The pace of new ETH address registrations fell sharply in early September. The metric correlates with Ethereum’s price, according to analysts from Xangle.
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The chart below shows that the number of new addresses has reached a 90-day low.
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This, researchers say, is a sign of a market correction.
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“The number of new address-accounts has been steadily declining since May. This means that the number of new participants in the DeFi market is on the decline.”
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Experts noted that Ethereum’s price drop of 12% was accompanied by a 40% fall in the value of assets locked in DeFi protocols (TVL) from their peak levels.
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Currently, total TVL stands at $7.91 billion, though the figure recently approached the $10 billion mark.
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Data: DeFi Pulse.
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In the DeFi space, Uniswap leads, with Aave close behind.
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The decline in on-chain activity and the cooling of the DeFi space has been reflected in Ethereum’s transaction fees, with the average dropping from $15 to $2.58.
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Data: Blockchair.
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The chart shows that, at the time of writing, Ethereum’s average transaction fee is roughly the same as Bitcoin’s.
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Earlier ForkLog reported that DeFi tokens are gaining traction among major players interacting with centralized exchanges and OTC platforms.
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