NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

$6.8 Million is Being Spent on Ethereum Fees Each Day as DeFi Craze Continues

Cole Petersen
Cole Petersen
4 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The DeFi craze is reaching new peaks, with investors now throwing money into just about every Ethereum-based token with unique properties and strong “meme potential.”

One such example of this is Yam Finance, which is a protocol launched roughly 48 hours ago that drew in hundreds of millions of dollars before a fatal bug left a small portion of these funds locked within the platform.

The rise and fall of Yam Finance sent shockwaves throughout the entire crypto market, with it causing many popular DeFi tokens – like Compound – to see heightened volatility due to traders trying to farm massive yields on the platform.

One byproduct of this craze has been rising Ethereum transaction fees.

The amount of money that investors are spending to transact between ERC-20 tokens is currently the highest it has been, with a total of $6.8 million being spent on fees daily.

DeFi Craze Gains Traction as Fiscal Incentives Grow

Throughout the past few months, investors have been captivated by the massive returns that tokens related to the DeFi sector have provided.

Users can profit from the trend in two ways – either by purchasing the tokens associated with various protocols within the ecosystem or by “farming” the yields offered by many platforms.

To take advantage of either of these opportunities, investors use Ethereum or ERC-20 tokens.

This is widely thought to be one of the primary factors behind the influx of buying pressure that sent ETH’s price surging from $230 just over a month ago to highs of $415.

Ethereum Fees Rocket as Demand for Space On-Chain Mounts 

According to a recent report from the analytics platform Glassnode, users are now spending a total of 17,500 ETH per day on fees. This is worth a combined total of 6.8 million – the highest it has ever been in the cryptocurrency’s history.

“The amount of fees being spent on the Ethereum network is higher than ever before (now even higher than the single day in June with anomalous fees unrelated to regular network usage). Over 17,500 ETH (USD $6.8 million) are currently being spent on fees daily on Ethereum.”

Ethereum

Image Courtesy of Glassnode.

The median gas price used per transaction has also reached new highs of 217 Gwei – signaling that Ethereum users have to compete heavily to have their transactions processed.

It is highly likely that this trend will continue gaining steam as users try to cash in on the DeFi sector’s explosive growth.

Featured image from Unsplash.
Tweet123Share210ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum Price Recovery Stalls

Ethereum Price Tests Resistance — Breakout Could Spark Rally

Ethereum price started a fresh increase above the $2,480 zone. ETH is now consolidating gains and might soon aim for...

Aayush Jindal 21 hours ago
Ethereum Sees $269M In Net Inflows In 24H – Bullish Momentum Accelerates

Ethereum Sees $269M In Net Inflows In 24H – Bullish Momentum Accelerates

Ethereum is facing a crucial test as bulls and bears lock into a tight battle around the $2,500 level. Despite...

Sebastian Villafuerte 1 day ago
Ethereum

Crypto Analyst Predicts $10,000 ATH For Ethereum This Cycle, Here’s Why

Crypto analyst XForce has predicted that Ethereum could reach a new all-time high (ATH) of $10,000 in this market cycle....

Scott Matherson 2 days ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Strong Ethereum Accumulation Detected: LTH Buying Heavy During June Consolidation

Strong Ethereum Accumulation Detected: LTH Buying Heavy During June Consolidation

Sebastian Villafuerte 1 hour ago
Ethereum: Plán na explozi

Ethereum: Psychologisch wichtige 2.500 US Dollar-Grenze durchbrochen

wernerwassicek 14 hours ago
Ethereum

Top Analyst Predicts Major Ethereum Rally Toward $4,000 As Shorts Hit All-Time Highs

Ronaldo Marquez 19 hours ago

Premium Sponsors

Press Releases

  • 仮想通貨プレセール残り24時間で800万ドル目前 次の100倍銘柄となるか?

    ...

    9 hours ago
  • 1ドル以下で注目される仮想通貨おすすめ、Solana系トークンに割安銘柄あり?

    ...

    10 hours ago
  • Най-добрите криптовалути преди...

    10 hours ago
  • リップルとSECの訴訟終了後に注目すべき新しい仮想通貨プロジェクトとは

    ...

    10 hours ago
  • BTC

    仮想通貨 おすすめ:BTC Bull...

    10 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.