• Ethereum’s DeFi Total Value Locked (TVL) is currently at $28.99 billion and other chains such as TRON and Optimism have been outperforming it in the last 30 days.
• Peckshield Alert recently tweeted that the top two gas spenders on Ethereum are scammers who conduct 0 token transfers with fake wallet addresses.
• Despite planning a series of upgrades, Ethereum has not had the best start to the year due to irregularities and dawdling.

Ethereum TVL Outperformed by Other Chains

Despite having one of the highest DeFi Total Value Locked (TVL), Ethereum [ETH] has been outperformed by other chains in the last 30 days. Notably, TRON [TRX] rose 26.82% in TVL value whereas Optimism [OP] surged 56.56%. This shows that unique depositors have been pumping more liquidity into these altcoins instead of ETH.

Ethereum Upgrades Planned

In 2023, Ethereum planned a series of upgrades but has not had much success so far due to irregularities and dawdling on its network. The blockchain is capable of housing several decentralized applications (dApps) which makes it a fundamental bragging right for ETH holders. How much 1,10,100 ETHs worth today?

Peckshield Alert: Top Two Gas Spenders are Scammers

On 7 February, Peckshield Alert tweeted that the top two gas spenders on Ethereum have been scammers all along who use fake phishing to lure unsuspecting users into their wallets with 0 token transfers. The blockchain security firm pointed out that scammers use „transferFrom“ features via smart contracts which show up in users‘ wallet records and Etherscan even if no actual transfer takes place.

Altcoin Rally in January 2023

Apart from being outperformed by TRON and Optimism, Ethereum also experienced an altcoin rally like other coins in January 2023 which led to an uptrend for most altcoins including ETH itself. Nevertheless, this single-month performance does not make up for what seems like an overall sluggish start to the year for Ethereum compared to its competitors regarding DeFi TVL inputs in the last 30 days or so.

Conclusion

Despite planning several upgrades throughout 2023, Ethereum’s current position is still perilous due to fraudulent activities such as phishing attempts conducted by top contributors on its network as well as lagging behind other chains such as TRON and Optimism when it comes to DeFi TVL inputs over periods longer than just one month..