Ethereum: dApp volume rises rapidly - ETH price weakens

While the Ether price remains stagnant, activity in the Ethereum network has increased recently. However, a trend reversal does not yet appear to be in sight.

Something is happening in the Ethereum network: compared to the previous week, the volume of the on the blockchain running decentralized applications (dApps) increased by about 40%.

According to data from Dappradar growth was mainly driven by Uniswap, the largest decentralized exchange. There, volume rose above $30 billion.

The Market-Maker protocol Balancer also showed significant growth. According to Dappradar, volume increased 46% to $18.1 billion. Still, the Total Value Locked (TVL), according to data from Defillama, saw a decline of six percent on a weekly basis.

The number of active addresses interacting with dApps is also down five percent. The Ether price is also in a decline and currently stands around $2,500, almost six percent lower than last week.

The headwinds are currently coming from ETF trading. Outflows worth millions of dollars recently created selling pressure.