June 2018 Contract Rankings: A Tale of 2 Migrations

What happens when EOS and Tron leave Ethereum

At Blockspur, we rank every Ethereum smart contract by its transactions, “uniques,” and “revenues.” We have previously shared our work on the state of the smart contract ecosystem and usage. Here are some highlights from June 2018.

EOS & Tron Migrations
In June, EOS and Tron, two major smart contracts on Ethereum, launched their own production blockchains (“mainnets”). These two projects were originally funded by the issuance of ERC20 tokens on the Ethereum network. As part of the mainnet releases, ERC20 token holders had to swap out their Ethereum-based tokens for native EOS and TRON tokens.

EOS
EOS ERC20 holders were told to register their tokens before a snapshot on June 2, 2018 in order to claim their native EOS tokens.

Consequently, immediately prior to the snapshot dates, there was a flurry of activity for the contract, with daily all-time-highs for both transactions (nearly 60K on May 31) and uniques (over 38K on May 31). After the snapshot, tokens become non-transferrable and contract activities have essentially ceased.

Consequently, EOS’s contract fell out of the top 10 lists for the first time in nearly a year. EOS was ranked #62 for transactions and #29 for uniques in June and will be out of the charts next month.

TRON
Unlike the private-key registration process for EOS, Tron token holders were told to move their tokens into a participating exchange in order to receive their native tokens for a June 25 launch.

Similar to EOS, there was a high number of transactions for the Tron contract, reaching all-time-highs of nearly 70K transactions and over 70K uniques on June 25. Migration activites continue on Binance exchange after the launch date but contract activites have also essentially ceased.

However, given that the launch happened near the end of the month, the migration activites spurred Tron to the #3 and #1 positions for transactions and uniques respectively.

Other Highlights

Blockspur Ranks for June 2018

Feel free to reach out if you have any questions on the June 2018 rankings.