The number of contract calls on the Ethereum network has grown to 3 million per day from barely 1 million per day in June, showing a percentage surge of 300% in a period of 3 months.
This is according to data retrieved from Glassnode which revealed the number of contract calls on the Ethereum network since the rapid growth of DeFi this year.
2/ The surge of internal #Ethereum contract calls is even more striking:
The number of internal transactions in the network has grown from less than 1M in June to currently over 3M million per day – an increase of more than 3x in just three months.https://t.co/mSRHn05u6K pic.twitter.com/KqPglzRqOn
— glassnode (@glassnode) September 3, 2020
Also, contract calls initiated by Externally Owned Accounts (EOAs) has almost tripled since the beginning of the year from less than 300k to currently over 850k per day.
What you should know: A smart contract is an agreement between two individuals in the form of a computer-generated code. This runs on the Ethereum network, is kept on a public database, and cannot be altered, or manipulated.
The transactions that happen in a smart contract are processed by the Ethereum network, which means that they can be sent automatically without a third party.
Download the Nairametrics News App
The Ethereum network is a shared database run by many computing systems belonging to many entities, because it’s decentralized by principle, and has no central authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means that it’s almost impossible for the crypto to go offline.