The latest findings from Santiment, published in Cointelegraph Consulting’s bi-weekly newsletter, suggests Ether will make a profit.
The amount of Ethereum traded daily on the blockchain rose from an average of 3.85 million in July to 4.75 million in August. a 5-month high of 7.74 million on Tuesday.
The gap between the transaction volume of Bitcoin and Ethereum has been growing for several months. Ethereum’s daily on-chain transaction volume was 60% compared to Bitcoin volume. after an all-time low of 0.6 on August 30th. This was the smallest transaction difference recorded between the two largest blockchain networks in the past two years.
This increase in the volume of chain stores comes at a price. ETH’s transaction fees are again approaching their record high. On Monday, August 31st, an average charge of $ 5.83 was recorded. In fact, transaction fees for Ethereum have increased over the last month. in August, Average daily transaction fees were $ 3.68 million compared to $ 1.08 million in the previous month, an increase of 240%.
The rate hike is in large part triggered by the growing popularity of decentralized financial protocols and income farming platforms *. Overall, the total value set in the DeFi ecosystem has more than doubled in the past month. from $ 3.99 billion in early August to $ 8.28 billion today.
In the last 14 days The total stock of the largest ETH addresses that are not owned by central exchanges has grown by a further 886,560 ETH (approx. 350,000,000 USD, based on current prices). This indicates a renewed confidence of some larger investors in the currency’s near-term price potential.
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* The DeFi ecosystem terms are in English