Ethereum continues to be a leader in DeFi activities

ethereum Dominates as the Leading Smart Contracts Network

Last week, ethereum (ETH) maintained its position as the top smart contracts network, as reported by blockchain analytics protocol 0xScope. With a well-developed ecosystem for decentralized applications (dApps) and smart contracts, ethereum continues to lead the way in the industry.

ethereum‘s Success in DeFi

One of the main drivers of ethereum‘s growth is its dominance in decentralized finance (DeFi). The proof-of-stake (PoS) blockchain attracted over 75% of all funds deposited for DeFi-related activities, surpassing other networks on the list. As of now, more than $22 billion worth of cryptocurrencies are locked in ethereum, making it the highest value among all networks.

In addition, ethereum experienced a significant surge in decentralized exchange (DEX) volumes. In just one week, over $9 billion in transactions were settled on the network, marking the largest volume since mid-June.

ethereum Network Traffic Soars

With the increased activity on the ethereum chain, the number of users accessing the network also soared. On average, around 320,000 users accessed the network in the past seven days. This surge in users resulted in a rise in transaction count and transaction fees. On October 25th, the network collected more than $6 million in fees, the highest in almost two months.

Whale Bullish on ETH

A significant crypto whale, known as czsamsunsb.ETH, has shown a strong interest in ethereum. The whale borrowed 100 Wrapped bitcoin (WBTC) from lending protocol Aave and exchanged it for 1526 ETH. They also withdrew 2374 ETH from Binance and subsequently deposited 16,313 ETH on lending protocols to earn interest. This indicates that the whale believes in ethereum‘s future potential.

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As of now, ethereum is trading at $1785.62, achieving a 5.63% weekly profit. Although ethereum‘s gains may not be as substantial as bitcoin‘s, they are still impressive and demonstrate the resilience of the ethereum network.

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By Team