The metrics of the Ethereum network have exploded to levels never seen before thanks to the boom in the Decentralized Finance (DeFi) ecosystem.
This new wave resulted in a jump in the number of transactions, new addresses and unprecedented profits for mining companies.
In addition, these results have been fueled, currently, by Uniswap airdrop. It is a decentralized exchange for exchanging ERC-20 and ETH tokens.
As a result of the increase in DeFi projects, Ethereum miners earned 42,764 ETH in transaction fees on September 17, a historic record.
This means that more than 70% of the reward for mining a block comes from transaction fees.
Therefore, on average, each block mined had a total reward value of more than 6.5 ETH.
Thus, in addition to the 2 ETH representing the base reward, the amount in fees paid to the miners was approximately 4.67 ETH.
After the announcement of the Uniswap airdrop (UNI), the average GAS commission per transaction also increased to 493 Gwei (R $ 20). However, more recently, it increased to 350 Gwei per transaction (R $ 15).
In return, just a month ago, a proposal was made to improve the Ethereum network. The goal is to reduce the miners' reward to 0.5 ETH per block.
So, if the proposal is approved, it would be a serious blow to a community that is already facing consensus difficulties.
Even so, the boom in decentralized finance applications continues to drive Ethereum.
This is because, on September 17, the ETH network recorded 1,406,016 transactions. This rally, which started in early 2020, shows how the daily average was approaching the 1 million mark with the dynamics of DeFi.
However, the immediate consequence of this number of transactions has been the high level of network congestion. Therefore, resulting in higher transaction fees.
In this sense, the focus is on the debate about the scalability of the network. It is worth remembering that, in 2020, this issue fostered statements in favor of increasing the block size or the GAS limit.
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