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Ethereum and AAVE Smart Contract Usage Spikes by 100%

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Fri, 11/03/2022 - 13:28
Ethereum and AAVE Smart Contract Usage Spikes by 100%
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Ethereum, AAVE, YFI and other blockchains have faced a strong increase in smart contracts usage, reaching up to 100%, according to WhaleStats tracking service.

Why is smart contract usage important?

The general usage of the network that includes smart contracts interactions, number of transactions and number of active addresses ‌often reflects the fundamental wellness of a coin or a network as a whole.

Related

Many interactions with the network have a positive long-term effect on its future growth as more fees are paid to miners, more transactions are made, and the network gets more interactions from social media channels and on-chain metrics.

Ethereum, AAVE and YFI usage is surging

One of the most "trending" cryptocurrencies in terms of usage is Yearn Finance token, with a 139% usage increase in the last 24 hours. The second largest cryptocurrency on the market, Ethereum, also ended up on top with exactly 100% usage growth in the last few hours.

The increased number of interactions between networks and whales is most likely tied to increased volatility on DeFi-related networks after the shake-out caused by the departure of Andre Cronje and a couple of other developers from the space.

Tokens like FTM also showed an increase in the total number of interactions with smart contracts, besides an impressive buying spree from whales. The price of the token has not yet reacted to the positive market and on-chain background.

Ethereum and YFI also remain in a sharp downtrend and are losing the major part of their value in recent months due to risk-off on both cryptocurrency and financial markets‌. ETH trades with a 1.6% increase at $2,658, while YFI is continuously going down and reaching $19,000.

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