According to DappRadar data, the number of active wallets in the Ethereum decentralized financial market has dropped significantly. The number of active DeFi wallets in Ethereum has decreased by almost 40 percent since mid-February.
Although Ethereum gas fees seem to have dropped, the network’s transaction fees have reached record levels in recent weeks, which seems to have affected DeFi user statistics.
Synthetix, one of the major DeFi protocols, decreased the number of active users for 24 hours by 10 percent and the number of active users of Curve by 15 percent. According to Cointelegraph’s report on March 5, the daily DeFi volume had dropped drastically as gas fees soared.
On the other hand, popular decentralized exchanges such as Uniswap and 1inch have been flooded with users last month. According to DappRadar’s data, Uniswap’s user base has grown by 22 percent and 1inch’s user base by 35 percent in the last 30 days.
While the number of users of the Ethereum-based DeFi protocols decreased, the number of users of the Binance Smart Chain (BSC) increased. The user base of PancakeSwap, the leading BSC-based decentralized exchange, increased by 200 percent last month.
Although the number of Ethereum DeFi users has decreased, the non-tradable token (NFT) market does not appear to be affected by the current trend. NFT marketplaces such as OpenSea and Rarible recorded the biggest increase in user numbers over the past month.
Although BSC significantly increases the number of new users, it does not host as much diversity as Ethereum. Ethereum supporters are waiting for the EIP-1559 gas fee revision scheduled for July.