Ethereum Accounted for 96% DeFi Transactions in Q3 2020 as ETH Miner Fees Double Bitcoin’s

Based on Coinmetrics’ data, Ethereum fees shot up during the same period, eclipsing Bitcoin’s fees for the first time on August 13, 2020. As of September 2020, ETH fees stood at $276 million, nearly double Bitcoin’s $146 million.

Ethereum Miners Made $113 Million from Fees in August, 38x Increase from April

The surge in transaction volume and fees on the Ethereum blockchain was linked to the recent Decentralized Finance (DeFi) hype. DApp Radar reveals that during the period, DeFi apps accounted for 99% of all transactions on the network.

The total DApp transaction volumes on all platforms in Q3 2020 reached $125 billion. There was an increase of $113 billion quarter-over-quarter (QoQ). Most of the activities took place on Ethereum, TRON and EOS. From the total value created, Ethereum accounted for 96%. With 1,956 apps, it was the top DApp blockchain during the period.

Coinmetrics’ data reveals that Ethereum transaction fees surged from $21.98 million on June 1, 2020 to $77.77 million on July 31, 2020. In August, Ethereum miners made $113 million from transaction fees according to Glassnode. That marked a 38x increase from the $3 million recorded in April and a 1.8x increase from the January 2018 all-time high. In September, miners for the first time earned more from fees ($172M) than they did from block rewards ($150M).

According to Glassnode, Ethereum miners made a record on September 1, earning $500,000 in one hour. Daily earnings on that day doubled to $16.5 million from $8.1 million the previous day. On September 2, they made a new record with the average hourly revenue surging to $800,000. They broke this record on September 17, reaching $938,000.

The full story, statistics and information can be found here: https://stockapps.com/ethereum-accounted-for-96-defi-transactions-in-q3-2020-as-eth-miner-fees-double-bitcoins/

This website is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by FINYEAR.
No reference to any specific security constitutes a recommendation to buy, sell or hold that security or any other security.
Nothing on this website shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction.
Nothing contained on the website constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed on this website should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this website, we have not taken into account the investment needs, objectives and financial circumstances of any particular investor.
This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors.
Any views expressed on this website by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change.
All information is subject to possible correction. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

Finyear : Future Finance, Fintech, DeFi | Daily News
Chaineum : The DeFi Company
HealthTech.Finance : Healthtech Investment Bank
Laurent Leloup : Blockchain & DeFi Advisor
Gryn.Tech : Decarbonation Solutions, Renewable Energy