Ethereum DApp Trading Volume Plummets 33% in the Past Week

Trading volume in decentralized applications (DApps) for Ether (ETH) plummeted 33% over the past week to $39.04 billion. The drop reflects a contraction in the overall cryptocurrency market, although Ether still leads in total locked-in value (TVL) and trading volume. Ether's spot exchange-traded funds (ETFs) performed flat, leading to outflows and putting a limit on ETH price gains. While Ether's TVL increased by 9% in 30 days to $18.6 million, the BNB chain's TVL declined. The decline in on-chain activity on the Ether network could have a negative impact on ETH prices, despite record activity on Layer 2 solutions such as Base, Optimism and Arbitrum. This broad decline in activity suggests a general waning of interest across the crypto industry.