 10-12% throughout Q2 2023
● Fantom’s verified smart contracts percentages started at 3.3% in April, 2023 and gradually declined to 1.4% by June 2023
● Avalanche demonstrated a relatively stable performance in verified smart contracts, with percentages ranging from 2.2% to 2.7% throughout Q2 2023
● Arbitrum showcased remarkable growth in verified smart contracts, starting at 0.9% in April 2023 and reaching 4.5% by June 2023.
● Optimism demonstrated consistent growth in verified smart contracts, starting at 1.2% in April 2023 and reaching 1.5% by June 2023
The report focuses on how the Web3 industry has witnessed significant growth in smart contract applications over the years. Despite the bear market conditions in Q2 2023, such as the decrease in Venture Capital funding flowing into the space, the number of verified smart contracts continued to rise, underscoring the industry’s resilience and the increasing demand for blockchain-based solutions.
To analyze the rise in verified smart contracts during Q2 2023, BNB Chain collected and analyzed monthly data for BNB Chain, Ethereum, Polygon, Fantom, Avalanche, Arbitrum, and Optimism. The data provided includes the sums of smart contracts verified on each blockchain for the period from April 2023 to June 2023 with percentages representing the distribution of smart contracts among the blockchains for each month.
At a glance over Q2 2023’s data, BNB Chain emerged as the front runner in terms of verified smart contracts, reinforcing its dominant position within the space and the trust its community placed in its ecosystem. Ethereum maintained its position as a leading blockchain, demonstrating steady growth in the percentage of verified smart contracts. Additionally, other blockchains, including Polygon, Fantom, Avalanche, Arbitrum, and Optimism, all displayed consistent engagement in their verified smart contract activities.
The report includes inputs from industry experts and founders of dApps that saw the highest growth in Q2 on BNB Chain, with their thoughts on the development of the Web3 ecosystem shown in the report, what it signifies for the future of the industry and looking ahead into Q3 of 2023 and beyond.
Overall, the Q2 report highlights the increasing importance placed on security, reliability, and scalability within the Web3 ecosystem, as evidenced by the rise in verified smart contract activities across multiple blockchains. It also observes a growing emphasis on security and trust, as well as a stable momentum in the adoption of Layer 2 solutions.
As the market evolves, collaboration and innovation will continue to shape the blockchain ecosystem, paving the way for the widespread adoption of decentralized applications.
The full report can be accessed here.
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About BNB Chain
BNB Chain is a community-driven and decentralized blockchain, powered by BNB. It consists of BNB Beacon Chain, its staking and governance layer, BNB Smart Chain (BSC), which is EVM compatible and facilitates a multi-chain ecosystem with its Layer-2 solutions, and BNB Greenfield, its decentralized data storage network. It is the world’s largest smart contract blockchain by daily active users. It has processed 3 billion transactions to date from 232 Million unique addresses making it the largest layer 1 blockchain globally and bringing developers massive user access with ultra-low gas fees, higher transactions per second and has experienced zero crashes since its inception. The ecosystem has more than 1,500 estimated active dApps at any given time across multiple categories such as DeFi, Metaverse, Blockchain Gaming, SocialFi, NFT, Infrastructure, and more. There are numerous programs available to support the Web3 ecosystem including the Gas Grant, Builder Grant, Kickstart, Most Valuable Builder (MVB) and AvengerDAO.
Rebecca Reid
BNB Chain
rebecca.reid@bnbchain.org
