Earlier in the month of Sept., Ethereum miners have earned over 6x times more in fees compared to those users mining on Bitcoin.
In line with a recent official announcement by Glassnode, Ethereum’s total transaction fees stood at an all-time high of $166 Mln for the month – much more than the $26 Mln profits taken in Bitcoin fees.
Fee revenue on Ethereum primarily outpaced Bitcoin’s earlier in the month of June – the same month decentralized lender Compound released its governance token & kickstarted the DeFi mania.
As the DeFi ecosystem has picked up momentum, the difference between Ethereum as well as Bitcoin fees has hiked from only $10 Mln earlier in June, to overflow $70 Mln by August.
As per recent data analysis, the fee disparity between the 2 protocols practically doubled to $140 Mln later in September.
On the other hand, monthly Ethereum fees were just $1.5 Mln at the beginning of this year in 2020.
This coincides with total value locked [TVL] in DeFi, which primarily broke the $1 Bln earlier in February but had surged over the summer to overflow $11 Bln, consistent with DeFi Pulse.
HIVE Blockchain cited DeFi as a serious contributing factor when reporting that it earned approximately $12 Mln in fees within the secondary fiscal quarter, 30% up from Q1.