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Blockchain DeFi Ethereum Uniswap

New ATH: Ethereum Generates Highest Fees In Crypto History In Jan ’21!

Posted On February 3, 2021 Taha Zafar 0

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Ethereum just created a new all time high price record of $ 1539 on 3rd Feb ’21. However, that wasn’t the only achievement from the camp of the largest smart contracts platform in the world, which has been flooded with new achievements and records lately. According to crypto-analytics group glassnode, Ethereum protocol generated a whooping $325 million in Jan ’21. This makes Ethereum the record holder for most fees generated by a protocol in the cryptocurrency and blockchain field!

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Previously, the record was held by Bitcoin, which generated $287 million back in Dec ’17. Ethereum’s previous record was $166 million for Sep ’20. It can be attributed to the increase of activity on the network and astronomical rise in demand for the Ethereum block-space, mainly coming from DeFi protocols. The protocol also has an upper hand in transactions processed and value moved metrics vs Bitcoin.

Monthly transaction fees statistics - glassnode
Monthly transaction fees statistics – glassnode

But, there’s a second side of the picture too. Ethereum network has become congested, causing the transaction fees to skyrocket and waiting times to increase. Though, it’s still cheaper to transact (for single transfers) on Ethereum than Bitcoin, complex contract executions can go much higher.

Ethereum Scaling Layer 2s Initial Deployment Has Succeeded

Fortunately, Ethereum based Layer-2 solutions are coming up online fast and steadily gaining adoption, it’s expected that with the migration of network traffic onto L2 and incoming Eth2 upgrade, the base layer scaling problems would be over in the near-future.

Cryptocurrency Fees Comparison 03/02/2021 - Crypto Fees
Cryptocurrency Fees Comparison 03/02/2021 – Crypto Fees

Ethereum has overtaken Bitcoin sustainably for quite some time now and generates 2X-4X more fees on any given day. This indicates higher user interest, block-space demand and thus more usage. It’s also worth noting that this list is populated almost exclusively by Ethereum based DeFi protocols, which dominate in the top ten valuable protocols.

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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 

#Ethereum fees#Glassnode#most valuable protocol



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