According to DappRadar, the unique active wallet count on the Ethereum decentralized finance market has seen a significant drop. Between mid-February and the time of writing, unique active DeFi wallets on Ethereum have dipped almost 40%.
While Ethereum gas fees seem to have bottomed out, the high transaction costs that have characterized the network over the past few weeks appear to have resulted in a marked effect on DeFi user statistics.
Major DeFi protocols like Synthetix and Curve have also seen between a 10% and 15% decline in 24-hour active user counts. Indeed, Cointelegraph previously reported that daily DeFi volumes have retreated significantly amid high gas fees.