The Ethereum (ETH) network continues to lead the adoption of decentralized applications (DApps), despite competition from Solana (SOL) and BNB Chain (BNB). However, despite the impressive volume growth of 83% over the week, the number of active Ethereum addresses is inferior to its competitors. 📉

Interestingly, the growth in Ethereum volumes was not accompanied by an increase in the number of users. Despite the high fees, it is possible that the growth in Ethereum deposits has offset the decline in activity.

The data shows that the total value of Ethereum locked in DeFi applications fell by 17.5% in seven days. Meanwhile, competitors such as Solana and Avalanche (AVAX) have attracted deposits.

Ethereum's volume growth is mainly driven by a 422% increase in activity on Balancer over seven days, reaching an impressive $40.6 billion. However, despite the significant increase in volume, Balancer saw a 5% decline in unique addresses and a 14% decline in transactions over the same week.

It's important to note that the true demand behind Balancer's surge in volume is difficult to determine.