Golden Finance reported that Ethereum (ETH) decentralized application (DApps) transaction volume plummeted 33% to $39.04 billion in the past week. The decline reflects the contraction of the overall cryptocurrency market, although Ethereum still leads in total locked value (TVL) and transaction volume. Ethereum's spot exchange-traded funds (ETFs) have performed mediocrely, leading to capital outflows and limiting ETH price increases. Although Ethereum's TVL has increased by 9% in 30 days to $18.6 million, the TVL of the BNB chain has declined. The decline in on-chain activity on the Ethereum network may have a negative impact on ETH prices, despite record high activity for second-layer solutions such as Base, Optimism, and Arbitrum. This widespread decrease in activity indicates a general weakening of interest in the entire crypto industry.