Record $166M Ethereum Fees Last Month Were 6 Times Bigger Than Bitcoin's

Oct 1, 2020 at 10:57 UTCUpdated Oct 1, 2020 at 13:47 UTC.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 kick-started the DeFi mania.

As the DeFi space 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 in DeFi, which first broke the $1 billion in February but surged over the summer to well over $11 billion, according to DeFi Pulse.

HIVE Blockchain cited DeFi as a major contributing factor when reporting it earned approximately $12 million in fees in the second fiscal quarter, 30% up from Q1.Disclosure.