ETH price drop below $2K. The overall Ethereum Network is getting less active and less crowded at present.
(Source: Etherscan Gas Price Track)
The gas price in Gwei greatly slid down since 19th May from 300 to less than 50 till now.
Except for the newly launched Uniswap V3, all the top 15 Ethereum dapps’ volumes have dropped in the past 30 days. Major decentralized exchanges on Ethereum faced huge decreases in volume: Uniswap V2 -62.18%, dYdX -85.38%.
More than half of them have lost their users as well. Even with lower Gwei which means less gas fee for Ethereum DeFi and Dex, users are still reducing their demand for interacting with the Ethereum network.
So overall, the Ethereum market has cooled down last month.
How about its competitor Binance Smart Chain’s market condition?
Among the top 15 BSC dapps, 12 protocols’ 30d volumes have dropped. Top 2 Dex MDEX -44.67% and PancakeSwap -65.68%. Leading DeFi protocols Venus Protocol, Alpaca Finance, Pancakebunny and Nerve Finance have experienced more than 70% crash in volume.
Data reveal the trend. Do monitor the on-chain activity to help yourself identify the bullish/bearish market signal.
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