According to recent reports from foreign media, the cryptocurrency market has undergone radical changes in the number and development of transactions, a fact that has been reported by several research portals. In a recent report from Diar, it analyzed everything from DApp development to Bitcoin performance to all important smart contracts and their benefits.
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The report pointed out that although the number of smart contracts has been reduced by nearly 50%, it is still higher than the 2018 level. According to the report, in the first quarter of 2018, the total number of smart contracts created was 1.8 million, and in the second quarter of 2018, the number of smart contracts fell to 1.1 million. In the next two quarters of 2018, the number of smart contracts reached a peak of 4.3 million, which is far from the average of 2 million in 2018.
In the first quarter of 2019, the number of smart contracts reached 2.2 million, higher than last year's average, in stark contrast to the disastrous consequences of the longest bear market in Bitcoin history. In terms of the cost of money transfer and smart contract calls, smart contract calls accounted for 61% of the first quarter of 2019, and the remaining 39% was used for transfers.
With the advent of SegWit, the transaction cost ceiling also contributes to the continued growth of smart contracts. Diar explained:
“However, Segwit, a scalable solution to this problem, has reached a very high level, with an average of 35% of the blocks using this mechanism, reducing the cost pressure. In 2018, the average usage of SegWit was only 26%. %, and when Bitcoin peaks, this ratio is only 11%, which shows that the main players are continuing to adopt."
Diar's previous report pointed out that Bitcoin's trading volume continues to grow at the institutional level. The report reads:
“The ratio of institutional products to total transaction volume has entered a growth phase for the fourth consecutive month, setting a new high for the US exchange. Currently, this is nearly 8% higher than when Bitcoin peaked in December 2018.”