Digging deeper into the on-chain activity, it can be seen that, as of July 27, ETH transaction counts hit 29.5 million MTD, which makes this the 2nd highest figure since Jan 2018. However, what's interesting is the increase in value secured by Ethereum of non-ETH denominated tokens surpassed ETH itself and this represents a new milestone, considering ETH remains to be the reserve asset for DeFi. Perhaps, this can be explained by two aspects, Tether and DeFi. Since the move of Tether to ETH, it seems to have occupied a large portion of the network.
According to Delphi's breakdown, DeFi only constitutes about $3.7 billion in terms of the value secured by Ethereum. In contrast to stablecoins' 35.6 billion, DeFi's share seems minuscule.