Developer activity on Ethereum surged in Q4/2025, reflected in the number of smart contracts deployed reaching a record high. According to Token Terminal, over 8.7 million smart contracts were deployed this quarter, surpassing the previous record in 2021. This indicates that Ethereum remains the leading platform for builders, especially as the network is hosting up to 54% of the total global stablecoin supply.
According to Leon Waidmann, Head of Research at Onchain Foundation, 2025 marks a clear shift as developers focus on building scalable products rather than speculation. However, some opinions suggest that the deployment numbers do not fully reflect quality, as many contracts may be abandoned.
Regarding stablecoins, Ethereum continues to reaffirm its role as the core payment layer for organizations, while Tron excels in retail payments and Solana experiences rapid growth in on-chain transaction volume.
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