Ethereum Surpasses 700,000 Ether in Total Network Fees
Every individual cryptocurrency network has many different statistics worth keeping an eye on. The Ethereum network recently surpassed 700,000 Ether in total fees paid, which marks a rather interesting milestone.
No one can deny that there are very few successful crypto projects out there.
An Interesting Milestone for Ethereum
Based on user adoption, transaction values, and fees, only a handful of crypto assets make a real impact.
Ethereum certainly belongs in this list, as it is the second-biggest crypto asset by market cap.
Another interesting aspect is how the network uses Ether as “gas” to pay for transactions.
Since its inception, the Ether community has sued up over 700,000 Ether in gas fees alone.
Cumulative #Ethereum $ETH Total Fees Paid just went above 700,000 ETH.
Current value: 700,022 ETH
View metric:https://t.co/iwzSB66BAg pic.twitter.com/FiwMqEtee3
— glassnode alerts (@glassnodealerts) May 28, 2020
At today’s value, that means the network fees add up to $143.5 million.
A very interesting statistic, yet it shows how often the network is used to facilitate transactions.
Several fee spikes can be noted on the charts, primarily during the ICO phase, and more recently, thanks to Tether’s involvement.
It is also remarkable to see network fees remain relatively the same regardless of what the Ethereum price might look like at the time.
Higher Ether prices do not result in more network fees by any means, thus it will be interesting to see how the situation evolves.
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JP Buntinx, Khareem Sudlow