Ethereum’s Price Stalls, but Developers Are Building at a Record Pace

Ethereum has recorded a major rebound in developer activity, despite a stunted performance on the price side of things. The network deployed a record 8.7 million smart contracts in a single quarter, according to a Token Terminal chart shared by Ethereum analyst Joseph Young.

The figure is an all-time high and breaks the previous quarterly record of around 6 million contracts set in the second quarter of 2021.