Uniswap

Annual amount of online commissions …

Navigation

UI Online: Reporting Self-Employment and Commissions using UI Online

Annual online commissions ...

The annual amount of commissions in the Ethereum network bypassed bitcoin
CONTENT

  • Ethereum overtook bitcoin for the first time in the amount of fees paid for transactions on the network

  • This amount is 83% higher than that in the bitcoin network

  • This growth is driven by a record rise in fees on the Ethereum network

International consortium of news organizations developing transparency standards.

Ethereum, unlike bitcoin, did not manage to absorb the previous historical maximum, but it managed to break ahead in a different indicator.

The bitcoin rate has been relentlessly moving historical highs lately. In contrast, ETH still failed to reach its previous all-time high of $ 1,448. However, Ethereum surpassed BTC in terms of total fees paid on the ETH network over the past year..

Annual amount of online commissions ...

Do you want to always be aware of the latest cryptocurrency market news? Join the discussion in our Telegram channel – and you will find out everything!

Ethereum network tried on the leader’s jersey

Comparing the baseline value of a particular blockchain is very difficult, especially when it comes to new assets that are not tied to traditional measurement criteria. In this regard, one of the indicative indicators of the health status and activity of the blockchain is considered to be the amount of commissions paid by the participants of this network for making transactions in it..

For the first time in the history of the two leading cryptocurrencies, the total amount of commissions paid in the Ethereum network has bypassed the same indicator of the BTC by a significant margin. According to the analytical resource Glassnode, at the end of 2020, users of the Ethereum blockchain in general spent 83% more on commissions than participants in the Bitcoin network..

This information was shared with his readers on Twitter by the CTO of Glassnode, adding that last year, Ethereum users paid almost $ 600 million in transaction fees..

In 2020, #Ethereum flipped #Bitcoin in terms of network fees.

Users spent almost $ 600M in fees on the Ethereum network last year – 83% more than on Bitcoin.

Data: @glassnode pic.twitter.com/SMSHbkFHuC

– Rafael Schultze-Kraft (@ n3ocortex) January 9, 2021

For comparison, in 2019, the similar figure for Ethereum did not even reach $ 50 million.In addition, even in 2018, when ETH set all-time highs, the amount of paid transactions only slightly exceeded $ 150 million.

The situation has changed dramatically

It is not difficult to identify the key drivers behind the growth of this indicator in 2020. First of all, this is the boom of the decentralized finance industry that broke out exactly last year (DeFi) and decentralized applications, which was deployed mainly on the Ethereum blockchain.

Annual online commissions ...

At the end of 2019, in DeFi applications, Decentralized Finance (DeFi) is a financial services built on blockchain technology that offer users access to open, efficient and … More, allowing a variety of financial transactions without intermediaries, assets of the amount less than $ 1 billion.However, by the end of 2020, this amount had already exceeded $ 16 billion.Thus, its growth amounted to more than 2500%.

The popularity of DeFi platforms such as UniSwap and MakerDao has driven the rise in fees on the Ethereum network. On the one hand, this trend was disadvantageous for users who had to pay more for transactions. However, at the same time, she confirmed a massive increase in interest in the Ethereum network and its use for various purposes..

In addition, the long-awaited phase 0 of the updated Ethereum 2.0 protocol – the Beaconchain network – was launched on December 1. This update should address existing network speed and scalability issues.. 

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles

Similar articles