A Record $325 Million was Paid in Fees on Ethereum In Jan; About 3x of Peak DeFi Mania

January was an explosive month for Ethereum, even more so than September when the decentralized finance (DeFi) mania peaked.

Last month, a staggering $325 million in transaction fees were paid on Ethereum, which is almost double the amount of its previous record month, just over $166 million in Sept. 2020.

Additionally, Ethereum did 2.8x of what Bitcoin generated in fees. Compared to Ethereum, the Bitcoin network only generated $116 million in transaction fees last month.

Monthly Transaction Fees

Source: Glassnode

Just in the last 24 hours, Ethereum did over 4x of Bitcoin’s fees at nearly $21 million.

When it comes to decentralized finance (DeFi) projects like popular DEXs Uniswap and SushiSwap, they generated about $2.7 million and $1.4 million in fees, respectively. Recently, even Uniswap recorded more fees than Bitcoin, briefly.

Revenue (total fees paid)

Revenue (total fees paid)

This difference can also be seen in the average fees on both the top networks. The average fees on the Ethereum network are currently around $13, down from over $19 on Jan. 11, a new record high for Ethereum, as per Blockchair.

Meanwhile, the average fees on the Bitcoin network are currently around $11 and only went as high as $17.5 on Jan. 12, still down over 70% from its Dec. 2017 peak of $60.

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