Ethereum maintains its dominance in the altcoin space, recently hitting a 20-month high with 36.02 million transactions in a month. This surge in transactions comes despite a downturn in the Non-Fungible Token (NFT) and Decentralized Finance (DeFi) sectors within the Ethereum ecosystem.
Ethereum’s Transactional Milestone
January saw Ethereum’s highest monthly transaction count since July 2022, reaching 36.02 million. This increase in network activity occurred even as NFT sales volume on Ethereum dipped by 2%, with a total of 138,465 NFT transactions amounting to $356 million.
The decline in Ethereum’s NFT sales volume contrasts with the overall market, where NFT sales volume across all networks rose by 41%. However, Ethereum’s DeFi sector also experienced a setback, with a 7% reduction in Total Value Locked (TVL), which stood at $31.85 billion at the time of reporting.
Despite heightened activity, Ethereum’s network fees and revenues from transactions saw a significant decrease. User fees dropped by 34% to $213 million, and revenue from fees fell by 37% to $179 million in January.
This data underscores Ethereum’s position as a leading blockchain, capable of sustaining high transaction volumes even amidst fluctuating performance in NFT and DeFi segments.