In this report, we take a look at how the Ethereum ecosystem is holding up in light of the DeFi cool down and the market cycle rotation of alts into BTC. We dive into the latest Ethereum network stats and trends across DEXs, stablecoins, lending, and more in addition to providing updates on Ethereum dapps.
- After an accumulation period from September to mid-October with ETH miners holdings growing ~5%, ETH miners sold off 1%-2% towards the end of the month.
- DEX volumes declined 26% MoM from 26.3 billion to 19.4 billion as DeFi cooled down. Total stablecoin market cap has now grown from $4.7 billion to $22 billion YTD.
- Monthly ETH fees from transactions declined 67% M/M however, October alone at $57m still generated 40% more in fees than in all of 2019.
- Ethereum Grayscale Trust now holds 2%(2.4m ETH) of the total supply and ETH locked in DeFi is holding strong at 9m.
- Eventually a 0.05% UNI fee switch may be voted in. If active, fees to UNI holders would have been 5.6m for the month.