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Ethereum Dappe used on the route to surpass in 2024

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Ethereum’s Decentralized App Activity Surges: A Promising Sign for Web3

According to a report by Blockchain Analytics platform DappRadar, Ethereum’s decentralized application activity is on the right track to meet or surpass last year’s numbers. This uptick in activity is largely attributed to the resurgence of interest in non-fungible tokens (NFTs), layer 2 ecosystems, and experimental protocols. Sara Gherghelas, an analyst at DappRadar, notes that after a brief cooldown in 2023 and 2024, the current market dynamics appear to be sustainable, with Ethereum remaining a cornerstone of Web3, particularly in high-quality sectors like DeFi and NFTs.

A Decade of Growth: Ethereum’s Dapp Ecosystem

Over the past decade, DappRadar has tracked over 234 million unique active wallets interacting with dapps on the Ethereum network, with NFTs and gaming being the most popular categories. Additionally, the platform has recorded over 452 million DAPP-related transactions on Ethereum, with DeFi leading the pack, followed by NFTs and gaming. These numbers not only solidify Ethereum’s position as the leading smart contract platform but also demonstrate its continued ability to drive innovation and adoption in the dapp ecosystem.

Ethereum Price: On the Brink of a Breakout?

Some analysts believe that the ether price is poised for a breakout, citing the record-high open interest in futures, which reached $58 billion on Tuesday, and the 7.2% increase in network activity over the past 30 days. However, others are more cautious, pointing to the offsetting costs for borrowing wrapped ether (WETH) and technical indicators suggesting potential overvaluation. The price has fluctuated between $3,530 and $3,933 over the past week, with a 5.8% increase to $3,862, according to Nansen.

Ethereum Treasury Companies Accumulate Over 2.73 Million Ether

A growing number of companies are acquiring cryptocurrency as a financial asset, with 65 strategic reserves currently holding over 2.73 million ether (ETH), worth approximately $10.56 billion. This represents about 2.26% of the total ether supply. According to Strategic Ether Reserves, Bitmine is the largest treasury holder, followed by Sharplink Gaming and Ethereal Machine. David Grider, a partner at Finality Capital, believes that the growth of ether treasury companies could have a positive impact on ETH flows and price action, similar to the effect Microstrategy had on Bitcoin.

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