Onchain development activity on Ethereum has rebounded sharply, driven by tokenized assets, stablecoins and infrastructure, according to Token Terminal.
Despite sluggish Ether price action, developers are increasingly choosing Ethereum as a settlement layer, with the fourth quarter shaping up to be a record period for the network.
Data from Token Terminal shows that the number of new smart contracts created and published on the Ethereum blockchain reached an all-time high of 8.7 million in the fourth quarter.
The milestone marked a sharp rebound from the previous two quarters, when contract deployment activity was significantly lower.
According to Token Terminal, the increase reflects organic growth, driven by real-world asset (RWA) tokenization, stablecoin activity and core infrastructure development. The blockchain analytics platform noted that “Ethereum is quietly becoming the global settlement layer.”
The trend is notable because contract deployment is often viewed as a leading indicator of future network activity, typically preceding growth in users, transaction fees and maximal extractable value (MEV), the value captured by validators and block builders through transaction ordering.
Over time, these factors tend to contribute to broader on-chain economic activity and can influence Ether’s (ETH) price performance.
Ether briefly surpassed its previous all-time high earlier this year, trading near $5,000, before reversing sharply following the marketwide liquidation event on Oct. 10. At the time of writing, ETH is trading around $3,000.
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As competition among layer-1 blockchains intensifies, with rivals such as Solana emphasizing high throughput and low fees, Avalanche focusing on customizable subnets and BNB Chain leveraging exchange-linked liquidity, data suggests Ethereum continues to serve as a central pillar of the broader digital asset ecosystem.
Ethereum remains the dominant network for RWA tokenization, capturing the largest share of on-chain RWA market capitalization.
Researchers at RedStone have described Ethereum as the “institutional standard” for hosting tokenization initiatives, citing its security, liquidity depth and established infrastructure.
Ethereum also continues to anchor the stablecoin market. Of the more than $307 billion in stablecoins currently in circulation, over half reside on the Ethereum network, according to data from DefiLlama.
