A slowdown in blockchain assignment has led to a drastic reduction in the average transaction rate on the Ethereum blockchain.

In step with a file from Binance Compare, the average ETH transaction rate changed into $2.61 in the third quarter – down 79.1% from a median rate of $12.50 in Q2.

“That is indicative of a decline in blockspace demand because diminished assignment on Ethereum,” stated the file.

Blockchain market intelligence platform Santiment eminent the slowdown in assignment in a Twitter change on Thursday.

“Ethereum’s active addresses possess sunk to 4-month lows with ancient hands continuing to tumble submit-merge, and disinterest at a high as prices possess stagnated. Monday changed into the principle day that there were much less than 400k addresses on the community since June 26th,” stated Santiment.

The total decrease in community assignment comes no topic a most recent amplify in annualized staking rewards, which would appear to expose an uptick in community assignment.

The Block reported on Thursday that leveraged stakers were earning APRs as high as 11% precipitated mainly by assignment from maximal extractable rate (MEV) bots.

Ethereum wasn’t the correct blockchain that noticed a decrease in community assignment over the last quarter. Binance eminent that active addresses on BNB Chain declined 33% and assignment on Avalanche declined 23% over the last quarter.

The file moreover eminent a gigantic decline in the total rate locked in DeFi protocols and total market cap of cryptocurrencies over the quarter. The replacement of coins with a market cap of over $1 billion fell from 62 to 51 in Q3.