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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?