"While we do not doubt this recent revival in DeFi/NFT activity is a positive sign, we believe it is too early to be getting excited about it," analysts led by Nikolaos Panigirtzoglou wrote.
JPMorgan says some recovery in DeFi is to be expected given the increased trading activity, some of which is executed on decentralized exchanges. Liquid staking by Lido is also partly responsible.
The Ethereum blockchain does not appear to have profited from this recent revival in DeFi and NFT activity, and faces issues related to its "network scalability, low transaction speeds and higher fees," and increased competition from other layer-1 chains, the report said.
[
add
]
[
|
|
...
]