Base beats Ethereum in Uniswap DEX volumes: A shift coming?
What recent achievement did the Base network accomplish in relation to Uniswap's DEX volumes?
The Base network recently achieved a significant milestone in relation to Uniswap's DEX volumes. It became the protocol with the highest Uniswap's DEX volumes, outperforming Ethereum. According to a tweet by Token Terminal, the percentage of daily active users for Uniswap on the Base network was 36.30%, while Ethereum came in second at 23.74%. This achievement highlights the growing popularity and utility of the Base network in the decentralized finance (DeFi) space.
Which network was identified as the most dominant in terms of NFTs according to CryptoSlam’s data?
According to CryptoSlam's data, Bitcoin (BTC) was identified as the most dominant network in terms of NFTs. Ethereum (ETH) was far behind in second place in terms of both sales volume and number of buyers and sellers.
What factors have contributed to the declining popularity of the Ethereum network across various sectors?
The declining popularity of the Ethereum network across various sectors can be attributed to several factors. One significant factor is the competition from newer networks such as Base, which managed to outperform Ethereum in terms of daily active users for Uniswap, a major decentralized exchange. This indicates that users are exploring alternative platforms for their decentralized finance (DeFi) activities.
Another area where Ethereum has been struggling is the NFT sector. According to CryptoSlam's data, Ethereum is far behind Bitcoin in terms of NFT sales volume and the number of buyers and sellers. Additionally, Polygon and Solana are quickly catching up to Ethereum in this space. The decline in interest in popular blue-chip NFT collections like Bored Ape Yacht Club and Mutant Ape Yacht Club has also contributed to the decreased activity on the Ethereum network.
Furthermore, the daily active addresses on the Ethereum network have declined by 5.8% in the last month, leading to a collapse in the revenue generated by the network. The network growth for ETH has also fallen, indicating that new addresses are not buying ETH tokens at the current price. Additionally, the velocity at which ETH is being traded has plummeted, suggesting a decrease in the frequency of ETH trading.
Overall, the combination of growing competition from other networks, struggles in the NFT sector, and a decline in key network activity metrics have contributed to the declining popularity of the Ethereum network across various sectors.