Smart Contract Assets Are Growing: Here's What You Need To Know

September 2, 2021 03:30 PM
Crypto Story of the Day

Crypto Story of the Day




Crypto was broadly up this morning. BTC and ETH spot volumes are above their 30-day averages.

Crypto Story of the Day

Smart contract assets in the Top 10 have added an aggregate USD 172 billion to their market caps over the past month while BTC dominance is at 42%, its lowest point since early June. We review key market stats. 

Solana (SOL) leads relative smart contract asset growth

SOL’s market cap increased from roughly USD 9 billion to USD 33 billion over the past month, adding about USD 24 billion, or +266% to its market cap. This is compared to ETH: roughly USD 55 billion, +15%; Binance Smart Chain (BSC): about USD 26 billion, +47%; Polkadot (DOT): roughly USD 15 billion, +88%; and Cardano (ADA): about USD 49 billion, +116%. On aggregate, these assets grew their market caps from approximately USD 500 billion to USD 672 billion, a 34% increase over the past month.  

Solana is currently in the crypto market’s focus

U.S. Google searches for "solana" show that the week from August 29 to September 4 is slated to achieve a record in interest for the network. Unlike Solana, U.S. searches for "ethereum," "cardano," "polkadot," and "binance smart chain,"  are below yearly highs, largely achieved in May. 

U.S. searches for the topic of "smart contract" are projected to achieve a 1-year high in the week of August 29 to September 4. That said, Google data shows that the topic of “Cardano” is the top related search topic for "smart contract" in the U.S. over the past 30 days. That network is expected to undergo an upgrade aimed at introducing smart contract functionality on September 12. 

Meanwhile, U.S. Google searches for "bitcoin" are at their lowest point since early December of last year. However, overall BTC remains the most searched cryptocurrency via Google in the U.S. SOL has also seen greater attention than both BTC and ETH over the past 2 days in the Cryptocurrency Reddit forum’s daily discussion (see Chart Of The Day). Solana has also seen a significant increase in the number of members of its dedicated Reddit forum. The forum’s members totaled roughly 2,800 at the start of the year and the number has increased to about 34,000. 

Solana and Ethereum-based DeFi are seeing record value of deployed assets

Solana-based DeFi currently has an all-time high of USD 3.5 billion worth of assets locked in its smart contract. Ethereum DeFi has also achieved an all-time high of USD 94.8 billion. The value of assets deployed in Binance Smart Chain-based DeFi is currently USD 26.8 billion, about half of the metric’s all-time high from early May.


Chart of the Day

r/CryptoCurrency 'Daily Discussion' Mentions Of ETH, SOL & BTC: SOL has overtaken both BTC and ETH in terms of daily mentions in the r/CryptoCurrency "Daily Discussion" over the past several days

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