CandleFocus DeFi Report: Ethereum generated $261m in fees in Q3, its worst performance since Q4 2020
2024-10-17
Author: Content Editor
In Q3-2024, Ethereum's network fees decreased by 47% compared to the previous quarter, reaching their lowest level since Q4-2020. This can be attributed to several factors including the growth of layer 2 networks, the introduction of EIP 4844, and a decrease in new crypto users. Ethereum's Total Value Locked dropped by 14% during the quarter but increased by 133% over the past year. The token itself also saw a decrease of 21% during the quarter, with more tokens being issued than burned on the network. The launch of Uniswap Labs' Unichain layer 2 solution could further impact Ethereum negatively. However, the decrease in fees presents an opportunity for Ethereum validators to increase transactions and burn more tokens, which could boost token demand and generate more profit for the network. On the other hand, Ethereum validators and token holders may lose approximately $368 million in settlement fees to Uniswap with the launch of Unichain, as the fees will be allocated to Uniswap Labs and possibly UNI token holders instead.
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