SFOX, a crypto prime dealer has reported new data regarding the state of dApp development under the Ethereum (ETH) network. According to the data that was reportedly obtained from analyzing 30 million Ethereum transactions, ICO and exchange activity dominate the top 10 smart contracts on Ethereum (ETH). While dApp maintains a solitary spot.
Ethereum (ETH) Price Today – ETH / USD
The new data reveals that contrary to Ether been presented as a straightforward, powerful force for engineering smart contracts that can be used by dApp developers for any purpose, the issue of cost and scaling still present a huge challenge.
The Promise of Ethereum (ETH) Smart Contract versus Reality
At the pinnacle of Ether’s bull run in recent months, the digital token attained a high of $1,374. This sum was not just achieved because of speculative pressure. It was also driven by the hopes sparked by Ethereum’s promise as not only a smart contract but as a decentralized global computing platform for users.
To crypto investors, the value of Ethereum (ETH) was the utility that was presented by the capabilities of smart contracts, which created a new platform for completing transactions and executing trades. It gave developers a chance to create decentralized apps that would ultimately disrupt many centralized models already existing.
dApps Haven’t Kicked Off as Anticipated by Investors
The data from SFOX, as opposed to the Ether promise, paints a different picture of how things have actually turned out in reality altogether. With the aid of a Jupyter Notebook, SFOX was able to query Google’s public Ethereum (ETH) dataset hosted on BigQuery.
The cryptocurrency prime dealer has revealed that among the top 10 Ether smart contract addresses according to transaction volume, just one is held by a dApp. While the remaining nine addresses featured are all dedicated to ERC20 ICO token sales, a centralized exchange activity, and decentralized exchange activity.
The popular CryptoKitties dApp is the only dApp smart contract on the list. This creates non-fungible tokens that operate on Ethereum’s ERC-721 format. Hence, the majority of Ethereum (ETH) smart contract activity still continues to be dedicated to trading Ether itself and all Ethereum-based tokens. The coming of dApps hasn’t taken off in the way investors initially thought it would for various reasons.