The number of smart contracts deployed on the Ethereum network reached 1,971,632 in March, hitting a new all-time high and mark a 75% increase from the previous month.

Dune Analytics, an online analytics platform, recorded the number of contracts deployed on Ethereum over the last 12 months with the boilerplate just registering around 670,000 contracts per month.

Contract Deployments per Month

Notably, this meridian coincided with the toll to deploy on Ethereum being at 1 of the lowest points, with developers spending an average of $11,600 to exercise and then. This suggests that the adoption of the Ethereum platform is on the rise, signaling strong support for the coming upgrade to Ethereum two.0.

Although the number of smart contracts has increased in March, in that location has been no noticeable increase in the number of transactions as a result, suggesting many contracts are non being utilized or do not translate to an increase in terminate-user engagement.

Ethereum Daily Transactions Chart

Source: etherscan.io

Looking back

The previous all-time high occurred in Nov 2022, when the number of contracts deployed reached almost 1.5 million before dropping back to the 2022 average of 670,000.

Ethereum has oftentimes been seen every bit an old platform with little to offer compared with newer blockchains, such every bit EOS and Tron. In late 2022, Blockstream CSO Samson Mow described the blockchain as a "technological dead end":

Ethereum two.0

In the Ethereum 2.0 roadmap laid out by Ethereum founder Vitalik Buterin, the network is setting up to switch from a Proof-of-Piece of work consensus protocol to a Proof-of-Pale. This switch could remove the scalability problem which currently discourages many developers from deploying on the network. The recent news around Ethereum 2.0 could be the commuter that is breathing new life into the popular blockchain platform.