Ethereum miners earned over six times more in fees compared to those working on Bitcoin in September.
- Glassnode data shows Ethereum’s total transaction fees stood at an all-time high of $166 million for the month – far more than the $26 million taken in Bitcoin fees.
- Ethereum fees long trailed those on Bitcoin, but have been on a tear over the past few months as surging interest in DeFi led to record transaction volumes.
- Fee revenue on Ethereum first outpaced Bitcoin’s in June – the same month decentralized lender Compound released its governance token and kickstarted the DeFi mania.
- As the DeFi space has picked up momentum, the difference between Ethereum and Bitcoin fees has increased from only $10 million in June, to well over $70 million by August.
- Thursday’s data shows the fee disparity between the two protocols practically doubled to $140 million in September.
- Monthly Ethereum fees were just $1.5 million at the start of 2020.
- This coincides with total value locked (TVL) in DeFi, which first broke the $1 billion in February but had surged over the summer to well over $11 billion, according to DeFi Pulse.
- HIVE Blockchain cited DeFi as a major contributing factor when reporting that it earned approximately $12 million in fees in the second fiscal quarter, 30% up from Q1.