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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.

Sep 18, 2020 at 10:35 a.m. UTC
Updated Sep 14, 2021 at 9:57 a.m. UTC

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.

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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