Third quarter transaction volume of Ethereum, the alternative cryptocurrency platform, soared by 1200% to $119.5 bln compared to the $10.2 bln volume posted in Q2 2020, according to the research data by StockApps.com.
Based on Coinmetrics’ data, Ethereum fees shot up during the same period, eclipsing Bitcoin’s fees for the first time on August 13. As of September 2020, ETH fees stood at $276 mln, nearly double Bitcoin’s $146 mln.
The surge in transaction volume and fees on the Ethereum blockchain was linked to the recent Decentralised Finance (DeFi) hype. DApp Radar reveals that during the period, DeFi apps accounted for 99% of all transactions on the network.
The total DApp transaction volumes on all platforms in Q3 2020 reached $125 bln. There was an increase of $113 bln quarter-on-quarter (QoQ). Most of the activities took place on Ethereum, TRON and EOS. From the total value created, Ethereum accounted for 96%. With 1,956 apps, it was the top DApp blockchain during the period.
Coinmetrics’ data reveals that Ethereum transaction fees surged from $21.98 mln on June 1, to $77.77 mln on July 31.
In August, Ethereum miners made $113 mln from transaction fees according to Glassnode. That marked a 38x increase from the $3 mln recorded in April and a 1.8x increase from the January 2018 all-time high. In September, miners for the first time earned more from fees ($172 mln) than they did from block rewards ($150 mln).
According to Glassnode, Ethereum miners made a record on September 1, earning $500,000 in one hour. Daily earnings on that day doubled to $16.5 mln from $8.1 mln the previous day. On September 2, they made a new record with the average hourly revenue surging to $800,000. They broke this record on September 17, reaching $938,000.