Commissions for transactions on the Ethereum network on August 12 updated a historical record – per day, users paid ETH miners in the amount of $6.87 million.
According to the research department of The Block, the new record was significantly higher than the previous one set in 2017. Then, during the rise of the cryptocurrency market, the commissions in the Ethereum network per day amounted to $4.55 million.
The increase in Ethereum transaction fees lately is associated with the boom in decentralized finance applications and the increase in the number of transactions. But fees on the Bitcoin network remain relatively small – on August 12, the total commissions amounted to $1.43 million, which is 4.8 times less than Ethereum.
A recent study by Certus One co-founder Hendrik Hofstadt found that the increase in transactions on the Ethereum network is due to the architecture of the popular Geth client. A feature is used by trading firms that use data on large transactions on DeFi sites to make a profit and generate many new transactions so that competing companies cannot take advantage of the same situation.
Note that in July, Ethereum miners earned $143.8 million, the highest in the last 23 months. At the same time, commission income amounted to 23% of the total income of miners.
