Ethereum DeFi Activity Has Slowed Down to 2020 Levels

[Fawpac2]

Let's start with the good news: Ethereum transaction fees, which have been growing larger, are back down to 2020 levels. The bad news: That's because demand for Ethereum and Ethereum-based DeFi protocols has fallen, along with prices, as partly evidenced by a 28% drop in Uniswap trades from a mid-May peak. Ethereum transfer volume, as measured in dollars, has declined by 60% in two weeks, according to a recent report by Glassnode Insights. DeFi: The Ultimate Beginner's Guide to Decentralized Finance That's not all. By almost all on-chain activity metrics, the recent month has been a historically large decline, transitioning rapidly from booming on-chain economies at [all-time-high] prices, to almost completely clear mempools and waning demand for transactions and settlement," wrote the analytics firm, referring to a paucity of queued transactions. Source