The whole Ethereum network is hot right now. This is largely due to the fact that the entire DeFi industry is really starting to gain ground with the release of the Balancer protocol token and the Compound Finance -COMP, which for today marks -37.83%.
These projects have led people to talk about the magic that DeFi can offer the cryptocurrency industry again.
The buzz is real. DeFi really has the potential to change the cryptocurrency space forever.
Interestingly, Glassnode has recently published some statistics showing that the number of new Ethereum addresses has increased significantly in the last 24 hours. In fact, they estimated that during the night a total of about 7% of new addresses were added to the Ethereum network;
Current value is 4,223.944 (up 7.3% from 3,935.389)
— glassnode alerts (@glassnodealerts) June 24, 2020
However, with so many people taking steps on Ethereum, there will inevitably be more people sending transactions over the network. This has led to the price of the ETH network commission exceeding the BTC network commission. This means that users pay more to make transactions on Eth than on Bitcoin BTC, -3.38% today.
In fact, users have paid more to use Ethereum for the last 18 consecutive days;
For 16 straight days, Ethereum users have paid more to use the network than Bitcoin users. pic.twitter.com/luVTrIs5cP
— eric.eth (@econoar) June 22, 2020
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Independent researcher and consultant, Tech Writer at Blockchain Technology. From Italy