On-chain data analytics provider Galssnode has come up with an interesting observation for ETH supply! With all the craze around decentralized finance (DeFi), the ETH supply in smart contracts has outclassed its supply on centralized exchanges over the last fifteen days.
ETH supply on centralized exchanges 📉
ETH supply in smart contracts 📈#Ethereum
— glassnode (@glassnode) September 18, 2020
As we can see in the above charts, the ETH percentage supply in smart contracts has gone close to 15.5%, exceeding the exchange’s total supply by 4%. Rather there’s another interesting thing to observe here! The gap between the two continues to widen as investors decide to utilize ETH for DeFi profits instead of storing it on the exchange and waiting for trade opportunities.
Ethereum blockchain network remains the hot destination for DeFi apps. Moreover, the latest frenzy around yield-farming tokens has boosted the DeFi market to new highs. Thus, more and more users have been attracted to the Ethereum blockchain. Sharing another stats, Glassnode also mentioned that the number of non-zero addresses on Ethereum has hit a new all-time high.
Previous ATH of 47,119,609 was observed earlier today
— glassnode alerts (@glassnodealerts) September 18, 2020
DeFi Craze Pushes ETH Gas Fee to New Highs
As the crazy demand for ETH driven by the DeFi craze has pushed the gas-fees soaring. Just after the latest launch of the Uniswap’s UNI governance token, ETH miners collected more than $1 million in no time.
Ethereum miners have been making a fortune as the Gas price surged to 700 gwei per transaction earlier this week. The ETH gas price has touched its new all-time high in 2020. This has forced major centralized exchanges like Coinbase Pro to pass their fees to the customers.
On Thursday, September 17, the San Francisco-based exchange informed customers about the new changes. The exchange tweeted:
Starting today, Coinbase Pro will pass along network fees directly to our customers. These fees (sometimes referred to as “gas fees” on the Eth blockchain) are paid directly to crypto miners that process transactions and secure the respective network. Historically, Coinbase Pro has absorbed these fees on behalf of our customers. However, as crypto has begun to gain broader adoption in applications like DeFi, payments and other projects, networks have gotten busier.