Ethereum network fees increased by 140% in a week
Blockchain fees for the second most popular cryptocurrency Ethereum continue to rise. On August 11, this metric renewed its high since 2018, reaching an average of $1.57 per transaction.
Ethereum's popularity continues to grow
In just a week, the network's fees increased by 140%, and the monthly growth even exceeded 550%. According to the analytical service Glassnode, almost half of the income of Ethereum miners is just commissions from transactions.
Along with the fees, the volume of ETH transactions is also growing: since the beginning of July, the indicator has grown by 35% and reaches 1.25 million in 24 hours.
Demand is influenced by DeFi and pyramids
Ethereum token supply is at its lowest level in a year, which is associated with the DeFi boom. According to the DeFi Pulse service, ETH is blocked in decentralized finance for an amount exceeding $4.5 billion. In addition, a part of Ethereum lies in the accounts of several financial pyramids.