The latest study conducted by The Block shows more than 40% of the Ethereum miners' income during August came from fees.
In particular, they earned $285.1M in August, which represents a monthly increase of 98.2% and a 25-month high.
Fees in the Ethereum network, also known as gas, which is the amount users must pay to send transactions to the blockchain, have increased significantly, apparently driven by yield farming. This activity consists of taking advantage of the cryptos (coins, tokens or stablecoins) that users do not use and put those assets to work in a decentralized financial fund, generating benefits.
In particular, last month fees as a percentage of mining revenues reached a record high of more than 40.5% of total revenues, compared to 10% in May.
On September 2 it was reported that the transactions fees on the network of the second largest crypto by market cap had reached a new all-time high. It looks like the fees on the Ethereum (gas) network have reached a new peak driven mainly by the DeFi sector, which is experiencing an increase in activity in recent weeks/months. As a result, according to data published by Blockchair, on September 1 the average fee on the ETH network reached $11.75, while the median fee jumped to $6.34.
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