Hello!
A lot of people is using the Ethereum network these days. The DeFi movement has gained a lot of attention from all the media and people is starting to realize all their potential.
While not all DeFi projects are worth risking your money, there are some that look really promising. At least from now. This is putting a lot of pressure to the Ethereum blockchain, and a high number of people willing to transact means high fees.
I have decided to take a closer look at this topic. As my buddy @empoderat says, sometimes it is better to Zoom out to see the magnitude of the problem.
First, let's see what happened with the Bitcoin and Ethereum fees last month:
As you can see, the average transaction fee spiked to 14$ in the Ethereum blockchain, almost 3 times the cost of a transaction for the Bitcoin blockchain.
But...
How expensive or cheap is that?
Well, if we zoom out the Glassnode chart we can see that the average Ethereum fee reached an all time high this month. Do you think this is over? I am not sure what will happen if a Bull Run like the 2017 one comes... Things will get pretty crazy out there.
However, you can also see that the Bitcoin fees all time high is 50$. Wow!
I am happy we are far from this numbers now... I don't know for how long!
Enjoy! π
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