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Finance

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

Miners may be the real winners from DeFi as a surge in Ethereum activity sees them earn a record $16 million in a day.

By Paddy Baker
AccessTimeIconSep 18, 2020 at 10:35 a.m. UTC
Updated May 9, 2023 at 3:11 a.m. UTC
(Wikimedia Commons)
(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.
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    • chart-37
    • 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.
    Monthly DEX volume
    Monthly DEX volume
    • 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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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.