ETH total network fees of the year have increased to over $350M, which is double that of bitcoin. According to reports, ethereum fees have experienced a dramatic change, and increased gas fees are becoming standard, which could be traced to the evolution of Decentralized finance.
The emergence of some defi projects, including Uniswap, yearn finance, and a few other tokens is a significant factor that has caused the rapid increase in the network fee.
The report further emphasized that this can result in increased network fees as traders seek to be the first in line to trade.
Coin metric posted a chart on its social media platform explaining that ethereum fees in 2020 are twice the size of BTC's. According to coin metric analyst, Ethereum's network fee is now over $350M which is double bitcoin's, compared to this time in 2019 when bitcoin fee was about $135 million and ETH at $27M.
Source: Bitcoin.com
