Ethereum network fees fall 65% in October

The volume of fees paid to miners for processing transactions on the Ethereum blockchain in October amounted to $57.5 million. Compared with September, when the figure was $166.4 million, the indicator fell by 65%.

Glassnode‘s data show.

Volume of Ethereum network fees paid. Source: Glassnode.

Median gas price in the Ethereum network. Source: Glassnode.

Fees declined as DeFi trading volumes dropped on decentralized exchanges (DEXs). This reduced pressure on network throughput,

DEX turnover in October amounted to $19.35 billion, which is 26% below September’s record $25.8 billion.

Activity also declined in the decentralized finance sector. In early November, the futures price of the DeFi-token index fell to a four-month low.

According to Coin Metrics, total Ethereum miner revenue in October amounted to $214.3 million, down 33% from the previous month.

As reported by Messari analysts, by year-end the value transacted on the Ethereum blockchain is set to surpass $1 trillion.

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