Ethereum network activity recap as DeFi activity intensifies.
The crypto market may have been bearish last week, but the heat remained turned on the DeFi front, according to recent Ethereum news.
Solana was on the blue corner while Ethereum was on the red corner as they fought for DeFi dominance.
The latest Ethereum news revealed the intensifying battle between the two networks. On the one hand, the Tron network has been the leading blockchain in terms of USDT transfers.
On the other hand, Ethereum’s rapidly growing DeFi segment resulted in more USDT transfers on the network.
Consequently, Ethereum managed to outpace the Tron crypto network in terms of USDT transactions for the first time in more than 2 years.
Weekly USDT transfers on Ethereum amounted to $23.7 billion this past week. Meanwhile, Tron crypto had about $22 million in weekly transfers for the same stablecoin.
This intensifying competition was abundantly evident in the amount of USDT they each control.
According to DeFiLlama, Ethereum had 77.76 billion USDT, which was roughly 44.48% of the stablecoin’s circulating supply.
On the other hand, Tron held about 76.23 billion USDT, which was equivalent to 43.77$ of the USDT supply.
Tron initially dominated the stablecoin front, especially in the last 2 years, because it primarily focused on a robust stablecoin strategy.
One of the main reasons why Ethereum has been closing the ranks was the rapid institutional adoption.
Institutional players, especially in the traditional banking system, have been flocking to the Ethereum network to deploy stablecoin solutions and RWAs.
The Ethereum ecosystem also had the advantage of a robust existing DeFi ecosystem. The latter leverages liquidity movements every time the market enters highly volatile conditions.
Ethereum, in particular, positioned itself to take advantage of key cycle narratives. Meanwhile, Tron crypto was not able to take advantage of the burgeoning DeFi opportunities at the same level as Ethereum.
Reports also revealed that Tron has responded to Ethereum’s jabs. The TRX network appears to be sticking to its guns by focusing deeper on its stablecoin strategy.
The network reportedly slashed fees by 60% in a bid to attract more adoption. Tron’s strategy might also be working, judging by the performance of its TRX crypto.
The latter has been in a parabolic uptrend that started about 2 years ago. It retreated by less than 2% this month, while ETH price retreated by over 8% in the last 4 weeks.
The Ethereum network experienced about $10 billion worth of outflows from its TVL in the last 4 weeks.
This was likely due to the higher level of uncertainty among investors this month, and it also reflected on ETH price action.
Active addresses on the network amounted to 14.2 million at the time of observation, which was slightly lower compared to August.
However, it still maintained elevated levels compared to its past monthly performance.
A similar trend was observed for Ethereum transaction activity. In other words, Ethereum network activity remained strong in September despite the market volatility.
Perhaps one of the most noteworthy aspects of the Ethereum network’s performance was the level of inflows. Ethereum net inflows surged to $164 billion in the last 4 weeks.
This was the highest level of net inflows the network had experienced in its history. A clear sign that more liquidity was flowing into the network.
Read more on The Coin Republic
