Ethereum Weekly Fees Rise By 18% Amid DeFi Ecosystem Boom In a recent report on December 13, crypto analytics company IntoTheBlock stated that weekly Ethereum network fees rose by 17.9% in the past week reaching an estimated $67 million – the highest-ever value since April. According to analysts at IntoTheBlock, these high network fees can be attributed to ETH’s price balancing as Bitcoin retraced to $100,000.
While heightened network activity driven by increased DeFi activity can indicate growing interest in the Ethereum network, investors should note that elevated Ethereum fees will pose challenges for smaller users being rewarding only for those who can capitalize on high interest rates. Related Reading: Ethereum Price Preps for Breakout: Will Bulls Drive a Massive Upswing?
These wrapped assets allow users to maximize their collateral utility by tapping into the liquidity and stability of DeFi protocols while maintaining exposure to major cryptocurrencies i.e.Bitcoin and Ethereum. Notably, the demand surge for lending drove interest rates to exceptional levels, now exceeding 10% on average and reaching as high as 40% on certain platforms.
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