Cryptocurrencies

Ethereum Smashes Records as DeFi Hype Sends Transactions and Miner Revenue Soaring

A miner plying his trade in 1958. (Credit: Wikimedia Commons)

Miners on crypto’s second-biggest blockchain had a bumper day Thursday, earning a record $16 million for confirming a growing number of DeFi-related transactions.

  • Data collected from Etherscan shows miners collected a total 42,763 ether in transaction fees on Thursday, a new all-time high.
  • That’s currently worth nearly $16.5 million, according to CoinDesk data.
  • That comes as daily volumes on Ethereum surged nearly 400,000 on Thursday to 1.4 million transactions, also smashing the previous 1.34 million record reached in January 2018.
  • Activity has skyrocketed in the past year as the hype around decentralized finance, which is mostly built on Ethereum, has reached fever pitch.
  • Statistics site DeFi Prime shows monthly volumes for decentralized exchanges, which include Uniswap, Curve and Balancer, surged nearly $4 billion to a total of $16 billion by Sept. 1.
  • At the start of the year, combined volumes barely reached $600 million.
  • There is currently over $9 billion worth of assets locked in DeFi applications, according to DeFi Pulse, up from approximately $675 million at the start of the year.
  • Earlier this week, Tether moved 1 billion worth of USDT – a stablecoin supported on many DeFi applications – from the Tron to the Ethereum ecosystem on behalf of an unnamed exchange, the second such billion-dollar swap in the past month.
  • Tether CTO Paolo Ardoino told CoinDesk it was “definitely probable” exchanges wanted more USDT on Ethereum so they can satisfy rising demand coming from the DeFi space.

See also: Uniswap Recaptures DeFi Buzz With UNI Token’s Airdropped Debut

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