Ethereum Transaction Volumes Hit $41 Billion in November

In letter

  • According to the monthly report by DappRadar, Ethereum’s transaction volume was $ 41 billion in November.
  • The total value for decentralized finance projects was over $ 13 billion.
  • At the same time, the activity of Ethereum users decreased compared to October.

November was a turbulent month for the decentralized applications (dapps) of Ethereum (ETH), as all the public attention was on the long awaited start of ETH 2.0.

On the one hand, the total value of blocked data (TVL) in Dapps rose to more than $ 13 billion, on the other hand, user activity decreased compared to October DappRadars Monthly report published yesterday.

According to the report, while the TVL was over $ 13 billion, it was due in large part to the price volatility of Ethereum and other altcoins. Adjusted TVL (which excludes price increases) was approximately $ 11 billion in November.

Ethereum’s transaction volume increased 1,784% year over year (i.e. compared to the same period in 2019) but has declined 12% since October and amounted to over $ 41 billion. Decentralized financial platforms (DeFi) were responsible for 99% of this volume.

Ethereum’s transaction volume reached $ 41 billion in November. Image: DappRadar

At the same time, the price of ETH tokens reached its highest level this year, rising to almost USD 600 by the end of November. Despite the positive background on the eve of the introduction of Ethereum 2.0, gas prices for Ethereum remained a “major network problem” and averaged around 55 Gwei, the report says.

Likewise, the total number of active daily wallets decreased 19% from 54,000 in October to 45,600.

“While overall headline activity in the DeFi-Dapp ecosystem declined for the most part, important events were still taking place. Important mergers took place in November, ”the researchers noted.

The number of daily active wallets decreased in November. Image: DappRadar

The popular DeFi platform Yearn Finance has partnered or partnered with several other projects in the field, including SushiSwap, Acropolis, cover, cream and cucumber. DappRadar claimed that “the merger could lead to increased activity within the category in the future”.

Technical vulnerabilities emerged as another problem facing DeFi, “undermining confidence in the security of the sector”. As Decrypt has taken note, Several DeFi projects have recently fallen victim to hackers, including Pickle Finance (hacked for $ 20 million) and Value DeFi (hacked for $ 6 million). And such flash credit attacks will only get worseWarn experts.

DappRadar said, “To conclude, November was all about news and speculation about Ethereum 2.0, token price growth and the increase in the TVL. Although the transaction volume and daily active wallets decreased in November. We believe that better results are ahead for Ethereum. “