{"id":174324,"date":"2020-10-19T22:00:22","date_gmt":"2020-10-19T21:00:22","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=174324"},"modified":"2020-10-19T14:16:23","modified_gmt":"2020-10-19T13:16:23","slug":"new-paradigm-ethereum-fees-regularly-surpass-bitcoin-and-its-good-for-eth","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/new-paradigm-ethereum-fees-regularly-surpass-bitcoin-and-its-good-for-eth\/","title":{"rendered":"New paradigm: Ethereum fees regularly surpass Bitcoin, and it\u2019s good for ETH"},"content":{"rendered":"<p>Fees on the Ethereum blockchain network are consistently surpassing Bitcoin and industry executives say it could spark a \u201cnew paradigm.\u201d<\/p>\n<p>Cole Kennelly, who heads growth at Staked, institution-focused decentralized finance (DeFi) firm, <a href=\"https:\/\/twitter.com\/ColeGotTweets\/status\/1317884358037000193\">said<\/a>:<\/p>\n<blockquote><p>\u201cETH fees are consistently materially higher than $BTC fees. A new paradigm.\u201d<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw\">$ETH<\/a> fees are consistently materially higher than <a href=\"https:\/\/twitter.com\/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw\">$BTC<\/a> fees. A new paradigm <a href=\"https:\/\/t.co\/rikYGZ9fzS\">pic.twitter.com\/rikYGZ9fzS<\/a><\/p>\n<p>&mdash; Cole Kennelly \u2b19 ? (@ColeGotTweets) <a href=\"https:\/\/twitter.com\/ColeGotTweets\/status\/1317884358037000193?ref_src=twsrc%5Etfw\">October 18, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Growing fees on Ethereum could cause three factors to materialize that <a href=\"https:\/\/cryptoslate.com\/this-6b-crypto-fund-quietly-accumulated-2-of-all-ethereum-in-circulation\/\">might further fuel its medium-term growth.<\/a> The potential catalysts are high gas leading to bigger ETH demand, continuous increase in user activity, and sustainability of DeFi.<\/p>\n<h2>High gas could lead to higher ETH demand<\/h2>\n<p>On the Ethereum blockchain network, transaction fees are called \u201cgas.\u201d When users send transactions, they are required to pay gas to miners, who then verify the transactions.<\/p>\n<p>On Ethereum, users have to pay gas using ETH, even if they are dealing with other ERC 20 tokens. As an example, if a user wants to send Tether from one Ethereum address to another, the user still has to pay fees in ETH.<\/p>\n<p>As such, when the user activity on Ethereum rises, and gas costs increase, the demand for ETH naturally rises.<\/p>\n<p>According to Cryptofees.info, the Ethereum network processed $1.78 million in seven-day average fees. In comparison, Bitcoin processed $713,000 in fees, with Binance Chain being the distant third.<\/p>\n<figure id=\"attachment_174326\" aria-describedby=\"caption-attachment-174326\" style=\"width: 588px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-174326\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/10\/fees.png\" alt=\"ethereum fees\" width=\"588\" height=\"438\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/10\/fees.png 1330w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/10\/fees-300x224.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/10\/fees-1024x763.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/10\/fees-768x572.png 768w\" sizes=\"(max-width: 588px) 100vw, 588px\" \/><figcaption id=\"caption-attachment-174326\" class=\"wp-caption-text\">Daily and weekly fees of major blockchains, including Ethereum and Bitcoin. Source: <a href=\"https:\/\/cryptofees.info\/\">Cryptofees.info<\/a><\/figcaption><\/figure>\n<h2>Ethereum user activity is rising as ETH 2.0 nears<\/h2>\n<p>High fees on Ethereum reflect the rapidly growing user activity on the blockchain network. Approaching ETH 2.0, a major network upgrade, the noticeable rise in real user activity is optimistic.<\/p>\n<p>ETH 2.0 would mark the switch from the proof-of-stake (PoS) to proof-of-work (PoW) consensus algorithm. To put it simply, the former does not require miners to verify transactions. Instead, users collectively process transactions through a process called staking.<\/p>\n<p>ETH 2.0 rewards users that \u201cstake\u201d their tokens to process transactions on the blockchain. Staking requires users to allocate their tokens to the blockchain and during staking, they cannot spend or move their ETH. In return, they receive incentives from the blockchain.<\/p>\n<p>If there is a substantially higher number of users utilizing ETH, it would aid in decentralizing the network approaching ETH 2.0.<\/p>\n<h2>It shows the sustainability of DeFi<\/h2>\n<p>The primary catalyst of the spike in ETH fees throughout 2020 has been <a href=\"https:\/\/cryptoslate.com\/heres-why-defi-and-decentralized-exchanges-could-grow-even-more\/\">the resurgence of DeFi.<\/a><\/p>\n<p>According to the data from Defipulse, the total value locked (TVL) across DeFi protocols exceed $11.15 billion.<\/p>\n<p>The high TVL of DeFi protocols despite the brutal pullback of DeFi tokens throughout October shows the market\u2019s resilience.<\/p>\n<p>&#8220;Mainstream Adoption \u2014 Whatever you think this means, DeFi doesn't need it. $300m ETH sent daily to DeFi apps vs $156m to centralized apps Apps on pace for ~$500m annualized revenue 9. 600k users, still going parabolic,&#8221; DTCCapital head Spencer Noon <a href=\"https:\/\/twitter.com\/spencernoon\/status\/1316384563149639689\">said<\/a>.<\/p>\n<p>It demonstrates the appetite for DeFi, likely more stable DeFi protocols, from the broader userbase within the cryptocurrency sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fees on the Ethereum blockchain network are consistently surpassing Bitcoin and industry executives say it could spark a \u201cnew paradigm.\u201d Cole Kennelly, who heads growth at Staked, institution-focused decentralized finance (DeFi) firm, said: \u201cETH fees are consistently materially higher than $BTC fees. A new paradigm.\u201d $ETH fees are consistently materially higher than $BTC fees. A [&hellip;]<\/p>\n","protected":false},"author":187,"featured_media":174354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,120],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New paradigm: Ethereum fees regularly surpass Bitcoin, and it\u2019s good for ETH<\/title>\n<meta name=\"description\" content=\"Fees on the Ethereum blockchain network are consistently surpassing Bitcoin and industry executives say it could spark a \u201cnew paradigm.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/new-paradigm-ethereum-fees-regularly-surpass-bitcoin-and-its-good-for-eth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New paradigm: Ethereum fees regularly surpass Bitcoin, and it\u2019s good for ETH\" \/>\n<meta property=\"og:description\" content=\"Fees on the Ethereum blockchain network are consistently surpassing Bitcoin and industry executives say it could spark a \u201cnew paradigm.\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/new-paradigm-ethereum-fees-regularly-surpass-bitcoin-and-its-good-for-eth\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-19T21:00:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-19T13:16:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/10\/ethereum-surpass.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joseph Young\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Joseph Young\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/new-paradigm-ethereum-fees-regularly-surpass-bitcoin-and-its-good-for-eth\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/new-paradigm-ethereum-fees-regularly-surpass-bitcoin-and-its-good-for-eth\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/#person\",\"name\":\"Joseph Young\",\"url\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/author-joseph-young.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/author-joseph-young.jpg\",\"caption\":\"Joseph Young\"},\"jobTitle\":\"Analyst\",\"description\":\"Joseph Young is a finance and tech journalist. 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