Ethereum Outpaces Bitcoin in Terms of Network Fees

By author_nan | News | 13 Aug 2020

The Ethereum (ETH) network has experienced considerable activity since the passing of many DeFi developments in Q2 2020. The latest data shows that Ethereum is outpacing Bitcoin with respect to network fees as well.

Bitcoin's (BTC) average fee is $4.14, while Ethereum’s is $5.5
The last time ETH topped BTC in terms of transaction fees was in June 2020
Ethereum’s hash rate has also hit a 20 month high, which investors hope is sign of a bull run
Increased hash rate means miners are willing to put in more resources to earn more revenue, a healthy sign for the network
Activity on the Ethereum network, including fees and number of active addresses, has skyrocketed since new DeFi protocols began popping out in Q2/Q3 2020
The increased activity has forced higher fees which miners are eager to obtain
Mining fees increased by nearly 79% and mining revenue 37.5% in the last 24 hours
DeFi projects and protocols, like Compound (COMP) and Uniswap, have contributed to the growth in number of transactions