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#Dune Data: Over 2 Million Smart Contracts Created on Ethereum’s Layer2 Network

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According to reports, Dune data shows that the total number of smart contracts created on the Ethereum Layer2 network\’s Arbitrum chain has exceeded 2 million. As of now, there are

#Dune Data: Over 2 Million Smart Contracts Created on Ethereum’s Layer2 Network

According to reports, Dune data shows that the total number of smart contracts created on the Ethereum Layer2 network’s Arbitrum chain has exceeded 2 million. As of now, there are 2001535 ERC-20 assets on the chain with a total value of over 8.5 billion US dollars.

The total number of smart contracts created on the Arbitrum chain has exceeded 2 million

Ethereum is a versatile blockchain platform that is widely used for creating decentralized applications (dApps) and smart contracts. The Layer2 network on Ethereum, which is designed to improve the scalability of the blockchain, has seen a surge in smart contract creation. According to Dune data, Ethereum’s Layer2 network Arbitrum chain has now surpassed 2 million smart contracts.

What Is Ethereum’s Layer2 Network?

The Ethereum blockchain network is a decentralized platform that allows innovative applications to be created with smart contract technology. While the potential of the Ethereum blockchain is immense, it has faced a major bottleneck in scalability. This is where the Layer2 solutions come in.
Ethereum’s Layer2 network comprises various solutions that aim to improve the network’s scalability and reduce the congestion and gas fees of the main Ethereum network. Arbitrum is one such Layer2 solution on the Ethereum network.

The Growing Popularity of Arbitrum

Arbitrum is a sidechain protocol developed by Offchain Labs that is designed to support smart contracts on Ethereum. Arbitrum allows developers to build scalable smart contract applications without compromising on security.
Since its launch in August 2021, the popularity of the Arbitrum network has been rapidly growing. In just two months, the number of smart contracts created on the Arbitrum network has exceeded 2 million. This indicates the growing adoption of Layer2 solutions and the increasing number of developers building their applications on Ethereum.

ERC-20 Assets on the Arbitrum Network

The growth of smart contract creation on the Arbitrum network has also resulted in the increasing number of ERC-20 assets on the network. According to Dune data, there are currently 2,001,535 ERC-20 assets on the Arbitrum chain with a total value of over 8.5 billion US dollars. This highlights the potential of the Arbitrum network and the increasing adoption of decentralized finance (DeFi) applications.

Benefits of Layer2 Solutions on Ethereum

The Layer2 solutions on Ethereum offer several benefits for developers and users. They provide scalability, reduce congestion and transaction fees, while still ensuring the security of the blockchain. For developers, Layer2 solutions offer an easier and more cost-effective way to create decentralized applications and smart contracts.

Conclusion

The growing adoption of Layer2 solutions on Ethereum network, particularly the Arbitrum chain, is a positive sign for the decentralized ecosystem. The increasing number of smart contracts and ERC-20 assets on the Arbitrum network is a testament to the potential of Layer2 solutions. As more developers continue to build and launch their dApps on Ethereum’s Layer2 network, the scalability and adoption of decentralized applications are expected to continue to improve.

FAQs

1. What is Ethereum’s Layer2 network?
Ethereum’s Layer2 network comprises various solutions that aim to improve the network’s scalability and reduce congestion and gas fees of the main Ethereum network.
2. What is Arbitrum, and how does it work?
Arbitrum is a sidechain protocol developed by Offchain Labs that supports smart contracts on Ethereum. It offers scalability without compromising security by using a rollup technology.
3. What benefits do Layer2 solutions on Ethereum offer?
Layer2 solutions on Ethereum offer several benefits, including scalability, reduced congestion and transaction fees, and ease of developing decentralized applications and smart contracts.

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