Ethereum, a major player in the DeFi space, experienced a significant decline in network revenue and daily active addresses during Q2 2023, according to a Bankless report. The network's revenue dropped by 33.3% YoY, from $1.27 billion to $847 million, due to a decrease in transaction fees.

This decline may be attributed to the DeFi market's lean period during Q2. Despite the challenging quarter, Ethereum remains the leader in DeFi and has surpassed an average monthly burn of 146,000 ETH, marking a significant milestone since the introduction of EIP-1559. Ethereum co-founder Vitalik Buterin also unveiled a proposal to simplify the use of crypto wallets, which could potentially boost Ethereum's revenue in the future.