Will increasing activity on DEXes propel Ethereum towards the top

  • DEX activity on Ethereum has increased over the last few years.
  • Additionally, the number of validators on the Ethereum network has increased.

According to his tweet Delphi Digital on December 29th, DEX activity on Ethereum [ETH] It has risen significantly over the past year. One of the same reasons is mistrust of CEX. Collapse of FTX.

your ETH holding flashing green?Check profit calculator

activity surge

From January 2020 to November 2022, Ethereum DEX volume increased by 402.4%. Ethereum can take advantage of his growing DEX activity on the network, even as growth has plateaued in the past few months.

Source: Delphi Digital

This growing activity is coupled with interest from retail investors. According to Glassnode, the number of addresses with non-zero balances has reached a record high of 91.97 million addresses.

Along with private investors, the number of validators on the Ethereum network has increased. Over the past 30 days, the number of validators he has increased by 2.71%. However, according to data provided by Staking Rewards, the revenue generated by the network declined over the same period.

Source: Staking Rewards

View on-chain data

Coupled with the increase in the number of validators, the number of large addresses on the Ethereum network has also increased.

However, Ethereum failed to draw interest from new addresses.

Additionally, Ethereum speed has decreased over the same period. This means that Ethereum is transferred between addresses less frequently.

Source: Santimento

While whales remained optimistic despite declining activity on Ethereum, crypto market traders had a different take.

some You can get ETH for $1?

According to data provided by Coinglass, the number of short positions held on Ethereum has increased. At press time, 51.07% of traders are taking short positions against her ETH.

Source: Coinglass

It remains to be seen whether the traders bet on Ethereum was correct. At the time of writing, ETH is trading at $1,192.5, according to CoinMarketCap, and its price has fallen by 0.67% over the past 24 hours.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *