The majority of decentralized finance protocols, around 75%, are being used on the Ethereum network.
This network is also leading in the number of DeFi projects and NFT collections, making it the most popular blockchain for launching decentralized applications, according to analysts at DeFiLlama.
Currently, around $22 billion in digital assets are locked in DeFi protocols based on this blockchain.
Last week, there was a surge in user activity on decentralized exchanges, with more than $9 billion in transactions recorded.
This level of trading volume has not been seen since June. In the past seven days, approximately 320,000 new addresses were created on the Ethereum network, leading to an increase in network activity and a rise in transaction fees.
By the end of October, the total transaction fees reached over $6 million, which is the highest it has been since August.
Large and medium-sized investors have also been actively using Ethereum, with many purchasing cryptocurrency and transferring it to offline storage.