Ethereum Accounted for 96% DeFi Transactions in Q3 2020 as ETH Miner Fees Double Bitcoin’s
According to the research data analyzed and published by StockApps.com, Ethereum’s transaction volume soared to $119.5 billion in Q3 2020. In comparison to the $10.2 billion volume posted in Q2 2020, that was a 1,200% increase.
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.
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