Ethereum News Today: Ethereum DApp Activity Set to Match 2024 Levels Driven by DeFi and NFTs

Ethereum’s decentralized application (DApp) activity appears poised to match or even surpass 2024 levels, according to DappRadar analyst Sara Gherghelas. This forecast is based on ongoing engagement from users in key sectors such as non-fungible tokens (NFTs), layer 2 ecosystems, and experimental decentralized finance (DeFi) protocols [1]. Despite the emergence of faster and cheaper alternatives, Ethereum remains a foundational platform for Web3 innovation, particularly in high-value sectors like DeFi and NFTs [2].

Over the past decade, DappRadar has tracked more than 234 million unique active wallets interacting with DApps on Ethereum, with DeFi accounting for the largest share of engagement, followed by NFTs and gaming. Additionally, the platform has recorded over 452 million DApp-related transactions on the network, reinforcing Ethereum’s position as the engine of the decentralized ecosystem [1].

Analysts believe the sustained activity is a result of renewed interest in Ethereum-based projects, particularly in layer 2 scaling solutions and experimental financial products. The platform’s smart contract capabilities continue to serve as a backbone for innovation, enabling a wide range of use cases beyond traditional finance. This sustained momentum suggests that Ethereum’s role in the broader crypto market is unlikely to diminish in the near future [2].

The price of Ether (ETH) has also shown signs of strength, with futures open interest hitting a record high of $58 billion and network activity increasing by 7.2% in the past 30 days. However, some analysts remain cautious, citing rising borrowing costs for wrapped Ether (wETH) and technical indicators pointing to potential overvaluation. Over the last seven days, the price has fluctuated between $3,530 and $3,933, settling at $3,862 according to Nansen [1].

Meanwhile, Ethereum treasury firms have accumulated a significant amount of the cryptocurrency as a strategic asset. As of now, 2.73 million ETH are held in 65 strategic reserves, representing 2.26% of the total supply and valued at $10.56 billion. BitMine is the largest Ethereum treasury firm, followed by SharpLink Gaming and The Ether Machine. Industry observers have drawn comparisons to MicroStrategy’s impact on Bitcoin, suggesting that the growing corporate adoption of ETH could provide a tailwind for both price and transaction flows [1].

The continued uptake of Ethereum by institutional investors and its strong DApp engagement point to a broader trend of blockchain integration into traditional financial systems. As DeFi and NFTs continue to evolve, Ethereum’s role as a foundational infrastructure remains critical. While future performance remains subject to market volatility and regulatory developments, the current trajectory underscores the network’s resilience and adaptability in a rapidly changing landscape [2].

Source:

[1] Ethereum DApp Use On Track to Surpass 2024 – Cointelegraph (https://cointelegraph.com/news/ethereum-dapp-growth-treasury-holdings-eth-price-momentum)

[2] Ethereum activity may top 2024 as it stays key to DeFi, NFTs: DappRadar – TradingView (https://www.tradingview.com/news/top-providers/cointelegraph/)