Explosive Defi, Stablecoin Activity Send Ethereum Fees Above Bitcoin

2020-7-11 14:00

The median transaction fees on the Ethereum blockchain have been above Bitcoin’s for over a month. Data aggregator Messari noted that an explosion of activities on Ethereum-backed decentralized finance and stablecoin projects shot its fees higher. It further stated the Ethereum’s consistent uptrend shows that its demand is not slowing down.

Ethereum has set a new record against Bitcoin.

The second-largest blockchain project by market capitalization charged higher fees for confirming blocks throughout the past 30 days. Its median transaction charge surpassed that of Bitcoin and stayed there for over a month, the most prolonged such period in Ethereum’s lifetime.

Ethereum fees stay at higher levels above its top rival Bitcoin. Source: Messari A DeFi(nite) Rise

Data aggregator service Messari reported that the recent surge in Ethereum fees came in the wake of increased activity on decentralized finance (DeFi) and stablecoin projects (up by over 100 percent YTD). It said the “flippening” looked more utility-driven, adding:

“DeFi activity has exploded, partly driven by the fervor around “liquidity mining” and recent application upgrades (Uniswap v2, Kyber Katalyst).”

In a separate report, data analysis firm CoinMetrics plotted the activity of Ethereum’s top DeFi projects to measure its overall impact on its blockchain. It found that DeFi tokens Ox (ZRX) and Kyber Network (KNC) each witnessed an increase in the number of addresses.

Defi projects report an increase in the number of addresses. Source: CoinMetrics

CoinMetrics noted that KNC hit new all-time highs entering July ahead of its Katalyst and KyberDAO updates. The events will introduce new staking rewards, allowing KNC holders “to participate in protocol governance by staking their tokens while earning ETH rewards in return.”

It further highlighted a similar growth in the ZRX active addresses entering July. MKR addresses have declined since a peak in mid-June, but are still relatively elevated.

The uptick pointed to a more significant amount of transactional throughput across the ETH blockchain. It led miners to raise their gas limits by 25 percent back in June, thereby causing the fees per block to increase in tandem.

Lower Ethereum Adoption

The latest fees increase followed miners’ similar call nine months ago. A coordinated effort led to a 25 percent gas limit rally to aid the Ethereum network through the mass printing of Tether’s stablecoins USDT.

But Messari saw a glitch in the way Ethereum fees go up. The portal wrote in a Thursday note that it would cause UX problems while warding off new users. Meanwhile, it discussed the prospects of layer-2 solutions to limit the impact of higher ETH fees on the blockchain’s growth. Excerpts:

“All eyes will [now] be on the adoption of recently launched Layer-2 scaling solutions like OMG Network, Matic Network, and the various rollup iterations to alleviate an increase in fee price.”

The growth nonetheless served bullish cues to Ether that has surged by more than 80 percent YTD on DeFi and stablecoin adoption.

ETHUSD is up 165% from its mid-March lows. Source: TradingView.com

The ETH/USD exchange rate stands stuck below $250, now trading near $239.

Photo by Jens Johnsson on Unsplash

Similar to Notcoin - Blum - Airdrops In 2024

origin »

USDx stablecoin (USDX) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.62 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 1.0032 (-100%)

fees bitcoin ethereum above stablecoin activities explosion

fees bitcoin → Результатов: 126


Why are Bitcoin transaction fees rising, and what are BRC-20 tokens?

Key Takeaways BRC-20 tokens were launched on Bitcoin in March 2023 Transaction fees spiked to all-time highs in May 2023 as network activity spiked Bringing memes and NFTs to Bitcoin has caused controversy Some argue the rising fees are vital to the security of the network, while others scoff at the activity for getting away […] The post Why are Bitcoin transaction fees rising, and what are BRC-20 tokens? appeared first on CoinJournal.

2023-5-24 17:28


Change Wallet: Crypto Company Launches Bitcoin App With Zero Trading Fees

Change, a cryptocurrency company based in Estonia has announced the launch of its commission fees-free mobile application for buying and converting between different virtual assets. The app currently supports Bitcoin, Ether, Ripple, Litecoin and Tether, and is available for iOS and Android to residents of the European Economic Area under the name of “Change Wallet”. […]

2018-7-19 11:28


Фото:

‘Wow’: Ethereum Fees Higher Than Bitcoin’s For First Time Ever

Ethereum traders were feeling the pressure July 18 after average transaction fees on its network surpassed Bitcoin’s for the first time in history. Ethereum ‘Benefited From Irrational Exuberance’ Data from monitoring resource Coin Metrics uploaded to Twitter Monday confirmed the unexpected reversal of fees, which compound an apparent lack of confidence in Ethereum’s outlook this week.

2018-7-18 21:00


Фото:

Ethereum’s Average Transaction Fees Temporarily Surpassed Bitcoin’s for First Time Ever

For the first time in their inception, Ethereum’s average transaction fees outstripped Bitcoin’s. Ethereum however, has since resumed its place as the more economical blockchain. As reported in a tweet by @JZay, Coin Metrics data revealed the momentary overtaking occurred July 1, 2018: Average transaction fees for Ethereum have surpassed Bitcoin for the first time […] The post Ethereum’s Average Transaction Fees Temporarily Surpassed Bitcoin’s for First Time Ever appeared first on CryptoSlate.

2018-7-19 20:00


Фото:

Ethereum’s Average Transaction Fees Temporarily Suprassed Bitcoin’s for First Time Ever

For the first time in their inception, Ethereum’s average transaction fees outstripped Bitcoin’s. Ethereum however, has since resumed its place as the more economical blockchain. As reported in a tweet by @JZay, Coin Metrics data revealed the momentary overtaking occurred July 1, 2018: Average transaction fees for Ethereum have surpassed Bitcoin for the first time […] The post Ethereum’s Average Transaction Fees Temporarily Suprassed Bitcoin’s for First Time Ever appeared first on CryptoSlate.

2018-7-18 20:00


Фото:

Promoted: The Future of Online Shopping Is Powered by Spl.yt — A Decentralized E-Commerce Protocol

As a rapidly growing business sector, e-commerce continues to open up new avenues for exploring, comparing and purchasing products worldwide. Spl. yt, a smart contract protocol, aims improve the e-commerce system for buyers and sellers by automating functions currently performed by “middlemen” marketplaces like Amazon, eBay and Alibaba.

2018-7-16 19:45


Чарли Ли: Litecoin может дополнить Lightning Network биткоина

Создатель Litecoin (LTC) Чарли Ли уверен, что его криптовалюта станет отличным дополнением Lightning Network, а сама технология может вскоре стать децентрализованной биржей. Litecoin will also be the easiest onramp onto the Lightning Network.

2018-7-13 08:44