Transaction fees on the Ethereum network recently reached a new all-time high of $23 on average. This rise helped miners earn over $22.75 million in fees in the last 24 hours alone.
Miners rejoice with the rising fee
The average transaction fee on Ethereum reached a new all-time high today at $23. According to crypto metrics platform Blockchain, it has become more expensive than ever to use the Ethereum blockchain for making transactions and using dApps. This rise will further raise the price of DeFi apps like Uniswap which charge their own fee for making swaps between different coins. Transactions involving coins based on the Ethereum network, like DAI, will also tend to have higher fees than the native Ethereum.
The rise in transaction fee comes when Ethereum is touching new highs. The growing price of the second-largest cryptocurrency in the world is also helping in growing its demand. Today, the price of Ethereum reached $1,688 according to CoinGecko data.
Ethereum taking center stage
Martin Köppelmann, the CEO of permissionless decentralized exchange Gnosis commented on the rise in fee and said, “Transaction fee volume on the Ethereum chain is reflective of a wide range of activities—from buying and selling of the ETH token itself to the infrastructure it provides.”
He also said some of the top blockchain projects like Compounds, Aave, Sushiswap, Uniswap, Curve, Balancer, etc. run on Ethereum. Hence, their activity is also reflected in the daily fee data of the network. Miners have been able to make merry because of the rising volumes and fees.
In the past 24 hours, Ethereum miners earned $22.75 million in fees which is 4x higher than the $5.116 million earned by Bitcoin miners. On average, both miners are earning $15,81 million and $4.485 million on a daily basis. Ethereum miners are earning as much as half of their income via fees and the rest by block rewards.