According to the latest industry report of DappRadar, Ethereum’s Dapp volumes have successfully surpassed $119 billion this third quarter of the year. In perspective, Ethereum’s transaction volumes surged by an outrageous 1,200% this quarter compared to the previous one’s record of “only” $10.2 billion. This massive surge can be attributed once again to the ongoing heightened interest towards the decentralized finance (DeFi) sector.
It is worth noting that the report also states that over 96% of the total aggregated transaction volume across 13 different blockchains all belong to Ethereum. Furthermore, 99% of the said volume can be accounted to the DeFi ecosystem, which is currently housed exclusively on Ethereum as well. If it isn’t apparent yet, Ethereum is indeed enormous – and is still now growing exponentially.
That being said, it isn’t all flowers and butterflies in Ethereum. The giant blockchain has also been struck by several problems predominantly driven by the heightened DeFi craze this year. As demand for DeFi protocols continues to blow up and as yield farmers continue to pile up, so too, are the growth of Ethereum’s transaction fees. On top of that, it has also been made apparent that the network isn’t expecting the DeFi surge at all. This is evidenced by the fact that it is now facing significant congestion issues. Despite these, the DeFi hype train continues on. People seemingly aren’t bothered, as more and more continue to look its way.