Total fees collected on Ethereum have continued to trounce Bitcoin for the past 30 days. Ethereum fans argue that the evidence proves that demand for Bitcoin is waning.
Demand on Ethereum is growing, and individuals are spending more in fees to use the network than ever before. According to data collected by glassnode, fees collected on Ethereum have averaged around $800,000 per day. Bitcoin’s network, by comparison, has consistently earned less in fees for the past 30 days.
According to Anthony Sassano (@sassal0x), this indicates that:
“there is a greater demand to use Ethererum’s block space than Bitcoin’s.”

The DeFi Boom
The increase in network activity on Ethereum is largely due to the ongoing DeFi boom. Decentralized Finance (DeFi) is a hot topic right now as many of its tokens surge in value. DeFi promises to cut out the middleman in the financial world by hardcoding solutions to allow for decentralized lending, portfolio management, and more. At the time of writing, the number of funds locked in DeFi sits at an all-time high of $1.9B. Since DeFi is mostly being built on Ethereum, the network has benefitted tremendously. The increased network usage is seen in the uptick in total fees collected, but the Ethereum price hasn’t risen proportionally. This has left many wondering: when will Ethereum benefit from the DeFi boom? Currently, Ethereum largely follows Bitcoin’s market movements. Price, however, may prove to be a lagging indicator. On-chain metrics for Ethereum in June were up across the board. Last month, there were over 50,000 daily dApp users, an increase of 50% since May. The total number of live mainnet nodes also increased by 584 between May and June. On July 1st, BeInCrypto also reported that Ethererum hit a two-year single-day high for daily active addresses. Some crypto fans are betting that the Ethereum price will turn bullish once these positive trends are confirmed on the longer time frames.Could Ethereum Consume Bitcoin?
The Ethereum developments are enough to make one wonder: could Ethereum ever flip Bitcoin? Although it’s still way off in terms of market capitalization, Ethererum’s internal economy has proven to be much more expansive and innovative in the past few months. Even wrapped Bitcoin (wBTC) on Ethereum continues to grow, far outpacing the amount of BTC locked in the Lightning Network (LN). Furthermore, Lightning development appears to be stalling.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Sponsored