In the fourth quarter, Ethereum set a new all-time high in the number of created smart contracts. According to Token Terminal data, around 8.7 million smart contracts were deployed on the network during this period. Deployment volumes were significantly lower in the two previous quarters.
Token Terminal points to a clear recovery in on-chain developer activity. In their assessment, the growth is not driven by short-term trends but reflects organic expansion. Key drivers include the accelerating tokenization of real-world assets, wider adoption of stablecoins, and increased investment in Ethereum’s core technical infrastructure. According to the analytics firm, Ethereum is “quietly and steadily evolving into a global settlement layer.”
This trend is particularly notable amid intensifying competition among layer-1 blockchains. While other networks focus on high transaction throughput or lower fees, Ethereum continues to lead in real-world asset tokenization and stablecoin usage. According to DefiLlama, more than half of the global stablecoin supply is currently hosted on the Ethereum network.
Within the industry, the number of newly deployed smart contracts is widely viewed as a key leading indicator of blockchain adoption. Historically, increases in this metric have often preceded growth in user numbers, transaction volumes, and fee revenues.