When it comes to altcoins, the name at the top of the list has never changed. The region dominated by Ethereum (ETH) has never been reclaimed. Along with this information, ETH attracted the attention of the entire crypto world by reaching the highest level in the last 20 months with a monthly transaction count of 36.02 million.
Ethereum Users Become More Active
According to data shared by The Block Data, there was a noticeable increase in activity on the Ethereum (ETH) network as of January, with the highest monthly transaction count since July 2022. The data revealed that the total number of transactions on the network during the first 31 days of the year was 36.02 million.
While there was a noticeable increase in user activity on the network, signs of decline were observed in January for the growth indicators of NFTs and the Decentralized Finance (DeFi) ecosystems found on the Ethereum network.
The performance metric of an NFT ecosystem for a network is generally considered to be the sales volume. According to data provided by CryptoSlam, there was a 2% decrease in NFT sales volume on Ethereum in January. The data provider shared that there were 138,465 NFT transactions on Ethereum, corresponding to a volume of 356 million dollars.
On the other hand, the decrease in Ethereum’s sales volume did not parallel the overall market performance. According to data provided by NFTGo, the total NFT sales volume across all networks in January showed a 41% increase.
On the other hand, problems continued on Ethereum’s DeFi side. According to data shared by DefiLlama, there was a 7% decrease in the Total Value Locked (TVL) last month. As of the time of writing, Ethereum’s DeFi TVL was at the level of 31.85 billion dollars.
Network Fees and Revenues Decline
Despite the increase in user activities and demand on the Ethereum network in January, there was a significant decrease in the fees and revenues from these transactions.
Data from Token Terminal revealed that users had spent a total of 213 million dollars to use the Ethereum network during the period under review. This represented a 34% decrease from the network’s user fees of 325 million dollars in December.
On the other hand, the revenue generated from the fees collected last month also saw a 37% decrease. As of January, Ethereum’s monthly revenue was at a total of 179 million dollars. In December 2023, the same figure was almost at the level of 290 million dollars.
