Ethereum miners earned an income of $ 110 million during Wednesday’s crash, the largest daily income in network history. Average transaction fees for an ETH transfer have risen to $ 300. The liquidation of Ethereum’s DeFi platforms reached $ 320 million on May 19.
Ethereum gas fees have unusually soared during this week’s crypto bloodbath as many DeFi users rushed to maintain their collateral. Many of them suffered from purges.
Huge Ethereum revenue
Ethereum miners earned approximately 44,252 ETH after the market-wide crash this week. At Wednesday’s prices, the total earnings of about $ 110 million is the largest daily amount collected in USD. Ethereum miners previously made more than 50,000 ETH on two separate days, led by SUSHI and UNI’s token launches in September 2020. However, the price of ETH was significantly lower at that time.
ETH fell over 40% on Wednesday as the wider crypto market suffered its worst decline since March 2020. During the events, Ethereum miners earned 70% of the revenue from transaction fees, while the rest came from block rewards.
At the height of network activity, Ethereum’s gas fees rose to over 45,000 gweeks for some complex transactions involving multiple contract negotiations. A Compound user paid a $ 37,000 fee to liquidate the $ 750,000 DAI loan.
Ethereum’s gas fees depend on the level of network congestion. In recent weeks, transactions cost 40 to 100 gwei, but as the crypto market dropped on Wednesday, the price rose above 1,500 gwei for a simple transfer.
The drop in the pool of pending ETH transactions indicates the lack of transfer requests due to the relentless high fees.
Gas charges made the network unavailable to users with smaller assets, while those trying to recover their loans or enter new positions experienced longer waiting times due to the increase in activity.