Analyzing 30 Million ETH Payments and The Distribution of Ethereum Smart Contract Transactions

The Distribution of Ethereum Smart Contract Transactions

Since its launch in 2015, the Ethereum blockchain has facilitated over 30 million transactions. Smart contracts were the highlight of this network, mainly because they enabled trustless and automated transactions to occur across various sectors of the economy.

Over the years, the price of Ether has fluctuated and soared considerably. This has altered the perception of success, as many investors now look at the market cap value rather than the levels of adoption. Still, the promise of smart contracts is much alive. Recently, the SFOX trading platform released statistics regarding the number of smart contract transactions completed on the Ethereum network.

As expected, there are several use cases for Ethereum smart contracts. However, these applications can be enjoined into three major categories, namely cryptocurrency exchanges, ICOs and crypto-collectibles.

Cryptocurrency Exchanges (50%)

A majority of smart contacts are not performing the revolutionary functions that they were intended for. Rather, they facilitate the transfer of Ethereum tokens between addresses or exchanging Ethereum into other digital currencies or ERC20 tokens.

The highest transacting smart contracts run on the EtherDelta and IDEX decentralized exchange platforms. Both of these platforms rely heavily on smart contracts to execute trades on the Ethereum network. Precisely, EtherDelta occupies the first position, followed by IDEX. The exchanges have completed 10 million transactions and 4.5 million transactions respectively.

In comparison, centralized exchange platforms perform way better than their decentralized counterparts. For instance, Bianca has an average trading volume of $673 billion (104,000 BTC) while EtherDelta averages at $1.3 billion (209 BTC). In recent times, leading centralized exchanges have been launching their decentralized subsidiaries. In August, Binance introduced its decentralized exchange, built on the Binance protocol, and Bitfinex recently launched the Ethfinex exchange built on the Ethereum blockchain.

ICOs (40%)

ICOs are the second most popular uses case for Ethereum smart contracts. Here, they are used to automate the issuance of ERC20 tokens. At the top of this list are the smart contracts that were used to develop and issue Tron, ROS and OmiseGo tokens.

The EOS smart contract top-ranked smart contracts in terms of generated revenue, having amassed a record $4 billion over 12 months. Regarding the total number of transactions, EOS is ranked third.

This year, the ICO hype has subsided significantly. Thus, many people predict that the use of smart contacts in this sector will reduce in the future.

Crypto-Collectibles (10%)

CryptoKitties, a popular game on the Ethereum network, is the highest grossing crypto-collectible smart contact. In fact, the game was so popular in December 2017 that it slowed down the entire Ethereum blockchain. Its smart contract has been used 2.6 million times. The bearish market has taken a toll on the popularity of this game. Consequently, the number of smart contracts on this front has reduced substantially.

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Last Update: May 25, 2018