Total of $6.8 Million ETH Fees Recorded As Crazy DeFi Forms Rise

Recently, CryptoNetwork news released a new about Yam Finance, a Defi Protocol, which was launched and drew millions of bucks before succumbing to a bug that left a minute portion of these funds inside the platform.

The immediate rise and fall of Yam Finance echoed throughout the entire crypto market, causing many popular DeFi tokens – like Compound – to see increased volatility due to traders trying to farm massive yields on the medium.

With this and many more to come, the Decentralized Finance craze is going innovation after innovation. The trend now sees more investors throwing money into a pure Ethereum-based token with unique properties and strong “meme potential.”

Furthermore, the past months saw various token releases that give massive returns.

How does profit work?

Users can gain from the trend in two ways – either by purchasing the tokens associated with various protocols within the ecosystem or by “farming” the many platforms’ yields. But for one accomplish either of these opportunities, investors use Ethereum or ERC-20 tokens.

This concept has been pointed as one of the primary factors behind the influx of buying pressure that catapulted ETH’s price surging from $230 just over a month ago to a peak of $415.

From recent reports of Glassnode, users are now willing to spend a total of 17,500 ETH per day on fees. This is a total of 6.8 million – the highest it has ever been in the cryptocurrency’s history.

They further mentioned that “the amount of fees spent on the Ethereum network is higher than ever before (now even higher than the single day in June with anomalous fees unrelated to regular network usage). Over 17,500 ETH (USD 6.8 million) are currently being spent on fees daily on Ethereum.”

Meanwhile, the median gas price used per transaction has also reached new highs of 217 Gwei – signalling that these ETH users have to be at par against is to have their transactions processed.

On the other information, the amount of money that investors are spending to transact between ERC-20 tokens is currently the highest it has been, with a total of $6.8 million being spent on fees daily.

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