Ethereum rallied with the rest of the crypto market, reaching above $1,500 to land at a new one-month high. As the market rallied, developers had roused from their slumber looking to take advantage of the renewed interest in the market. This saw the number of new smart contracts deployed on the network reach new 2022 highs. Devs Bring The Heat Through 2022, the number of new smart contracts being deployed on the Ethereum network had been on the decline. This decline is understandable given that the market had entered another stretched-out crypto winter and investors were no longer willing to take as many risks as they did back in 2021. Developers had to shelve some of their projects as they waited for better market conditions to launch, which was provided by the market recovery. New smart contracts were deployed rapidly in the last week, leading to a new all-time high in 2022. Related Reading: Can Elon Musk Influence The Next US Election? In this 7-day period, there have been more than 35,000 new Ethereum contracts deployed. The deployment rate of these new contracts has followed the market through its recovery. As prices are high, investors are more likely to put money into new projects. Hence the willingness of developers to put their contracts into the market. New smart contracts surge | Source: CryptoQuant Daily active addresses on the network also recorded an uptick during this time. It is up about 25% in the last we...
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