Uniswap

DappRadar

Radar

Impact

<ul> 
 <li aria-level="1">Ethereum’s dApp volume surged 92.43% to $71.13 billion, outperforming BNB Chain, Polygon, and Tron recently.</li> 
 <li aria-level="1">NFT trading and staking activities drove the spike, benefiting platforms like Blur, EigenLayer, and Uniswap NFT Aggregator.</li> 
</ul> 
Ethereum’s decentralized application (dApp) volume has surged by 92.43% over the past week, reaching $71.13 billion, surpassing competitors like BNB Chain, Polygon (MATIC), and Tron (TRX). 
<figure id="attachment_80115" aria-describedby="caption-attachment-80115" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-80115" src="https://www.ethnews.com/wp-content/uploads/2024/07/ethereum-dapp-volume.png" alt="ethereum-dapp-volume" width="2048" height="1367">
 <figcaption id="caption-attachment-80115" class="wp-caption-text">
 Source: DappRadar
 </figcaption>
</figure> 
This increase is primarily driven by activities in NFT trading and staking, which have seen&nbsp;upticks in platforms like Blur, EigenLayer, and the Uniswap NFT Aggregator. 
However, not all dApps on the Ethereum blockchain experienced growth; notable declines were observed in dApps like <a href="https://dappradar.com/dapp/uniswap-v2">Uniswap V2</a> and V3. 
<figure id="attachment_80123" aria-describedby="caption-attachment-80123" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-80123" src="https://www.ethnews.com/wp-content/uploads/2024/07/uniswapv2-dapp-1.png" alt="uniswapv2-dapp" width="1662" height="763">
 <figcaption id="caption-attachment-80123" class="wp-caption-text">
 Source: Dapp Radar
 </figcaption>
</figure> 
This disparity underscores the uneven nature of Ethereum’s recent performance in the dApp sector, influenced heavily by specific segments rather than across the board, as we have <a href="https://www.ethnews.com/ethereum-based-etfswap-etfs-to-launch-crypto-etf-trading-dapp-following-4-million-boost/">described in ETHNews</a>. 
Despite the spike in dApp activity, <a href="https://www.ethnews.com/ethereums-shift-toward-self-custody-amid-market-changes/">Ethereum’s network</a> showed a decrease in Unique Active Wallets (UAW), indicating reduced engagement in active transactions. Concurrently, Ethereum’s price dipped by 2.32% in the last 24 hours, trading at $3,365. This price movement suggests cautious trading sentiment, despite expectations for a potential recovery later in the month. 
<figure id="attachment_80127" aria-describedby="caption-attachment-80127" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-80127" src="https://www.ethnews.com/wp-content/uploads/2024/07/ethereum-network-growth-santiment.png" alt="ethereum-network-growth-santiment" width="2048" height="693">
 <figcaption id="caption-attachment-80127" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
Looking ahead, Ethereum faces a mixed outlook; while short-term prospects remain subdued due to lower network growth metrics and decreased active wallets, long-term forecasts remain optimistic. 
<figure id="attachment_80131" aria-describedby="caption-attachment-80131" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-80131" src="https://www.ethnews.com/wp-content/uploads/2024/07/ethereum-exchange-supply.png" alt="ethereum-exchange-supply" width="1800" height="1013">
 <figcaption id="caption-attachment-80131" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
The Exchange Net Position Change, tracking cryptocurrencies held in exchange wallets, indicates a trend of withdrawals rather than deposits, potentially stabilizing ETH’s price. 
<a href="https://www.ethnews.com/ethereum-etf-launch-may-push-prices-down-insights-from-mechanism-capitals-expert/">ETHNews Analysts</a> predict that if current withdrawal trends continue, Ethereum could target reaching $4,000 this quarter or even surpassing its previous all-time high. This scenario hinges on sustained market confidence and continued adoption of Ethereum’s network by new users. 
The post <a href="https://www.ethnews.com/ethereums-dapp-volume-hits-71-13-billion-impact-of-nfts-and-staking-explained/">Ethereum’s DApp Volume Hits $71.13 Billion: Impact of NFTs and Staking Explained</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Ethereum’s DApp Volume Hits $71.13 Billion: Impact of NFTs and Staking Explained

ETHNews

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