Daily active addresses averaged about 322,000 in the most recent week, a 31% decline from mid‑September levels. This reduction indicates fewer individual users and trading bots are engaging with the network on a daily basis.
However, the raw figure likely overstates the actual drop in human activity, as a single trader may operate multiple addresses and automated programs can generate thousands of transactions each.
Spot trading volumes slide while balances hold steady
Spot exchanges, where users trade tokens directly, processed $7.45 billion during Oct. 2–8, down 21% from the preceding week’s $9.46 billion, per CoinDesk’s calculations using DefiLlama data. Uniswap, a decentralized platform that enables peer‑to‑peer token swaps, accounted for roughly 77% of that volume.
Despite the slowdown, users are not withdrawing capital. Deposits in the chain’s lending and trading applications rose about 2% over the week to $1.04 billion, and the supply of dollar‑pegged stablecoins increased to approximately $1.10 billion.
These figures suggest that the overall pool of funds remains on the network, but trading activity has waned as participants adopt a wait‑and‑see approach.
Perpetual futures represent an exception to the trend. DefiLlama’s rolling seven‑day figures recorded about $7.35 billion in perpetual futures volume on Friday, reflecting a 26% increase in contracts that allow traders to speculate on price movements without owning the underlying assets.
