In line with DappRadar, the unique active wallet numbers on the Ethereum DeFi market have seen a big drop. Between mid-February and therefore the time of reporting, unique active wallets on Ethereum DeFi have dipped almost 40%.
While Ethereum [ETH] gas fees seem to possess bottomed out, the high transaction costs that have characterized the network over the past few weeks appear to possess resulted in a marked effect on DeFi user statistics.
Leading DeFi protocols like Synthetix and Curve have also seen between 10 and 15% in 24-hour active user count decline. Indeed, previously reported that daily DeFi volumes have retreated significantly amid high gas fees.
Moreover, popular decentralized exchanges like Uniswap and 1inch have seen an influx of latest users over the past month. DappRadar data reveal Uniswap’s user base growing by 22%, while 1inch has seen a rise of 35% in new users within the last 30 days.
The user adoption slump for Ethereum-based DeFi has also coincided with a serious influx of users to the Binance Smart Chain. PancakeSwap, the leading BSC-based DEX has seen its user base increase by over 200% within the last month.
While Ethereum DeFi numbers appear to be sinking, the nonfungible token marketplace is seemingly immune from the present trend. NFT marketplaces like Opensea and Raible have posted the most important user base increase within the last month with their percentages rivaling those posted by popular BSC-based DEX platforms.
All UsersThough the numbers show BSC protocols pulling in new users, it’s important to notice that DeFi on the Binance Smart Chain is nowhere near as diverse as the Ethereum DeFi arena with its plethora of lending, derivatives, and asset marketplaces.
Additionally, SushiSwap recently went survive the BSC with 1inch also revealed a planned expansion to the Binance Smart Chain.
Also, Ethereum proponents are gearing up for the anticipated EIP-1559 gas fee overhaul slated for the month of July.