The chart assessed 1 billion requests on the Ethereum blockchain network in June. He discovered that 24% of user activity came from non-decentralized funding platforms (DeFi).
A surprisingly high level of user activity on Ethereum comes from entertainment apps. The use of decentralized applications (DApp) linked to games and collectibles has almost doubled.
Eva Beylin, researcher at the Graph, wrote:
“Currently, DeFi represents 76% of the total volume of requests (of all time), but there has been an increasing diversification of use. Entertainment apps such as the arts and collectibles and games now account for 12% of total volume, down from 5% of volume 3 months ago. IT platforms, CAD and marketplaces are also very popular. "
According to Set Protocol's marketing director, Anthony Sassano, the diversification of user activity presents an optimistic trend. This indicates that Ethereum is not focused on a single DeFi market.
Why the diversification of user activity is an optimistic factor for long-term growth
In recent months, especially since May, the DeFi sector has experienced rapid growth. The total value locked on DeFi platforms has surged, as investors increasingly begin to use emerging DeFi protocols.
The expansion of the DeFi market is positive, but it could also present a risk of market concentration. If DeFi accounts for the bulk of Ethereum usage and the industry slows, it could slow down Ethereum's growth .
In this regard, the diversity of user activity on the Ethereum blockchain network could lead to greater stability for long-term growth.
Sassano said:
“This testifies to the fact that Ethereum is not locked to a single use case or vertical. Just because most of the community and users play in the DeFi sandbox, that doesn't mean that people can't play in other sandboxes. "
Ethereum is experiencing explosive expansion
In early March, the total number of daily requests on the Ethereum blockchain network averaged less than 15 million. At the end of June, the number of daily requests exceeded 60 million.
Chain figures suggest that user activity on the Ethereum blockchain has increased more than four times in four months.
The rapid growth of Ethereum is particularly dynamic, given that the so-called "Black Thursday" briefly caused a drop in ETH by more than 60%.
At the time, analysts feared that fear surrounding cryptocurrencies would block Ethereum's trajectory .
As developers continued to launch new DApps and protocols throughout June, this catalyzed the recovery of Ethereum .
Beylin further explained:
“The growth in liquidity, trading volume and new token holders has spillover effects across all applications, such as the stock market. This is the beauty of open protocols and without authorization, applications can build on the success of other applications. "
On the whole, analysts remain convinced that the growing demand for DeFi is supplemented by an increasing use of non-DeFi DApps.
