Ethereum-based dApps activity could surpass 2024 results

What’s new? According to blockchain analytics platform DappRadar, activity of decentralized applications (dApps) on the Ethereum blockchain could reach or surpass last year’s levels, despite growing competition from “faster and cheaper” alternatives.

DappRadar report

What else is known? Ethereum adoption peaked in 2021, which is also when the previous massive crypto market rally reached its peak. That’s when the highest number of unique wallets and transactions on Ethereum was observed, DappRadar analyst Sara Gherghelas noted in a new report.

Activity declined after that, but 2023 and 2024 saw stable levels of activity thanks to renewed interest in non-fungible tokens (NFTs), Ethereum-based Layer 2 (L2) ecosystems, and experimental DeFi protocols.

This year’s numbers are expected to equal or surpass those of 2024, indicating the sustainability of current market dynamics.

In ten years of monitoring Ethereum, DappRadar has recorded over 234 million unique active wallets interacting with dApps, primarily DeFi protocols, followed by NFT platforms and games. The company has also tracked more than 452 million transactions related to dApps.

“These numbers confirm its role not just as the first smart contract platform, but as the engine that continues to drive innovation and usage across the DApp ecosystem,” the report said.

Some analysts believe ETH is poised for a breakout, as open interest (OI) in futures on the asset hit a record $58 billion on July 29 and network activity rose 7,2% over the past 30 days.

In addition, public companies have started buying ETH as a treasury asset. Currently, 65 Strategic Reserves holds 2,73 million coins or 2,26% of the total $10,56 billion supply.

BitMBitMine is the largest holder of ETH, followed by SharpLink Gaming and The Ether Machine.

David Grider, a partner at venture capital firm Finality Capital, said the Ethereum boom should favor the influx of funds and price momentum, similar to how Strategy has impacted bitcoin.

Source: X.com

Michael Saylor’s Strategy (formerly MicroStrategy) has been regularly investing in BTC since 2020 and is now the largest holder of the first cryptocurrency among publicly traded companies.