Ethereum fees triple in a week
Transaction fees on the Ethereum network continue to rise rapidly. On Tuesday, August 11, the median reached $1.57, a fresh high since early 2018.
Over the week, fees rose by 140%, and the monthly increase stood at 550%, according to Bitinfocharts.
In the screenshot below are the gas prices recommended by the ETH Gas Station service in Gwei.
More than 42% of Ethereum miners’ revenue currently comes from transaction fees, according to Glassnode.
#Ethereum fees continue to skyrocket: over 42% of the miner revenue is currently derived from fees (hourly chart, 24h MA).
Live chart: https://t.co/pkyLWihGP4 pic.twitter.com/b4V0YDp9Dq
— glassnode (@glassnode) August 11, 2020
Daily transaction volume also continues to rise. The metric surpassed 1.25 million, up 35% since the start of the summer.
Active ETH supply hit an 11-month low. The decline occurs amid growing popularity of the DeFi sector, in the smart contracts of the applications of which $4.5 billion of cryptocurrency is locked, according to DeFi Pulse.
📉 #Ethereum $ETH Active Supply 2y-3y (1d MA) just reached a 11-month low of 12,578,757.909 ETH
Previous 11-month low of 12,579,727.810 ETH was observed earlier today
View metric:https://t.co/i1QXUN8Vx0 pic.twitter.com/TYcASFLj6H
— glassnode alerts (@glassnodealerts) August 12, 2020
In addition to the well-known DeFi apps, the network load continues to be driven by projects with Ponzi-like characteristics. In the top three by the amount of fees paid for the month are Forsage and Lion Share, which together accounted for $614,000.
Source: ETH Gas Station.
On Tuesday, August 11, Ethereum co-founder Vitalik Buterin accused Forsage of fraud.
Earlier in the month, the crypto industry pioneer and Blockstream CEO Adam Back placed Ethereum in the same category as fraudulent projects Onecoin and Bitconnect.
In July Ethereum rose by 280%, while Bitcoin’s by 750%. By the beginning of August BTC fees started to decline, dropping by 50% over four days.
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