Ethereum’s price is experiencing a downturn, as opposed to its on-chain activity that continues to increase. According to Nansen, users of the ETH network have increased over the past month.
The number of active wallet addresses increased by around 45%, reaching over 15 million, suggesting increased participation.
The transaction volume has seen a major increase and reached 68 million transactions after growing 40% during the past month.
Despite declining average transaction fees, the spike in activity has pushed total network fees above $15 million, representing a notable increase.
The volume of Ethereum-based decentralized exchanges reached $52.8 billion in January, an increase from December’s $49 billion volume.
The growing liquidity on major platforms like Uniswap, Curve Balancer, and newer platforms demonstrates the continued demand for Ethereum’s settlement layer.