IMPORTANT POINTS:
- Telegram Overtakes Ethereum in Smart Contracts: The Telegram blockchain leads in 2024 with the largest number of smart contracts.
- Polygon as Predominant Layer 2 Solution: Polygon establishes itself as the second most used Layer 2 solution.
- Security in Smart Contracts: A Constant Challenge: Security incidents on platforms such as Telegram and Ethereum highlight the importance of rigorous measures and audits to protect smart contracts in the growing blockchain ecosystem.
The Rise of New Blockchains
In the changing world of blockchain technology, the year 2024 marks a notable evolution, with emerging blockchains surpassing Ethereum in terms of the number of smart contracts deployed. Blockchain has taken the lead, not only in volume but also in the diversity of applications in sectors such as wallets, marketplaces, games and social spaces. This rise is attributed to Telegram’s unique approach to creating smart contracts, using the FunC programming language and operating as an open source network.
Leadership in Smart Contract Implementation
Telegram has surpassed other blockchains, including Ethereum, by hosting a wide range of decentralized applications and automation bots. Its incompatibility with the Ethereum Virtual Machine (EVM) and alternative approach to programming contribute to its uniqueness in the blockchain space. Polygon follows closely behind, becoming the second most used Layer 2 (L2) solution, especially during the rise of DeFi, Web3 and gaming in 2021. Polygon’s platform ensures security through a native blockchain explorer that allows users to Users verify the addresses of smart contracts.
Growing Challenges and Security Concerns
Despite innovations and expansions in smart contract implementation, security remains a critical concern. The blockchain environment has witnessed notable vulnerabilities; For example, Telegram’s TONUp experienced a significant breach, losing around 106k due to a smart contract failure. Other platforms such as BNB Chain and Ethereum continue to be prime targets of attacks due to their extensive use and high-profile nature.
Smart Contract Vulnerabilities and the Impact on the Market
Smart contracts play a crucial role in decentralized finance and other value operations, where even minor failures can lead to substantial financial losses. Recent incidents include a 6.8M loss by Velocore DEX on Ethereum and a substantial unauthorized generation of tokens on Gala Games. These events highlight the continued need for rigorous security measures and audits to protect user interests in the evolving blockchain ecosystem.
