Ethereum Transaction Fees Fall 82%, as Defi Hype Eases

Ethereum Transaction Fees Fall 82%, as Defi Hype Eases

The average cost of sending a transaction over the Ethereum blockchain has fallen by 82% from a September 2 peak of $11.61, down to $2.09 as of October 4. The decline may be the result of a slow down in the hype around decentralized finance (defi) protocols. According to data from Glassnode, ethereum (ETH) miners have also seen a corresponding sharp drop in total earnings from fees over the past three weeks. On Sept. 17, miners raked in 42,763 ETH, or $14.97 million, in fees, but that tanked to just 5,898 ETH, or $2.06 million, as of Sunday. As a percentage of miners’ total revenue,....


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The Ethereum hash rate broke the 250 TH/s barrier for the first time since Aug. 2018 The amount of computing power on the Ethereum network is currently at an all time high following weeks of volatility in key metrics on the blockchain.According to data from on-chain analytics provider Glassnode, the Ethereum hash rate hit an all time high of more than 250 terahashes per second (TH/s) on Oct. 6, marking an 80% rise since January. Glassnode reported that a surge in the hype surrounding DeFi projects this year sparking higher gas fees may have contributed to the metric reaching an all time....