According to data from the blockchain analysis platform DappRadar, despite facing increasing competition from "faster and cheaper" alternatives, decentralized application activity on the Ethereum blockchain may be poised to reach or exceed last year's levels.
The peak adoption of Ethereum occurred in 2021, coinciding with the peak of the last bull market, which was also "the year with the highest number of independent wallets and the largest Ethereum transaction volume," said DappRadar analyst Sara Gherghelas in a report released on Wednesday.
Since then, activity has cooled down, but according to Gherghelas, consistent participation levels have been maintained in 2023 and 2024 through renewed interest in non-fungible tokens (NFTs), layer two ecosystems, and experimental DeFi protocols.
She added that this year "seems poised to reach or even exceed 2024, indicating that the current market momentum may be sustainable," explaining that Ethereum "remains the cornerstone of Web3, particularly in high-value areas such as DeFi and NFTs."
In tracking Ethereum over the past decade, DappRadar reported that it has recorded over 234 million independent active wallets interacting with DApps on the network, primarily driven by DeFi, followed by NFTs and gaming.
At the same time, it tracked over 452 million DApp-related transactions on Ethereum, with DeFi leading, NFTs in second place, and gaming in the top three.
"These numbers confirm its role not only as the first smart contract platform but also as an engine that continues to drive innovation and usage in the DApp ecosystem."
Some analysts believe that with futures open interest hitting a historic high of $58 billion on Tuesday and network activity growing by 7.2% over the past 30 days, the price of Ether is ready to break out.
Meanwhile, others are somewhat cautious, as the cost of wrapped Ether (wETH) has surged, and technical indicators point to a possible overvaluation.
According to Nansen, the price has fluctuated between $3,530 and $3,933 over the past seven days, rising 5.8% during the same period, with the current trading price at $3,862.
More companies are also beginning to acquire this cryptocurrency as treasury assets. According to Strategic Ether Reserves, there are currently 2.73 million Ether (ETH) held by 65 strategic reserves, accounting for 2.26% of the total supply, valued at $10.56 billion.
Strategic Ether Reserves shows that BitMine is the largest Ether treasury company, followed by SharpLink Gaming and then The Ether Machine.
David Grider, a partner at venture capital firm Finality Capital, stated in a post on X on Monday that the "treasury craze for Ether should benefit ETH flow and price trends, similar to the impact of Strategy on Bitcoin."
Related: Ethereum's 10th Anniversary: Top Firms Holding ETH in Wall Street's Focus
Original article: “DappRadar: Ethereum DApp Activity Expected to Exceed 2024 Levels, DeFi and NFTs Remain Key”
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