It has been the best of times for Ethereum, notwithstanding some slowdowns caused by high demand, with the past 30 days bringing in more than one million active users based on information shared by DappRadar.
The main reason behind the growth spurt has been decentralized finance or DeFi, DappRadar said, with the number of users in the first 11 days of November growing by 11%.
A closer look revealed that six out of the top ten dApps were DeFi and exchanges, handling $21 billion in terms of trading volume over the past 30 days.
However, another report by Dune Analytics pointed out that it's very possible for one user to have multiple DeFi addresses and interact with their own supply across multiple exchanges. That, Dune said, made it difficult to pinpoint with absolute certainty how many of the users were actually unique.
Despite this, Dune took a shot and pinpointed the number at around 901,000 active unique wallets. While these are great numbers overall, it's important to consider that the DeFi bubble is one that can post solid growth only to replace it with a steep decline.
DeFi dApps are generally very susceptible to price volatility, making it easy to see a quick decline in numbers. Nevertheless, the number of overall Ethereum users has been on the up-and-up with the number of unique users reaching a 33-month high in October.
In the meantime, Ethereum costs have been the source of some concern, but nothing too bad since the arrival of ETH 2.0 is now imminent. If you want to spend some ETH in a fun and engaging way, we have a whole lot of great online casino sites that we can recommend, including Bitcasino, 1xBit, and FortuneJack.
Want the chance to win an iPhone 11 Pro? Then take a couple of minutes to complete our CGN survey.