The number of deployed smart contracts on the Ethereum (ETH) mainnet surged by 453% in the fourth quarter of 2022, while the year-over-year growth was calculated as 293%, according to a recent report from Alchemy.
The report used libraries (developer tools that are easily read and applied), smart contracts, and dApps as core indicators to monitor the developer activity on Web3.
Acknowledging the adverse effects of the bear market, the report cites that the crypto assets held on exchanges have decreased by 45% in the last quarter of 2022. Despite that, the number of smart contracts deployed increased to 4.6 million, which marks a 453% growth.
The current level of the deployed smart contracts is at its highest since 2021 Q2. This number surged to 4.6 million from 826,900 recorded in Q2 2022.
In addition, testnet deployments hit an all-time high of 2.7 million, reflecting a 187% increase. SDK installs and the number of bridge users also recorded a 16% and 43% quarter-over-quarter increase, reaching 1.8 million per week and 443,000 unique users, respectively.
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