Ethereum transaction fees have continued to spike as demand for smart contracts and ETH transfers have spiked.
It has reached a point where yesterday, June 6th, Ethereum miners brought in more transaction fees (in aggregate) than Bitcoin miners for the first time in months. Blockchain analytics startup Glassnode made this observation, sharing the chart below on June 7th.
“Daily Ethereum network fees surpassed Bitcoin fees yesterday. $498k vs. $308k. So far, this has only happened on 141 days (8%),” Glassnode wrote in reference to the data that can be seen below.
There are a few reasons for the high transaction fees: 1) the demand to send ETH between exchanges has increased as volatility has hit cryptocurrencies, 2) Ethereum-based Ponzi schemes are gaining popularity again, and 3) stablecoins have continued to see mass adoption by crypto traders.
Analysts say that this trend of rapidly increasing transaction fees has a number of implications for Ethereum, of both the positive and negative varieties.