In 2020, Ethereum’s accumulated transaction fees surpassed Bitcoin’s for the first time
Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: ANDREY SHEVCHENKO, reprinted with authorization by Odaily.
Editor's Note: This article comes from
Cointelegraph Chinese (ID: CointelegraphChina)
Cointelegraph Chinese (ID: CointelegraphChina)
, Author: ANDREY SHEVCHENKO, reprinted with authorization by Odaily.
Cumulative transaction fees paid to Ethereum (ETH) miners in 2020 were almost double that of Bitcoin (BTC), at $276 million versus $146 million.
Data from Coinmetrics highlights how fees on ethereum have risen sharply in the second half of the year, which coincides well with Compound’s launch of token incentives. On August 12, the cumulative transaction fee of Ethereum in 2020 was equal to that of Bitcoin, and has continued to climb rapidly since then.
This marks a sharp departure from the trend in transaction fees of the past few years, where transaction fees on Bitcoin have generally far exceeded those on any other network. In 2019, Bitcoin’s fees were five times higher than Ethereum’s in the same comparison.
Cointelegraph previously reported that Ethereum surpassed Bitcoin in daily transaction fee revenue for the first time in June. Total Ethereum revenue started to soar as transaction activity and average transaction fees increased. Between August and September, Ethereum began breaking previous records and quickly made some participants unusable.
The most likely culprits are the decentralized finance and liquidity mining boom, although stablecoin transfers and some so-called Ponzi schemes also take up a significant portion of Ethereum’s block space.
