Recent research by analysts at Flipside suggests that Ethereum is no longer the top choice for deploying smart contracts, with layer-2 networks gaining traction. Since January 2022, approximately 640 million smart contracts have been deployed, with Polygon and BNB Chain leading the way in contract deployments.

According to Flipside, Optimism, a layer-2 solution built on Ethereum, has been responsible for the majority of EVM smart contract deployments in 2024. As more contracts are deployed on layer-2 solutions, the upcoming Dencun upgrade is expected to further accelerate this trend.

Flipside analysts have observed a significant increase in contract deployers across various chains, with developers accounting for 34.7% of categorizable deployers in 2024 compared to 11.2% in previous years. Notably, smart contracts like UniswapV2Factory allow anyone to create liquidity pools for tokens, leading to deployments consolidating around such deployers.

On the other hand, deployers related to NFTs have seen a decline from 18.6% to 8.2%, indicating a shift towards decentralized finance in the upcoming bull run.

In a research report, Galaxy Digital highlighted 2024 as a crucial year for Ethereum, as competing layer-1 blockchains like Solana are expected to intensify the competition. While Ethereum’s modular architecture presents new challenges with various rollup types, Solana is positioned as the primary competitor due to its monolithic architecture.

Ethereum’s dominance in smart contract deployments is evolving, with layer-2 solutions gaining momentum and reshaping the landscape of decentralized applications. Stay updated on the latest trends in the cryptocurrency space on Global Crypto News.

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