Ethereum

Notable

Avalanche

Balancer

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-leads-in-decentralized-application-adoption/" data-wpel-link="internal">Ethereum Leads in Decentralized Application Adoption</a> 
Ethereum network continues to lead in the adoption of decentralized <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener" data-wpel-link="exclude">applications</a> related to volumes and deposits. While rival blockchain networks like Solana and BNB Chain benefit from lower transaction fees that increase unique active addresses, well-funded organizations have yet to hinder Ethereum’s DApp volume growth. The recent increase in activity on the Ethereum network stands apart from broader <a href="https://en.coin-turk.com/strategic-whale-moves-shaking-the-crypto-market/" data-wpel-link="internal">cryptocurrency </a><a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> trends and even contradicts other usage metrics. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-the-ethereum-ecosystem">What’s Happening in the Ethereum Ecosystem?</h2> 
While it’s impossible to confirm any manipulation, it’s important to remember that even with a low transaction fee of $2.4, figures in decentralized finance (DeFi) applications, where deposits can exceed $1 billion, can be skewed. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-367459 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/dapp.webp" alt="" width="1105" height="684"> 
It’s noteworthy that Ethereum is the only network among the top 20 to report volume growth, with an impressive 83% increase compared to the previous week. For perspective, similar protocols like BNB Chain, Polygon, Solana, and TON saw an average volume drop of over 30%. Moreover, Ethereum’s 475,980 addresses pale in comparison to BNB Chain’s 1.18 million and Solana’s 1.62 million addresses. 
Interestingly, the increase in Ethereum’s volume did not match an increase in user numbers. Using unique active addresses interacting with DApps as an indicator, Ethereum saw 8% fewer users compared to the previous week; this is a contradictory situation given the significant volume increase, even though it fared better than its competitors. Despite having fewer users due to relatively high fees, Ethereum’s growth in deposits might be compensating for the decline in activity. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-367458 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/defi.webp" alt="" width="1107" height="683"> 
Data shows that the total value locked in Ethereum’s DeFi applications fell by 17.5% in seven days, while competitors like Solana and Avalanche managed to attract deposits. Additionally, the number of DApp transactions on the Ethereum network did not increase during this period of rising volumes, indicating that a more comprehensive analysis is needed to understand the anomaly. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-367455 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/eth-dapps.webp" alt="" width="1216" height="588"> 
<h2 class="p1" style="text-align: justify" id="here-are-the-notable-details">Here Are the Notable Details</h2> 
Ethereum’s volume growth was primarily driven by a 422% increase in Balancer over seven days, reaching a total of $40.6 billion. For example, this was 13 times more than the total activity on BNB Chain during the same period. However, Balancer’s significant volume increase did not align with improvements in other metrics; the DApp saw a 5% drop in unique addresses and a 14% drop in transactions within the same week. 
Excluding Balancer’s contribution, Ethereum’s volume growth over seven days actually fell by 5% because this single DApp accounted for 59.5% of the entire network’s volume. While it’s not unusual for one DApp to dominate a blockchain’s volume, the reported activity growth on Ethereum should be monitored carefully due to the distortion caused by a single DApp. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-leads-in-decentralized-application-adoption/" data-wpel-link="internal">Ethereum Leads in Decentralized Application Adoption</a></h5>

Ethereum Leads in Decentralized Application Adoption

Table of Contents

COINTURK NEWS

Other articles published on Jul 3, 2024

Crypto Market Update: Potential Relief Rally Begins as Selling Pressure Eases

Ripple Develops XRPL for Global Payments

ArcBit Wallet Review 2024

Bitcoin price nears key support: RIOT, MARA, and CLSK stocks at risk

Ethereum’s DApp Volume Hits $71.13 Billion: Impact of NFTs and Staking Explained

Bitwise files amended Ethereum ETF S-1 — experts predict July launch

Join our free newsletter for daily crypto updates!