The rise of DeFi, but still nostalgic for the days when money can be transferred for 50 cents
Ethereum fees seem to never go back.
Since June, transactions on the Ethereum chain have generated a handling fee of 89,710.76 ETH, which is equivalent to the currency price of the day, or about 21.4165 million US dollars. At the same time, the transaction on the Bitcoin chain generated a handling fee of 1214.34 BTC, which is about 11.6081 million US dollars.
Even excluding the impact of the sky-high fee incident, the transaction fee of Ethereum in June still reached 61306.64 ETH, which is about 14.4333 million US dollars, and the average daily transaction fee reached 2270.61 ETH.
In the comparison of on-chain handling fees and mining revenue, the proportion of Ethereum is also rising.
The average on-chain fee/mining revenue ratio of Bitcoin from June to now is 6.56%, while that of Ethereum is 17.44%. Even excluding the impact of high-priced transfers, the value still reaches 14.85%.
Generally speaking, the higher the proportion of handling fees, the higher the utilization rate of the network. Whether the handling fee can fill the ever-decreasing block reward is one of the important indicators of the long-term development of the network. And in this regard, Ethereum seems to have moved ahead of Bitcoin through various on-chain activities.
But on the other hand, the high transaction fee on the chain will also bring some problems. For example, many developers are quite dissatisfied with the rising transaction fees. In order to obtain confirmation as soon as possible when calling the contract, the user also has to increase the handling fee and obtain the right to package and upload to the chain first, which further increases the user threshold.
But in general, the increase in transaction fees seems to promote the healthy development of the network. On the one hand, developers and users will consider each transaction more carefully, thereby increasing the value of data on the chain; on the other hand, as block rewards continue to decay, miners can get compensation from transaction fees and continue to invest in computing power Ensure network security.
But having said that, I still miss the days when I could transfer and confirm everything in one go for 50 cents.
