- Base became the protocol with the highest DEX volumes for Uniswap, beating Ethereum.
- The Ethereum ecosystem was stagnant, and active addresses on the network declined.
Ethereum [ETH] It was one of the most dominant networks in the crypto space. However, newcomers are slowly beginning to encroach on the altcoin king’s territory.
Ethereum has been overtaken
Base was one of the networks that managed to give Ethereum a run for its money using a DEX (decentralized exchange).
For each Tweet by Token Terminal, the percentage of daily active users of Uniswap [UNI] (one of the largest DEXes in the cryptocurrency space) on the mainnet reached 36.30%. Ethereum came in second place with 23.74%.
Source: X
The decline in popularity of Ethereum in various sectors could have negative effects on the Ethereum network. Another area where Ethereum has been struggling to gain popularity is the NFT sector.
AMBCrypto’s examination of CryptoSlam’s data revealed the presence of Bitcoin [BTC] It was the most dominant network in terms of NFTs.
Ethereum was far behind in second place in terms of sales volume and number of buyers and sellers. ribbed [MATIC] And Solana [SOL] They were quickly catching up with Ethereum as well.
Popular NFT collections like Bored Ape Yacht Club [BAYC] and the Mutant Ape Yacht Club [MAYC] It saw a significant decline in public interest.
Floor prices and sales volumes for both groups have declined over the past few months.
Source: Salam Encryption
As a result of these factors, activity on the Ethereum network has declined.
AMBCrypto’s analysis of Token Terminal data revealed that daily active addresses on the Ethereum network decreased by 5.8% in the past month. As a result, revenue generated by the Ethereum network collapsed.
Source: Token Station
ETH is still in phases
At press time, Ethereum was trading at $3,688.41 and its price faced a minor correction of 0.13% over the past 24 hours.
The growth of the Ethereum network also declined significantly during this period, meaning that new addresses were not willing to purchase new Ethereum tokens at the price at the time of publication.
The speed of ETH trading has decreased significantly, which means that the pace of ETH trading has decreased significantly.
Source: Feelings
Read about Ethereum [ETH] Price forecasts 2024-25
However, as the uncertainty around ETFs clears and more clarity gains around the approval of the remaining ETFs, things could change for the better for ETH.
With institutional money floating off Wall Street, another uptick is likely.
