Ethereum Use Report Indicates Lots of Shuffling Between Exchanges

Blockchain, Education, FinTech, Investing | October 23, 2018 By:

Institutional crypto trading platform SFOX today released a report on the top 10 highest-transacting smart contracts to determine how ethereum is being used.

The report found that the top 10 smart contracts fell into the following four categories:

  • Decentralized exchanges: Exchanges that allow users to buy and sell crypto assets with their own private keys, without going through a central intermediary.
  • Centralized exchanges: Exchanges that hold user funds directly, such as Bittrex or Poloniex.
  • ICOs [ERC-20 contracts]: Tokens compliant with the ERC-20 token standard — e.g., EOS and Tron.
  • Collectible Tokens [ERC-721 contracts]: Non-fungible (or collectible) tokens compliant with the ERC-721 token standard, such as CryptoKitties.

The report’s key findings from those statisics:

  • Most smart contracts are just people moving money around: exchanging ether, Ethereum-based tokens on exchanges, and creating ERC-20 and ERC-721 tokens

  • CryptoKitties alone accounts for about 2.6M transactions — higher than Tron, but lower than EOS

  • Smart contracts could change finance, but ethereum needs to overcome scaling and security issues before that’ll happen