Recently, I have been feeling something is off. Why is on-chain activity so low? There used to be new projects and new tracks trending every day. Now, looking at on-chain data, both transaction volume and active wallets are shrinking.



It reminds me of last year, when even a random contract address had hundreds of thousands in transaction volume, and Gas fees soared. And now? Most of the time, things are very quiet. Have the big players all moved to spot trading, or is the entire ecosystem really cooling down?

It seems that many veteran users are no longer as active, or perhaps everyone is just waiting. Waiting for what? Waiting for the bull market to return, waiting for some big news, or waiting for a new model to emerge?

Have you noticed this phenomenon? Is there really no one on-chain anymore, or have we all shifted to other places?
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fomo_fightervip
· 01-05 06:42
Really, now the on-chain scene is like a ghost town, gas fees are so cheap that no one cares. I think everyone is waiting for the next big opportunity. When there's no narrative, no one is willing to take action. That last wave last year was truly crazy. Only now, after calming down, do I realize it was a bubble.
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ResearchChadButBrokevip
· 01-05 06:26
I really feel the chill this time, but on the other hand, maybe this is the process of淘沙 in the big waves. Wait, why do I feel that it's actually quite comfortable now... not so competitive anymore. Honestly, bro, I think now is the real time for the builders to stay, all the trash projects are dead. The problem is... how much longer do we have to wait for this wave? My wallet is almost collecting dust.
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GasOptimizervip
· 01-05 06:25
Open Excel and take a look, the number of active wallets has decreased by 47% month-on-month. This is not just a feeling, the data is speaking. What are you waiting for? Wait until the Gas fee drops back to single digits, that will be the optimal solution.
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MEVEyevip
· 01-05 06:16
Wait a minute, isn't this just a shakeout? Big players have already quietly accumulated --- Really, the on-chain activity is colder than a ghost town now, I kind of miss the madness back then --- Don't joke around, big players are definitely hoarding secretly, just waiting for the retail investors to all run away --- I actually think everyone has shifted to Layer2, Ethereum Gas fees are damn expensive --- Now those entering the market are probably waiting for the next surge, the track is already transparent --- Honestly, it's a bit boring, there's no thrill of bottom-fishing anymore --- The problem isn't that there's no one, but that everyone is waiting for a signal, once there's movement, a quick rebound follows --- On-chain data is deceptive, real money is all in spot trading on exchanges --- Feels like this bear market is especially long, everyone has become numb --- Instead of waiting for on-chain recovery, it's better to do DeFi mining, at least you can earn some gas fees
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