Ethereum, AAVE, YFI, and other blockchains have seen a strong increase in smart contract usage, up to 100%, according to the WhaleStats monitoring service.
The overall use of the network, which includes smart contract interactions, the number of transactions, and the number of active addresses, often reflects the underlying health of a cryptocurrency or the network as a whole. Many interactions with the network have a long-term positive impact on its future growth, as miners are paid more, more transactions are made, and the network receives more engagement from social media channels and on-chain metrics.
One of the most “trend” cryptocurrencies in terms of usage is the Yearn Finance token, with 139% usage growth in the last 24 hours. Ethereum, the second-largest cryptocurrency in the market, has also topped the list with a full 100% usage increase over the past few hours.
"JUST IN: $YFI @iearnfinance now on top most used smart contracts by 100 biggest #ETH whales in the last 24hrs"
The increased number of interactions between networks and whales is likely due to increased volatility in DeFi-related networks after the concussion caused by the departure of Andre Cronje and a few other developers.
Tokens like Fantom (FTM) have seen an impressive buying spree from whales, as well as an increase in the total number of interactions with smart contracts. The price of the token has yet to react to the positive market and on-chain background.
Ethereum (ETH) and yearn.finance (YFI) also remain in a sharp downtrend, losing a large part of their value in recent months amid risk in both the cryptocurrency and financial markets. While Ethereum (ETH) is trading at $2.58, yearn.finance (YFI) is constantly falling and is trading at $18.9 at the time of writing.