Usage of DeFi-related network surges after departure of well-known developers from industry
Ethereum, AAVE, YFI and other blockchains have seen a surge in smart contract usage, reaching up to 100%, according to tracking service WhaleStats.
Why is smart contract usage important?
The general usage of the network that includes smart contracts interactions, number of transactions and number of active addresses often reflects the fundamental wellness of a coin or a network as a whole.
Many interactions with the network have a positive long-term effect on its future growth, as more fees are paid to miners, more transactions are made, and the network receives more interactions from social media channels and on-chain metrics .
Ethereum, AAVE and YFI usage is surging
One of the most “trending” cryptocurrencies in terms of usage is Yearn Finance token, with a 139% usage increase in the last 24 hours. The second largest cryptocurrency on the market, Ethereum, also ended up on top with exactly 100% usage growth in the last few hours.
The increase in the number of interactions between networks and whales is most likely linked to increased volatility on DeFi-related networks after the jolt caused by the departure of André Cronje and a few other developers from the space.
Tokens like FTM also showed an increase in the total number of interactions with smart contracts, besides an impressive buying spree from whales. The price of the token has not yet reacted to the positive market and on-chain background.
Ethereum and YFI also remain in a strong downtrend and have lost most of their value in recent months due to risk in both cryptocurrencies and financial markets. ETH is trading with a 1.6% increase to $2,658, while YFI is continuously declining and hitting $19,000.
