Ethereum Transaction Volume & Daily Active Wallets Took a Hit in November: DappRadar
November was a shaky month for Ethereum as it prepared for the launch of ETH 2.0. Amidst the excitement for the next phase, the total value locked in Ethereum DeFi showed erratic movements.
But the increase in prices helped TVL reach $13 billion by the end of the month, while adjusted TVL was around $11 billion, as per the latest Dapp Radar report.
While Daily active wallets grew by 239% year-on-year, they decreased by 19% month-on-month with the biggest drop recorded within the DeFi ecosystem, where daily active wallets took a dive from 54k to 45,600.
Much like this, the total transaction volume surpassed $41 billion but was still down 12% to October levels; this has been because of a big decrease in the DeFi ecosystem, which accounts for 99% of it.
The NFT category, though fueled Ethereum volume it also saw a decrease of 24% while the Games category had an increase by almost $1 million, with Axie Infinity and Sorare being the biggest contributors with $2.2 million and $1.3 million, respectively.
All of this obviously led to gas prices being a major network issue, as the average gas price got around 55 Gwei during the month.
“November was all about Ethereum 2.0 news and speculation, token price growth, and increased TVL. Although, transaction volume and daily active wallets decreased during November. We believe that improved results lie ahead for Ethereum,” concluded the Dapp Radar report.
As for other blockchains, Tron reached an all-time in terms of daily active wallets at 150,000 in November. But the same can’t be said of EOS, which, although saw improved activity, continues to see a decrease, painting a “doubtful” picture for the protocol.
Hive, meanwhile, managed to maintain a stable activity of 10k daily active wallets in November 2020.